I have a car loan that has not been reaffirmed. I planned to keep the car and just keep making payments so that I'd have the acct in place right out of bk - to rebuild credit and to keep from my interest rate from going any higher (currently at 13% - not great, I know, but not as high as it could be, right?) Anyway, my anticipated discharge date is 5/27/14 - next Tuesday (!), and I was just told by someone that I should have traded the car in instead, because without it being reaffirmed, it won't help rebuild my credit anyway. Leaving the question of whether or not the potentially higher interest rate is worth the credit reporting, dependent on how much higher we're talking about the interest rate being...
As far as the car, it's a 2 door and I've wanted to trade it in for a 4 door for quite a while, but it is still under warranty, and has been a great car so far (bought it new in 2010). I'm not upside down on it (I owe right around what it's worth probably, I may even be $1,000 ahead on the car actually), so I thought the best thing to do was to keep it - for the credit relationship and to keep my interest lower than it may be under a new loan (post bk). And heck, I'm just now paying down the principal, right?! Lol.
I thought I read before on another post that someone was being refused a car loan because their old loan hadn't been reaffirmed, and so the original lender could come and take the car still (so the new, potential lender wouldn't take the trade)? I may have misunderstood or my memory may not be clear on the details, but it has me freaking out (it was somewhere along the lines).
Should I be out car shopping this weekend?! Please help! If I should be looking for a trade in, should I have gotten one (or be trying to get one) before my discharge date (literally this weekend!)?
(And side note, I have posted before and replied to comments you all have given me, but when I replied, I couldn't see my reply with the others that were posted, before or after my response. Is that normal? I guess I don't quite get this forum thing!)
As far as the car, it's a 2 door and I've wanted to trade it in for a 4 door for quite a while, but it is still under warranty, and has been a great car so far (bought it new in 2010). I'm not upside down on it (I owe right around what it's worth probably, I may even be $1,000 ahead on the car actually), so I thought the best thing to do was to keep it - for the credit relationship and to keep my interest lower than it may be under a new loan (post bk). And heck, I'm just now paying down the principal, right?! Lol.
I thought I read before on another post that someone was being refused a car loan because their old loan hadn't been reaffirmed, and so the original lender could come and take the car still (so the new, potential lender wouldn't take the trade)? I may have misunderstood or my memory may not be clear on the details, but it has me freaking out (it was somewhere along the lines).
Should I be out car shopping this weekend?! Please help! If I should be looking for a trade in, should I have gotten one (or be trying to get one) before my discharge date (literally this weekend!)?
(And side note, I have posted before and replied to comments you all have given me, but when I replied, I couldn't see my reply with the others that were posted, before or after my response. Is that normal? I guess I don't quite get this forum thing!)
Bankruptcy Wizard
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