Another reaffirmation event....with another lender

[StartingOver08]

Well, I was previously successful in working with a credit union on the balance, the interest rate and various other terms so I was able to reaffirm that vehicle for my husband.

However, it turns out to be a different story for me and my car. Can NOT reaffirm. The lender, Independent Bank, sent a reaff agreement with the wrong balance. It did not show last months payment (that they acknowledge they have received, cashed and not credited to the balance) AND they added $300 because I am in CH 7. The car has high milage (2006 with 68k miles). I called today to work out a more suitable (for me) arrangement. Not only will they not negotiate the balance, they will not even credit last months payment to the account! So no reaffirmation on my car.

Looks like I will be looking for another vehicle now. Does anyone know how long it takes for them to pick up the car?

[allavdj]

Call em' back and tell them it will be out by the road whenever they want to come get it. You might also throw out a little jab about them enjoying eating a nice loss on the car when they repo it as all the repo expenses and the car note itself will be taken care of in the BK.

To answer your question though, depending on whether or not they file a motion to lift the stay so they can repo it during your BK, it could be several days or it might be a couple weeks or they may wait till the BK proceedings are over. I would assume that every day is the last and find a replacement ASAP.

[PoorGrammyinBK7]

I was under the impression they could not take the car during BK if you are current - especially if you have said you are going to reaffirm - unless they make a motion and receive an order to have the stay lifted.

So I would stretch it out as far as possible - use it, without paying any more on it - before giving it up! Take your time picking out another car.

But, I also wonder, in light of your past success with re-negotiating - maybe you can talk to another person - supervisor or "higher up" and you might get a different answer if they think they are really going to have to repo it. Maybe they are bluffing - you can too!

If the bank tried to do me that way, when I am current on payments - they can just have the old car (but only when I have used every last possible mile on it). I wouldn't make it easy for them.

[StartingOver08]

PoorGrammy - I'm with you! My next payment is due 11/12. If I can't get the reaffirmation negotiated they are not seeing one more dime. I did find out from the attorney that since I said I would reaffirm in my petition that we have to file a motion to surrender the car and that can be done next week and then I have 45 days from that point to actually surrender the vehicle - so I will have some time to do additional research.

It just shows you that each lender has their policies - and I guess some of them would rather eat the whole car than just eat a few thousand $$$ - makes no sense to me. But, I am not going to reaffirm a payment on a high milage car that I can get newer for less money with less milage. That would make me the fool. This is one of the BK lessons learned. Better to buy cheaper with no payment or a very low one