Don't Want to Reaffirm so...

[RedLight]

What are the chances that they will take the car? I just received a copy of the reaffirmation for my DW's car today in the mail. The lender is San Anonio Federal Credit Union and I have heard that credit unions are notorious for taking back their collateral (car). It is a 2004 Pacifica with 70K miles on it, we owe just over $12,000 but it is only worth $9,000. It also has several things wrong with it including the electronic air conditioning, a check engine light from the fuel system, the tire pressure monitoring light is on, and a host of other small problems. I figure that it would cost well over $3,000 to properly fix all of these problems, which we don't have yet. But, of course DW loves the car and doesn't want it taken away.

So, to the question, I know they can't take the car away until after the discharge, but what are the chances? Have any of you been able to keep your cars?

[AngelinaCatHub]

What are the chances that they will take the car? I just received a copy of the reaffirmation for my DW's car today in the mail. The lender is San Anonio Federal Credit Union and I have heard that credit unions are notorious for taking back their collateral (car). It is a 2004 Pacifica with 70K miles on it, we owe just over $12,000 but it is only worth $9,000. It also has several things wrong with it including the electronic air conditioning, a check engine light from the fuel system, the tire pressure monitoring light is on, and a host of other small problems. I figure that it would cost well over $3,000 to properly fix all of these problems, which we don't have yet. But, of course DW loves the car and doesn't want it taken away.

So, to the question, I know they can't take the car away until after the discharge, but what are the chances? Have any of you been able to keep your cars?

Didn’t I just read, you reaffirmed? Maybe I didn’t understand but if you reaffirmed after discharge you are stuck with the car and no bk protection. We reaffirmed ours because we absolutely want the machine and it has high value. You can pay through if they allow it and keep the car. If you find you cannot afford it after bk, you then can give it back and the bk will protect you.

Question again, did you reaffirm that debt? ‘Hub

[MomIcantFindmy]

We signed the refirmation agreements and filed them. Then we canceled them two days before discharge. I am still sitting on these cars. I have begged them to come take them as I don't want them at my house anymore....they are not interested. (2005 hybrid and 2004 Honda both with low miles). I have dropped the insurance and the loans were discharged. Who knows...it has been almost 2 months since discharge.

[TEW]

We signed the refirmation agreements and filed them. Then we canceled them two days before discharge. I am still sitting on these cars. I have begged them to come take them as I don't want them at my house anymore....they are not interested. (2005 hybrid and 2004 Honda both with low miles). I have dropped the insurance and the loans were discharged. Who knows...it has been almost 2 months since discharge.

[RedLight]

NO. We don't want to, especially for DW's car. We just received the reaffirmation letter in the mail yesterday. My atty received the one for my car, which was completely blank and she told us not to sign it and she would contact the lender to see what is going on. In the end, I would like to keep my car but be able to surrender hers at any point in the future, which I believe can be done without the reaffirmation signed.

I guess my question is if there are any people here who have successfully been able to keep their payments going and keep the car without the reaffirmation. It would be nice to have a few months after discharge to get our credit back up to par for financing a new vehicle.

[RedLight]

We signed the refirmation agreements and filed them. Then we canceled them two days before discharge. I am still sitting on these cars. I have begged them to come take them as I don't want them at my house anymore....they are not interested. (2005 hybrid and 2004 Honda both with low miles). I have dropped the insurance and the loans were discharged. Who knows...it has been almost 2 months since discharge.

WOW, that is crazy. Have you purchased new cars since? I am assuming you had a high car payment with a hybrid and a Honda. I would really like to ditch DW's car, but need to get our credit scores back up, as you can see below, there is no way we would get a loan with those scores. Fortunately, a lot of stuff is still showing balances and not IIB, so the scores should rebound after that...hopefully

[BassBoy]

I would really like to ditch DW's car, but need to get our credit scores back up, there is no way we would get a loan with those scores.

Along with low scores and/or bad credit, the problem these days is the current credit crisis. Many lenders have gotten very tight with their lending or aren't lending at all.

[TEW]

What are the chances that they will take the car? I just received a copy of the reaffirmation for my DW's car today in the mail. The lender is San Anonio Federal Credit Union and I have heard that credit unions are notorious for taking back their collateral (car). It is a 2004 Pacifica with 70K miles on it, we owe just over $12,000 but it is only worth $9,000. It also has several things wrong with it including the electronic air conditioning, a check engine light from the fuel system, the tire pressure monitoring light is on, and a host of other small problems. I figure that it would cost well over $3,000 to properly fix all of these problems, which we don't have yet. But, of course DW loves the car and doesn't want it taken away.

So, to the question, I know they can't take the car away until after the discharge, but what are the chances? Have any of you been able to keep your cars?

[RedLight]

Along with low scores and/or bad credit, the problem these days is the current credit crisis. Many lenders have gotten very tight with their lending or aren't lending at all.

Yeah...I know. I work on the trading floor at my work and get depressed looking at the big board all day. I received a call from the special finance manager at a large dealership here in Houston, assuming they search for new BK's, and wanted to know if I was in need of a new or newer car. Told her I would keep her number...just in case. Hopefully credit loosens up a little bit soon.