voluntary repo after bk - did not reaffirm

[brokeinal]

We indicated we wanted to reaffirm both of our car loans during the bk, but the attorney sent paperwork for one car (the SUV) to both lenders (SUV and Sedan lender), so only the SUV reaffirmed. The Sedan is through Santander. They told me I could keep paying with no problem, but we are considering letting them have the car now or potentially selling it...it has a TEENY TINY amount of equity.

Is there a problem with either of these scenarios?

[justbroke]

None, since you have discharged the debt. You may not want to sell it if there's only a "tiny weeny" amount of equity. Just having to deal with squeezing a couple hundreds bucks out of a sale probably won't work. Especially in a private party sale where negotiations can be difficult since everyone is looking for a deal.

[jmcm030111]

Our situation is very similar to this one. We did not reaffirm. We have been paying and retaining and have never been late on the loan. Equity in the vehicle if we sold it for rock bottom pricing would be $500-1,000. I was curious what brokeinal decided to do here (if you'd share)? Also wondering from anyone else who has surrendered a vehicle...what hits the credit report? Is the impact any more negative than the Ch 7....currently the report shows the KD(derogatory comments), Ch 7 and "never late".

[brokeinal]

We let them repo it. No impact to our credit as it was included in the bk already and we didn't reaffirm it. It was simply a matter of calling and setting up anyone for them to pick it up. They gave us some paperwork to verify they had possession and that was it.