Can a car loan be re-negotiated after 7

[TroubleinCalif]

After i list everything and all is said and done, Is there a possibility that i can re-negotiate a car loan with a company to keep the car or is it pretty much a done deal and the car is gone? or do you just try to reaffirm the loan as it was initialy?

[HHM]

If you are behind on payments going into a chapter 7, it can be tough to re-negotiate.

But, if you go into the chapter 7 with on-time payments, you can attempt to negotiate with the car finance company within the context of a reaffirmation agreement. Don't expect miracles, but you might be able to reduce interest rate, reduce payment, extend term, etc. But it really depends on the car finance company.

As I try to tell all debtor in chapter 7...when it comes to reaffirmation agreements, that is your opportunity to try to negotiate a better deal.

[TroubleinCalif]

Thanks.....

[CATCHMEIFYOUCAN]

I had just bought a car a month before I filed. After I was discharged, I traded it for another model (just upgraded it). But I'm paying a little more in interest unfortunately I couldn't keep the same dealer finance rate because I didn't reaffirm my loan with them (I don't see the big deal though because I was 3 months in advance on the loan! I'm waiting to pay it down again so I can refinance it through CCCS (Christian Community Credit Union). Check them out, many are raving about it in here! You will most likely get the best deal from a credit union and so far this is the only credit union I've heard of that or more than willing to work with you, I believe you will have to open an account with them though.

Best to you, Catchmeifyoucan

[TroubleinCalif]

I had just bought a car a month before I filed. After I was discharged, I traded it for another model (just upgraded it). But I'm paying a little more in interest unfortunately I couldn't keep the same dealer finance rate because I didn't reaffirm my loan with them (I don't see the big deal though because I was 3 months in advance on the loan! I'm waiting to pay it down again so I can refinance it through CCCS (Christian Community Credit Union). Check them out, many are raving about it in here! You will most likely get the best deal from a credit union and so far this is the only credit union I've heard of that or more than willing to work with you, I believe you will have to open an account with them though.

Best to you, Catchmeifyoucan

The thing is , I don't want to trade it in, i want to keep it. I was just wondering if any have found that when you are in a 7, Do companies negotiate so you will want to keep the car and they wont have to mess with it or do they just say forget it and say give it back? Im not late on anything payment wise at the moment, but, because my wife lost her job a few months back and has been unable to find work. Im seeing an attorney tommorrow because im at the point where im out of cash and before everything else starts getting late i want to be in a better bargaining position if it occurs, If thats possible? or would it be better just to let it go in the 7 and just try to start over?

[325Falcon]

If you are upside down in the car loan, let it go. Why keep any bad debt?

[TroubleinCalif]

If you are upside down in the car loan, let it go. Why keep any bad debt?

True..........


The reason i was asking is because its a Shelby and i may not have a chance at another one down the road...........

[lrprn]

The reason i was asking is because its a Shelby and i may not have a chance at another one down the road...........

As hard as it may be to hear this, a car (even a Shelby) is just a thing.

What's worth more in the long run? Living a more responsible, stress-free financial life with your loved ones or a thing that is eating you alive financially and will make your fresh start not really a fresh start?

[TroubleinCalif]

As hard as it may be to hear this, a car (even a Shelby) is just a thing.

What's worth more in the long run? Living a more responsible, stress-free financial life with your loved ones or a thing that is eating you alive financially and will make your fresh start not really a fresh start?

Your right,

Not a sound decision..............


Better to start clean instead of already starting with a burden.

Thanks,,,,,,,,,,,