Reaffirmation and Arrears

[IamOld]

i am leaning towards not reaffirming my car...cuz i know that they will try to tie the balances of the cc and line of credit to the balance of my car....now way jose!!!!

good!!!!!!!!!!!!!!!

[SemiSpook]

Okay, so my case closed today, without the reaffirmation being submitted. I just want to get rid of this turkey and get into something else, but want to get whatever equity I had in the car towards the new one. Any way to do that, or do I just suck it up and repo the car and do it by my lonesome?

[ValleYum]

@SemiSpook: Why can't you just do a trade-in wherever you buy from? I am sure your lender would love to not have to repo it. You aren't cross-collateralized with a credit union are you?

[SemiSpook]

No, no cross-collateralization involved. As I mentioned previously, it's through a regional lender tied to a dealership group. The funny thing about that is in my feeble attempts to get current, their website posted local drop boxes for payments. HOWEVER, upon going to the listed dealer, the dealer told me that they canned all the drop boxes a while back because the people who were supposed to be picking up the payments weren't, and then the folks using the boxes to submit their payments were being listed as being behind.

Still, CAN I do that with the car, now that it's been discharged? Is that legal?

[ValleYum]

Sure, I can't see why it wouldn't be. If a dealer takes your old car as a trade-in, they are gonna pay it off in order to get clear title to it, right? Of course, if you think they are gonna send someone for it, it may be better to trade it sooner as opposed to later. But I can't imagine your lender complaining about getting your loan paid off - no matter who pays it!

Good luck car shopping!

[SemiSpook]

Well, nevermind on the trade, had a lovely 4:30 AM visit from the repo guys. The one guy felt for me, as he had his car repo'ed 6 months ago, and they were at least decent enough to help clear out all of my crap before taking the car away. Looks like I'll be moving on down to the car section and asking a few questions...