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    #1

    Ford Credit Reaffirmation

    Hello!
    I have a question regarding a reaffirmation I'm going for. I've got a car with Ford credit and they raped me at 20% for 72 months. I'm hoping they will lower my rate or do something, but I've yet to receive the reaffirmation papers, I've been told I'll get them any day. Has anyone ever done a reaffirmation with them?

    I'm doing this all without a lawyer, so I'm not sure where to go with any questions I may have. Help!
    Tags: None
    #2
    Why is your interest rate so high?

    Both of our vehicles are w/ Ford. One is 0% and the other is 3.5%. We are only keeping one and haven't done anything about reaffirmation yet. And we have an attorney.

    Comment

      #3
      WOW, 20%? I thought we were high at 9.84% on our SUV.

      I didn't know lowering one's rate was even an option for a reaffirmation. I hope someone else has some advice for you on this one.
      Filed Chapter 7: 3-22-08
      341 Meeting: 5-15-08 It went great!!!
      Last day for objections: 7-14-08
      Discharged and Closed: 7-21-08

      Comment

        #4
        Originally posted by MCheyenne6 View Post
        Hello!
        I have a question regarding a reaffirmation I'm going for. I've got a car with Ford credit and they raped me at 20% for 72 months. I'm hoping they will lower my rate or do something, but I've yet to receive the reaffirmation papers, I've been told I'll get them any day. Has anyone ever done a reaffirmation with them?

        I'm doing this all without a lawyer, so I'm not sure where to go with any questions I may have. Help!
        How much do you owe? What is the car worth? You may want to explore your redemption options.
        Filed Ch7 3/6/08 [X]
        341 hearing 4/10/08 [X]
        Last day for Objections 6/9/08 [X]
        Discharge AND Closed 6/23/08 [X]

        Comment

          #5
          what do you mean by redemption options? Im doing this without a lawyer so I'm not down with all the info

          Comment

            #6
            In my experience in talking to my own atty in depth about reaffirmations, it is not the norm for a creditor to change the terms of the original contract. Now, keep in mind that my atty was referring to my home, but I am not sure if Ford would want to re-negotiate with you at this point.

            I was told point blank by my 2nd mortgage company that they "do not make loans to people in bankruptcy". I understand why she said that, but my question to her was simply asking if they could lump the three loans I have with them into one so that I could make one lower monthly payment. It would also make it easier to keep track of what I owe and not so confusing.

            Anyway, if I were in your shoes, I would find out if you could make an appt. with a local atty or someone from legal aid to ask because it's too important to guess. Even if it costs a couple of bucks for the consultations, it could save you some money in the long run. Also, I've read a little about 722 redemption loans for cars. That might be something you can explore as well, but keep in mind the creditor has to agree, but in my opinion to pay 20% for 6 years on a vehicle would be too much for me to handle. If keeping it is your only option, do what you have to do, but do as much research as possible first.

            Try reading this: http://www.legalhelpers.com/bankrupt...-articles.html
            Filed Chapter 7 (Primarily Business Expenses) 04/10/2008 FICO 468 :cry:
            341 on 05/06/08:unsure:House appraisal on day 63:blink: 07/10/2008 Discharged-Asset Case!!!:yahoo:08/09 Transu 559, Equifax 636, Experian 647
            Case Closed 07/15/2009 :D:yahoo:

            Comment

              #7
              Originally posted by MCheyenne6 View Post
              what do you mean by redemption options? Im doing this without a lawyer so I'm not down with all the info
              In a nut shell, you have the option to redem/buy the vechile for it's current book value (vs what you actually owe). The interest rate is usually in the neighborhood of 20%... given that you are already there this could save you some $ every month. You can always refinance at a better rate down the road once your credit is rebuilt.

              Google/Yahoo '722 redemption loan' for more information on what's available.
              Filed Ch7 3/6/08 [X]
              341 hearing 4/10/08 [X]
              Last day for Objections 6/9/08 [X]
              Discharge AND Closed 6/23/08 [X]

              Comment

                #8
                noted thanks guys, that tells me a lot!!!

                Comment

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