Ride through with Capital One Auto?

[missjean]

Hi All!
I found this forum to be very helpful to me when I filed a few months ago! I hope that you can answer a question for my brother.
He and his wife will be filing (pro se) within the next few weeks. They have an auto loan with Capital One Auto. They have 3 years left on the loan and payments are current. They do not want to reaffirm the loan due to my brother's worsening health problems; he may be out of work for a week or two at anytime. They want to retain the vehicle and make payments as per the original contract.
Does anyone know if Capital One Auto will allow them to do this or will they request that they file a reaffirmation?
Thanks for your help!

[justbroke]

I have never heard that CapOne Auto (Now Santandar Consumer USA) would force a debtor to either reaffirm, redeem or surrender the vehicle. The notorious lender is Ford Motor Credit, that seems to want a redemption, or reaffirmation, or surrender.

Just make sure they are not late on payments when they file. They should be prepared to need to surrender the vehicle if it's upside down with payments versus value -- likely with 3 years left or note.

CapOne (Santandar) will probably send a reaffirmation agreement anyhow, regardless.

[missjean]

Thank you so much for your quick response! I will pass that info onto my brother right away!

[aquavir]

They should check with their attorney. In CT they cannot take the car if you keep paying...we have Cap One and didn't sign the reaffirm they sent (our attorney cautioned us against it...little upside and big potential downside), and we've kept paying. After a while they even started sending us invoices; they are kind of strange in that they say how much is outstanding, but don't say that anything is due. Anyway, I'm not sure if any other states require the lender to let you ride through.

[missjean]

Thank you for the info! My brother lives in NY; repo laws might be the same as CT.