Ride Through with Honda?

[imoverit]

Anyone have an experience with doing a ride through with Honda Finance? Experiences?

[liz417]

I'll let you know soon. I purchased the vehicle a year ago and don't plan to reaffirming the loan. My attorney put in the petition that I was going to remain current.
He said he runs into trouble with Chrysler and Ford, because they insist on the debtor to reaffirm or they exercise their right to take back the vehicle(s) even if they are current!

Good Luck!

[imoverit]

I'm doing the same thing! We have 2 Hondas and 1 has a bit of equity and the other is upside down. If they give us trouble then I will only reaffirm the one and give them back the other even though I love that car! It sure would be nice to not owe ANYONE!

[jribe]

I'm doing the same thing! We have 2 Hondas and 1 has a bit of equity and the other is upside down. If they give us trouble then I will only reaffirm the one and give them back the other even though I love that car! It sure would be nice to not owe ANYONE!

i've asked this before.. didn't really get any responses. I bought a used 2006 accord in january thati have some equity in..

[LuciluS]

Ride throughs will help you if you owe more than appraised value of the vehicle. It could get technical if you have equity. You cannot predict your future. What happens if one becomes ill and is required to take a unpaid leave from their workplace & you are late say 2 to 16 days with your payment. The bank knows you have equity in the vehicle and without a reaffirmation, they have the legal right to reposses it.

We are upside down in our home for about $10,000. Just this past week, 3 for sale signs were erected. In AR, we did not take a serious hit on home market values. New vehicles sales are in a slump. Used vehicles sales are on the rise.

Most of the below thread concerns home mortgage. A few have piped in on yes or no to Reaffirmations on an vehicle loan. My comments are included in the below discussion.

There is a current discussion on this matter here: http://www.bkforum.com/showthread.php?t=39908

I recall a lady posting not too long ago, after her discharge, the Credit Union (I think it was a Credit Union) came and picked up her daughter's car & she was current on the payments.

Bankruptcy is very complex as the new law is not in Black and White.
You just never know

Luci

[shabam]

Yep you said it. The problem with not reaffirming is that they have the legal right to pick up the car at will. Some states have laws protecting you from this but most do not. Which means that in those few lucky states, as long as your payments are up to date, they cannot reposes the car. For states that do not have any of their own laws, under the current bk code, they can come reposes the car at will. Regardless of payments.

Why is this? same way you can walk away if you don't reaffirm, they have the right to pick up their car. It took me a while to get my head around it but I did.

Now, whether a lender will reposes the car when they are receiving payments, is a different story.