Reaffirm the vehicle??

[Genenco]

Many have said, either let it go or keep it, but you can "Negotiate" new terms..

Previous terms:

$23,650 (Vehicle, Extended Warranty and Sales tax)
15% interest
$490 a month payments...

My version

$23,650
1.5% interest
$343 a month payments

Now, I am wondering if they'd agree to these new terms...I'll let them contact me and maybe try and work it out, but was wondering, would they even consider this?

[HHM]

1.5% interest , Not likely, LOL

But hey, there is no harm in proposing it. Just remember, if you are able to negotiate a more favorable reaffirmation agreement, you have to finalize it BEFORE your bankruptcy is discharged.

How many months are left on the payment plan, and what is the fair market value of the car today?

[StaciMM]

I say there is no harm in trying. One thought though, how far upside are you? Is it worth any where near the $23,650 you owe? If not, and you were to surrender, the lender would not get so much out of it so you have more on your side.

Ps-I'd love to hear from anyone who has negotiated re-affirm terms. I'm going to try to do the same myself.

[Genenco]

1.5% interest , Not likely, LOL

But hey, there is no harm in proposing it. Just remember, if you are able to negotiate a more favorable reaffirmation agreement, you have to finalize it BEFORE your bankruptcy is discharged.

How many months are left on the payment plan, and what is the fair market value of the car today?

71 months left on plan
18,500 FMV (The warranty is not transferable)

[HHM]

Did you JUST buy the car, how long was the original payment plan (I have never heard of a plan that goes beyond 72 months, so I am guesing you just bought it.

Under the circumstances, the best you could hope for is to try to get them to reduce the principle balance down to an agreed FMV.

I am guessing they will probably just allow you to make the payments as usual even though they run the risk of bearing the cost of a future default.

Anyway, there is no harming in trying.