Toyota Financial won't reaffirm - will they talk after close or just repo?

[redhunter]

I bk'ed in Jan 10 and I indicated my desire to reaffirm my car loan with Toyota. The car value and the remaining balance was about equal and it had a 0% rate. I was current with them at the time of my filing and I was only 30 days late on two recent payments.

Never got the reaffirmation agreement from Toyota and right before discharge my attorney called them but it seems that they just don't do reaffirmations. When my attorney pressed them, they made some silly comment that they would consider a reaffirmation if we reaffirmed all of our debts or cancelled our BK. I was continuing to make payments until I heard this from our attorney.

My case hasn't closed (tax refund asset case) and it will probably be a couple of months before it does. I doubt Toyota will make a motion to lift the stay so late in the process. But when it does close I wonder if Toyota would be willing to negotiate something or will they just send out the repo?

[wnguyen]

As far as I know, Toyota will do reaffirmation with you only if you aren't 'delinquent' in your payments. They didn't specify what exactly delinquent means in terms of current or a few days late or one or two months behind. Toyota is known for vaguely wording so that it's beneficial to them, at least that's my impression. In your situation, since you're 30 days late on 2 recent payments, that's just an excuse for them to refuse reaffirmation.

I also got my car through Toyota Financial Services (TFS) and 2 days after my filing, TFS sent a letter to my lawyer stating that my options are limited to reaffirmation, redemption, or surrender the vehicle. They also said that they won't accept reaffirmation if I was delinquent. My lawyer recommended reaffirmation and I, by all means didn't mean to disrespect her advice, think that was 'stupid' to do even though my car's resale value as well as its current value is still pretty good. So far I have not received any paperwork from them (via my lawyer) yet but I just absolutely don't want anything to deal with it anymore and I keep making monthly payment (just did today).

If I were you, I would just keep making payment on the car if I really wanted to keep that car, otherwise you know what to do.

[helpmeout]

Toyota Financial didn't reaffirm my car loan, either. I was late several times (I'm never late now). I was discharged in May and closed in June/July. I still have my car. They won't repossess as long as you keep current.