Reaffirming Car and Credit Rebuilding

[ccmisery]

I have two cars that I reaffirmed, one is a lease with less than a year to go, the other is financed. My question is, I am still in the 60 day period where I can cancel either or both. What I am wondering is how this will effect credit rebuilding if change my mind?

I am thinking of getting rid of the financed car and take the money I would spend on payments and insurance and save up for a used car that I can pay for in cash next year.

I am just wondering if will be setting myself back farther doing this since both cars are current and it must be a positive to post discharge credit rebuilding. That is, maybe in a year I can do something else instead.

[keepmine]

Honestly, credit rebuilding would be the last thing on my mind right now.
You should focus on what makes sense financially-what puts dollars in your pocket. Do you want to risk the fresh start by being obligated to an auto loan?

[Pizza]

Yes, current payments on the reaffirmed vehicles should help rebuild credit history, whereas missing payments would make credit worse.

[IBroke]

I am just wondering if will be setting myself back farther doing this since both cars are current and it must be a positive to post discharge credit rebuilding. That is, maybe in a year I can do something else instead.

IMO, this is a good approach. I certainly wouldn't reaffirm both loans but since you obviously need at least one car - no matter if reaffirmed or not - I don't see a problem with reaffirming one. If there is less than a year on the lease left and the payments aren't too high (and you won't be facing additional charges for putting too many miles on it), I'd say go for it.

[ccmisery]

I am up against the wall, but being there is less than a year on the leased car, it seems like it makes little sense to cancel it and the financed car for the credit reason, I know we will need two cars a year from now so to give up the financed would place me in a tough spot next year, could only save up enough to buy a older used car based on my payments and car insurance savings.

I thought in a year if I kept them, it would open up lower finance rate possibly to get another car.