Does a Bank/CU Have to Reaffirm?

[AlmostAmos]

We're planning our CH 7 currently & I have a question about our cars. They are both financed through a credit union (same one). We have our bank accounts & car loans w/ them. We have never missed a payment & are going to keep the cars after our CH 7. Do you know of any cases where the CU would NOT let the loan be reaffirmed?

[BobMango]

The CU does not have to reaffirm the debt. If you stay current you will most likely be able to do a ride through where you make all the payments according to the original terms and get the title when you're done.

[debtinohio]

We're planning our CH 7 currently & I have a question about our cars. They are both financed through a credit union (same one). We have our bank accounts & car loans w/ them. We have never missed a payment & are going to keep the cars after our CH 7. Do you know of any cases where the CU would NOT let the loan be reaffirmed?

Yes, if you are attempting to discharge another debt you have with them.

[HakunaMatata]

I know of a case in which the debtor was discharging unsecured debt while attempting to reaffirm two slightly negative equity vehicles with a CU. The CU wouldn't agree to reaffirmations due to the projected unsecured loss. The vehicles were voluntarily surrendered.

Typically if you have no unsecured debt with the CU, you're willing to reaffirm, your attorney/judge consents to such, and you can demonstrate means, the CU will happily offer a reaffirmation. That's a typical scenario. CUs sometimes sway from such.

Ride-throughs (no reaffirmation, "pay and retain") may or may not be accepted. I'm considering rescinding my auto reaffirmation with my CU and was informed the possibility of repossession exists while current.

[AlmostAmos]

I have NO debt with the CU other than the cars, both of which are always paid on time. So, I'm guessing I won't have anything to worry about then.