Forum Rules (Everyone Must Read!!!) (updated: 04/28/2015)

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Not reaffirming auto loan

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  • Not reaffirming auto loan

    I filed for Ch. 7 Dec. 29, 2017 and my 341 meeting is this month on the 25th. My lawyer advised/suggested I not reaffirm my car loan, so my question is this. I am up to date on payments, except I will be late for this month's car payment as I have had to shift funds around to cover my other bills (utilities, groceries, gas for car...etc) and trying to get my finances in order. I plan to keep the vehicle, it's worth around $7K (2008 Honda Pilot), and keep making payments. My question is, even though I will continue to make payments, will Cap One still try to take my car after my discharge? This vehicle would be paid off in Nov. 2021. I don't really want to inquire anymore debt, as far as getting another car/loan. Just looking for some input of others in a similar situation...thanks!

  • #2
    There are at least two auto loan lenders that are notorious for requiring a reaffirmation; I believe they are Toyota and Ford Motor Credit. Credit unions (CUs) are also notorious for requiring/demanding a reaffirmation.

    How far are you being in payments? Are you within the grace period? If you are outside the grace period, the lender may seek relief from the automatic stay. If you really want to keep the car, you really need to pay on time (especially if you are not reaffirming). Some lenders care more than others, but you need to keep the payment current at all times.

    Maybe someone with direct experience with Capital One can chime in on a ride-through (where you continue to pay, but don't reaffirm).
    Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
    Status: (Auto) Discharged and Closed! 5/10
    Visit My BKForum Blog: justbroke's Blog

    I am not an attorney. Any advice provided is not legal advice.


    • #3
      justbroke:I am not behind on any payments, my payment is due today, but I need to ride the 10 day grace period for a few days, so I am still inside of that. I have to call CapOne today, because I no longer have access to my online account, how I was making the payments. I'm curious how to proceed, will they re-instate my online access or will I have to mail a check? Anyone with experience I would love to hear it!


      • #4
        They will not reinstate your online access unless you were reaffirming. You will need to mail a check. You will need to make sure that check is received by them before that 10-day grace period. The grace period is fine, otherwise. I had similar issues with my lender removing my access and I had to mail a check. Some lenders also have a way to pay by phone, although they may charge a premium for using that service.

        Some lenders also use Western Union QuickPay which also carries a premium.

        You'll need to ask CapOne on the specific of "ways to pay" the bill.
        Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
        Status: (Auto) Discharged and Closed! 5/10
        Visit My BKForum Blog: justbroke's Blog

        I am not an attorney. Any advice provided is not legal advice.


        • #5
          While I didn't do a Chapter 7 yet, months ago I was 2 months late with my motorcycle payment to Honda. I had to use Moneygram (could've used western union also they said) to send cash to them to get my account current. It was easy as pie, I went to my local Walmart and they offer this service, I think Walmart charged like $5 to do this.

          I'm also kinda in the same boat, cause I NEED to keep my Truck when and after I do my CH7. My $480 month payment every month is through AlaskaFCU, so I'm sure I'll have to reaffirm that.


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