*update* FORD Credit reaffirms....

[Granny]

It just dawned on me why Ford didn't come take mine....it's a Crown Vic and there's no resale value in it, since it's a fire hazard, ask the Dallas PD.

[novemberrain]

i filed bk on 5-18 and reaffirmed my ford. i was a little behind on payments. i did try making payments online but couldnt so i called customer service and they said that they would accept payments until the bk is over with. i live in ca and so far have had no problem with ford.

[sara4]

I don't think I quite understand the ride through but here's my story. I filed Ch 7 in May, I'm at the 60 day point and all objections are due on Monday August 13. I have not made a payment on my car since May. No calls, no repo, and I must admit although I'm looking forward to my discharge I'm pretty sure they'll be calling for the car ASAP! I'm going to try to get pre approved for a car loan through Capital One blank check or Roadloans as soon as I get a discharge.

Of course I'm probably one of the lucky ones but it does feel good to know I'm almost done and got to ride for FREE!!!! My car is upside down thousands but then again it's a Hyundai and we all know they don't hold they're value, at least I know now. sure would be nice if they just forgot all about me. You never know.

Anyway, not sure if this will help but everything I've read states they have to go through the courts to lift the automatic stay. My lawyer even thought they would have come by now. Needless to say this has really worked out in my favor. Best of luck to you, hopefully you'll get to ride for free as well!!!

Filed - May 2, 2007
341 - June 12, 2007
Declared no assets - July 9, 2007
Last day for objections - August 13, 2007

Getting discharged and closed PRICELESS!!!!! HOPEFULLY SOON!!!!

[CPO]

Just to be clear, my OP was paraphrased and the phone call with Ford is recorded.

This is merely my experience, and it is quite possible that Ford has changed or is in the process of changing policy as to their handling of BK cases.

They have the laws of 50 states to deal with plus the FED and whatever policy they come up with its bound to have caveats.

You might say "your mileadge may vary" concerning your individual experiences with FOMOCO.

I'm posting the details of my experience here, as I reside in Texas using Federal exemptions under the new law.

And, they are just my experiences. BK can have individual variences, and each creditor may conduct themselves differently depending on the petition information and any other information the creditor comes up with, right or wrong...

I pass the info on in the hope that it will educate and assist others in this nasty mess...

Again, "your mileadge may vary."

Regards,

CPO

[JollyGG]

I don't think I quite understand the ride through

A ride through is when you keep paying your monthly car payments but you do not reafirm the debt. There has been quite a bit of discussion about this issue in other thread, but basically the situation is complicated in new bk law.
The new bankruptcy laws say you must surender(give up the car), redeam (pay the full value of the car), or reafirm (say that you will pay for the car, generally under the original or similar terms). What some people are doing is keeping making their payments but not exercising any one of the three options above.
That is called a ridethru. The advantage of a ride through is that if in the future you are unable to make your payments or just decide you don't want the car you can give it up at that time and not owe any deficiency balance (difference between what the car sells for at aution and the loan balance). However this is risky due to the new laws being rather clear on the whole surender, reafirm, or redeam thing.

[EZDUZIT449]

Calif Law http://research.lawyers.com/Californ...alifornia.html

If you still owe money on the car, you can choose to reaffirm the debt to the secured lender. Under the new law, you have to reaffirm your car loan within 45 days after the "341 meeting." You no longer have the option of continuing your car payments without reaffirming the loan. Once the loan is reaffirmed, if you default on your payments and the car is repossessed, you are liable for the repossession deficiency.

[EZDUZIT449]

double post oops

[JRScott]

EZ that is some good info

The best way to deal with it is check with your local attorneys, trustees, and creditors. As it appears that in some parts of different states the issue is handled differently. In many cases it is in the companies best interest to continue to allow you to pay on a vehicle because of the costs of repossession. Ford seems to be the most assertive on the redeem, reaffirm, or surrender language of the current law.