Re-affirmation agreement??

[carbk]

I filed for bk and was discharged back in June 2008. I never signed the reaffirmation agreement that my credit union sent me on my 06 Acura. I still owe $32k on it but its only worth about $23k. I have continued making my payments on time and I was wondering if at any point I decided to just turn the car into them, could I still do this? I am debating whether I should just do this and buy another car with a lower payment...by the way I search for my answer prior to starting a new thread but I didnt really find anything answering my question specifically. Thanks

[justbroke]

If you never signed the reaffirmation, then the debt itself, has been discharged in the Bankruptcy. Feel free to surrender it at will.

Drive it to the Credit Union, talk to a representative, and tell them they can have it, it's in the parking lot. Leave the keys. (Well, it could be that simple... your mileage may vary -- pun intended.)

If you don't want it anymore... stop paying immediately. You can wait for them to come repossess it or you can try to arrange to return it as stated in the prior paragraph.

[carbk]

Thanks for the advice justbroke. I originally would not have wanted to turn my Acura in because I needed a car but recently a family member has bought a vehicle which I am making the payments on, its about $300 a month vs. $650 on my Acura. I figure if I turn my Acura in then I will only have the $300 payment and not $950 in car payments. I dont mind paying for both cars. My Acura was and is my dream car, the only thing that bothers me is the fact I still owe $32k on it when I could go to dealer right now and a brand new 08 for the same price. I have an 06 Acura TL. No to mention if I went out and bought my same exact car (similar mileage) and pay $18k-$23k for it. The other reason why I chose to keep it was because of the low interest rate I have on it. I think I have a 5.75%. I dunno, what do you guys suggest?

[floridian]

as long as you can find a lender to buy a new car... my neighbor was told he would not have a problem after his bk... he can only find a lender for a used car.. nobody else will touch him... i hear some people can buy a new car right away...

[mrbsf]

...$950 in car payments...

Turn in the Acura! I know it's difficult, but it's best not to base financial decisions on emotional attachment. Something I have to remind myself every day.

[justbroke]

Turn in the Acura! I know it's difficult, but it's best not to base financial decisions on emotional attachment. Something I have to remind myself every day.

The $950 was the OP's combined car payment, with the Acura at $650/month.

Since the OP needs the car to generate income, it's not that simple as saying "turn in the Acura". The OP is in real estate, and you really do need to have a car, commensurate with what you're trying to sell!

When I bought my... well... $600K home, I wouldn't have bought it from someone driving me around in a Pinto. LOL

[StartingOver08]

The $950 was the OP's combined car payment, with the Acura at $650/month.

Since the OP needs the car to generate income, it's not that simple as saying "turn in the Acura". The OP is in real estate, and you really do need to have a car, commensurate with what you're trying to sell!

When I bought my... well... $600K home, I wouldn't have bought it from someone driving me around in a Pinto. LOL

Yes, you are right. Unfortunately the buyer makes that decision in about 8 seconds - they decide if you know your stuff by the car you drive and the clothes you wear! Go figure...

[mrbsf]

When I bought my... well... $600K home, I wouldn't have bought it from someone driving me around in a Pinto. LOL

Is the $300 a month payment for a Pinto? Maybe it's a very nice late model car that would serve his purposes. Plus, I'm betting it's difficult right now to sell any home, even if the RE agent drove up in a Rolls Royce.

[justbroke]

Is the $300 a month payment for a Pinto? Maybe it's a very nice late model car that would serve his purposes. Plus, I'm betting it's difficult right now to sell any home, even if the RE agent drove up in a Rolls Royce.

Sorry, but you just can't have a beater in the Real Estate business.

You would lose my business, regardless of market, if I have to get in a beater with fumes and smells like smoke, and filthy and won't start or breaks down. Plus, I'm in a suit to boot. Not likely you'll see any sales commission from me.

Contrary to popular belief, there is still a real estate market. There are still homes being sold over $500K. The game hasn't changed... only the prices.

[justbroke]

Yes, you are right. Unfortunately the buyer makes that decision in about 8 seconds - they decide if you know your stuff by the car you drive and the clothes you wear! Go figure...

I don't think it's an 8 second rule. I know if they know their stuff after talking to them on the phone, and before meeting them.

Not one of my real estate agents drove anything less than an Acura or a Lincoln Towncar. (I have purchased 4 homes and sold 2 in the last 10 years.)

Now would I personally not use an agent because they were driving a late model Hyundai? No. i would use them. Mine is based on researching the Realtor and understanding their sales rate, whether they are a top seller, and their proposal for selling my property, or for finding me a home.

Actually, I'm the easiest person to sell a house to. I do so much research in advance, that I come with my own list of 5-10 homes, and every single time, the home I selected was either my #1 or #2 choice from my pre-prepared list.

When I sold my home in Orlando, I chose the top guy in Orlando. He had the best proposal. My home sold in 7 hours. I guess I'll never see a sale that fast again in my life. LOL

[jeb]

Now would I personally not use an agent because they were driving a late model Hyundai? LOL

Sorry, but you just can't have a beater in the Real Estate business.

As a longtime RE agent, this is certainly true - except for the first statement.

When I purchased my Kia Amanti I could have purchased any car I wanted but after considering them all, the Amanti won out hands down. There is NO car in the market that will touch it considering one cost half as much as the other expensive cars. And the Hyundai Genesis is a clone of the Amanti.

They look like a mid size car but have more inside room that many of the large cars and the workmanship and detail will match any of the "snob" cars out there. I love it when I take a client out and they ask, "Boy, this is a nice car - what kind is it."

Do you get the idea I just love my car? - jb

[carbk]

The $950 was the OP's combined car payment, with the Acura at $650/month.

Since the OP needs the car to generate income, it's not that simple as saying "turn in the Acura". The OP is in real estate, and you really do need to have a car, commensurate with what you're trying to sell!

When I bought my... well... $600K home, I wouldn't have bought it from someone driving me around in a Pinto. LOL

Nope I am not in Real Estate but I agree with you. My parents' real estate agent drove a Lexus RX350. I also have a friend who is a realtor and she drives a BMW 745i.

The $300 car payment is on a loaded 05 Nissan Altima 3.5SE V6. But I am very attached to my Acura (I bought it brand new and I have had it for 3 years now) and thats why I find it so hard to just turn it in. As part of my bk, I actually voluntarily surrendered my 06 BMW X5 and that was very difficult for me since I was very attached to that car as well (I have always really been into my cars) I still remember the day I had to drive it over to my local BMW dealership and turn it in. It was pretty devastating for me but I survived. The BMW along with all the credit card debt I had was the reason for my bk - because I bought a car that was more than I could afford unfortunately.

[carbk]

as long as you can find a lender to buy a new car... my neighbor was told he would not have a problem after his bk... he can only find a lender for a used car.. nobody else will touch him... i hear some people can buy a new car right away...

Yeah I was reading what some others have posted as far as credit after their bk, people are saying they have got 30k auto loans with 8% interest rates... wow. I was barely able to get two credit cards ($300 and $500 credit limits)

I really wanted to start re-establishing my credit, possibly with a 15k-20k auto loan but it seems I can't get approved right now. I heard capital one auto finance is bk friendly and I did get a credit card from them after my bk but as far as auto loans they havent been so friendly..lol. Actually I'm glad tho cause the last thing I need is to get myself back in debt.

[justbroke]

I have no idea where I came up with you being a Real Estate agent. Man... I have too much on my mind regarding Real Property right now.

[carbk]

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