Honda Finance

[coolmom04]

I was looking through some old threads regarding AHFC and am wondering if anyone has had any recent experience with them regarding reaffirmations or ride-throughs. I've read some posts where people said they were able to do a ride-through and some who said AHFC doesn't allow them and required reaffirmations or else surrender the vehicle... And if you dont sign the reaffirmation, how long would it take before they come get it? Would they have to wait until BK is discharged?

Anyone have any recent experience with them?

[Mensa1]

Bk reform 05 pretty much did away with ride through on pers property, reaffirming is required on vehicles, etc. Real property is less defined and due to the cost and hassle to repo it is still with us in most circuits.

As to when they can resume collections/repo, they can either request a relief from the Bk stay, once granted by the Judge, it means secured lender can move forward with collection/repo prior to being is discharged. I would think that sans reaffirming the debt they will be there as soon as court approves relief from stay. Vehicles are by nature depreciating assets so they don't want someone driving it a mile further than need be, so they will be along.

[coolmom04]

Thanks mensa

[OhioFiler]

Bk reform 05 pretty much did away with ride through on pers property, reaffirming is required on vehicles, etc. Real property is less defined and due to the cost and hassle to repo it is still with us in most circuits.

As to when they can resume collections/repo, they can either request a relief from the Bk stay, once granted by the Judge, it means secured lender can move forward with collection/repo prior to being is discharged. I would think that sans reaffirming the debt they will be there as soon as court approves relief from stay. Vehicles are by nature depreciating assets so they don't want someone driving it a mile further than need be, so they will be along.

This is simply not true in nearly all cases. The lenders would much rather you continue to pay the loan than have to go through the hassle of repossession.

[Mensa1]

This is simply not true in nearly all cases. The lenders would much rather you continue to pay the loan than have to go through the hassle of repossession.

I think your statement would be correct if we are talking real property, but my (unscientific) belief is that for pers property they would rather have collaterol than have it in the hands of someone not responsible for the potential downside.

I would love to see some figures on this, since BRA-05, which clearly did away with ride-through on pers property. Then we would ALL know for sure. Got any stats?

PS. What is really the hassle to repo a vehicle? Not that big of a deal, really.

[OhioFiler]

I think your statement would be correct if we are talking real property, but my (unscientific) belief is that for pers property they would rather have collaterol than have it in the hands of someone not responsible for the potential downside.

I would love to see some figures on this, since BRA-05, which clearly did away with ride-through on pers property. Then we would ALL know for sure. Got any stats?

PS. What is really the hassle to repo a vehicle? Not that big of a deal, really.

I don't need stats. Read the bkforums. Ride-throughs are the standard.

Repossessing a vehicle is a huge hassle for a lender.

[coolmom04]

Well, it won't really matter now. We're going to go ahead and surrender both now.