Does anyone have any experience with this lender and their practices with regards to ride through (i.e, no reaffirmation agreement but you continue to pay and keep the car).
I just filed a Ch7. I am current - actually slightly ahead on my payments (I was on a biweekly ACH with them so I was a little bit ahead at the time of filing).
I do not pass the means test for CH7 based on my income, but I pass when deducting expenses. My attorney is against reaffirming this debt because of three reasons:
1. Without reaffirmation, I am not liable for the debt. If something happens to the car, or I decide I don't want it, I can walk away penalty free.
2. It doesn't really help your credit to have those payments appear post discharge (I don't know about this)
3. I would be trying to have it both ways by arguing I qualify for Ch7 due to expenses, but then arguing I can afford the car.
My car is a low mileage 2015 BMW. It books at 27k, I owe 27k. Post discharge, it is very affordable for me (I gross $8500 a month, car payment is $566.00). I want to keep it for several reasons. First, I love driving it. Second, I need a reliable car that I can drive around the state (my job requires travel) at a moments notice. Third, my loan has a very low rate of 4.25, something I would never qualify for now. Fourth, I already own the tools I need to do my own maintenance on this car that are BMW specific.
My attorney says that nearly all banks will allow you to keep the car post discharge as long as you stay current on payments and maintain insurance, even without reaffirmation, except Ford. This makes me very uneasy. I would rather reaffirm to take repo off the table.
Does anyone here have experience with this particular lender?
I just filed a Ch7. I am current - actually slightly ahead on my payments (I was on a biweekly ACH with them so I was a little bit ahead at the time of filing).
I do not pass the means test for CH7 based on my income, but I pass when deducting expenses. My attorney is against reaffirming this debt because of three reasons:
1. Without reaffirmation, I am not liable for the debt. If something happens to the car, or I decide I don't want it, I can walk away penalty free.
2. It doesn't really help your credit to have those payments appear post discharge (I don't know about this)
3. I would be trying to have it both ways by arguing I qualify for Ch7 due to expenses, but then arguing I can afford the car.
My car is a low mileage 2015 BMW. It books at 27k, I owe 27k. Post discharge, it is very affordable for me (I gross $8500 a month, car payment is $566.00). I want to keep it for several reasons. First, I love driving it. Second, I need a reliable car that I can drive around the state (my job requires travel) at a moments notice. Third, my loan has a very low rate of 4.25, something I would never qualify for now. Fourth, I already own the tools I need to do my own maintenance on this car that are BMW specific.
My attorney says that nearly all banks will allow you to keep the car post discharge as long as you stay current on payments and maintain insurance, even without reaffirmation, except Ford. This makes me very uneasy. I would rather reaffirm to take repo off the table.
Does anyone here have experience with this particular lender?
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