reaffirmation, if no, can I keep if I pay?

[tiredofit]

hi!

i have a 2006 car that has low miles, bought new a few months before filing chapter 7. i included the car in the bk, and have signed a reaffirmation agreement last month. i have a hearing for this agreement end of august. I am not happy with my new car purchase, due to poor quality of vehicle (honda civic, yes honda, it's junk) and i am thinking of not re-affirming and just continue to make payments, biding my time so that i can buy something i really like in a year or so when my credit heals (i have another car loan for the ex that i reaffirmed and is almost paid off). my sales contract mentions default, but nowhere on it does it say filing bankruptcy is defaulting. My attorney was pretty certain they would not repo as long as I pay on time, and nothing is in contract about filing bankruptcy, which there is nothing about that in what i signed. I have made every payment well before due and have not breached any other condition on the contract. As long as they get the payment on time every month from me, can i keep the car if I cancel the re-affirmation agreement? logic says yes, the bank only cares about it's monthly check from me, but i wanted to see what you all think/experienced in this siuation... chance of repo with payments up to date? 50/50 60/40 70/30 etc

thanks!

[anonymuse]

No need to post in multiple forums. Someone will come along and provide a response for you.

[Sickthing]

Originally Posted by tiredofit

hi!

i have a 2006 car that has low miles, bought new a few months before filing chapter 7. i included the car in the bk, and have signed a reaffirmation agreement last month. i have a hearing for this agreement end of august. I am not happy with my new car purchase, due to poor quality of vehicle (honda civic, yes honda, it's junk) and i am thinking of not re-affirming and just continue to make payments, biding my time so that i can buy something i really like in a year or so when my credit heals (i have another car loan for the ex that i reaffirmed and is almost paid off). my sales contract mentions default, but nowhere on it does it say filing bankruptcy is defaulting. My attorney was pretty certain they would not repo as long as I pay on time, and nothing is in contract about filing bankruptcy, which there is nothing about that in what i signed. I have made every payment well before due and have not breached any other condition on the contract. As long as they get the payment on time every month from me, can i keep the car if I cancel the re-affirmation agreement? logic says yes, the bank only cares about it's monthly check from me, but i wanted to see what you all think/experienced in this siuation... chance of repo with payments up to date? 50/50 60/40 70/30 etc

thanks!

check with your finance company (bank). i didn't reaffirm my car and have been making timely payments for almost a year now. not a peep from them. although, one late payment and they'll probably repo it. keep in mind if it is included in a bankruptcy, you won't qualify for any deferred payments other incentives.