Car/ Re-affirmation

[AlreadyFiled]

My discharge date is Jan 17th 09 (coming up!)

Am I supposed to call my Credit Union (i make my car pmts to them) and ask to have them send re-affirmation papers to my lawyer? Or no to reaffirm?

I've had the car for 3 years, need to keep it, never late payment, owe $16,800 on it.

Do I call them or no?

[Help!]

Is it worth $16,800?

[relief13035]

I wish I had the answer for you because I am wondering the same thing.

I am keeping 2 houses and 2 cars and so far I haven't received a single piece of reaffirmation paperwork. I know people on here say "don't sign a reaffirmation". That is fine, but if CitiMortgage, Wachovia & Mercedes Benz Financial were to request a reaffirmation, at what time period during this process whould they request this?

Last day for objections is 1/29/09 for me. I don't have equity in anything, pretty much owe what they are worth. I plan on just paying through. Is it unusal to not receive any reaffirmation requests?

[TEW]

I wish I had the answer for you because I am wondering the same thing.

I am keeping 2 houses and 2 cars and so far I haven't received a single piece of reaffirmation paperwork. I know people on here say "don't sign a reaffirmation". That is fine, but if CitiMortgage, Wachovia & Mercedes Benz Financial were to request a reaffirmation, at what time period during this process whould they request this?

Last day for objections is 1/29/09 for me. I don't have equity in anything, pretty much owe what they are worth. I plan on just paying through. Is it unusal to not receive any reaffirmation requests?

Mercedes Benz will not i just gave them their car back I rode though . I loved that car too.

[relief13035]

TEW - you continued paying and then gave it back???

I love mine too - can't imagine giving it back. If I keep paying they can't just come get it. Please say NO.

[TEW]

TEW - you continued paying and then gave it back???

I love mine too - can't imagine giving it back. If I keep paying they can't just come get it. Please say NO.

Yes I kept paying until after discharge. they did not want the car back. DW did not want to let it go nothing like a benz I had a clk 500 what do you have

[relief13035]

I have a shiny black CLK 350 - sporty and luxurious all at the same time. I've had many different types of cars over the years, but nothing compares to the quality and extrordinary service of a benz.

[AlreadyFiled]

Is it worth $16,800?

I haven't checked kbb yet but I believe it is worth it. It is a 2005 all wheel drive Nissan Murano with about 50k miles on it, had it for 3 years.

I will look into what it is worth.

[AlreadyFiled]

I decided to be brave and call my credit union that my loan is through for my car... she actually said she would call my lawyer and see if they can come to an agreement on payments and then my lawyer draws up the re-affirmation since I am not under on my car. I started out with a $25k loan and payments were $361 and now I currently owe $16,000 so I asked her if we can agree to lower my payments according to my current balance? she said her and my lawyer will come to terms and agree to something.

sound normal?

[TEW]

I decided to be brave and call my credit union that my loan is through for my car... she actually said she would call my lawyer and see if they can come to an agreement on payments and then my lawyer draws up the re-affirmation since I am not under on my car. I started out with a $25k loan and payments were $361 and now I currently owe $16,000 so I asked her if we can agree to lower my payments according to my current balance? she said her and my lawyer will come to terms and agree to something.

sound normal?

what is the car worth? 16k on a 3 year old car?

[AngelinaCatHub]

I decided to be brave and call my credit union that my loan is through for my car... she actually said she would call my lawyer and see if they can come to an agreement on payments and then my lawyer draws up the re-affirmation since I am not under on my car. I started out with a $25k loan and payments were $361 and now I currently owe $16,000 so I asked her if we can agree to lower my payments according to my current balance? she said her and my lawyer will come to terms and agree to something.

sound normal?

[philslyn]

Re affirming

as others say is it worth reaffirming the car, keeping the car?
second normally when you file bk, the lender of your car will be notified about it.
they normally send the office of your lawyer,(if you retained a lawyer with your case) or if you did a pro se they send it to your address.
the letter will say that if you would like to keep the car you can re affirm it by calling them or faxing them with your signature agreeing on the agreement they offer you.

Lets say i am the credit union i will send you a paper asking you to re affirm if you would like to keep the car, along with the paper i will send you the intereset and monthly payment and terms are attached with the paper i sent to you or your lawyer office. if you agree send it back to us with your signature.

When you decide to keep a certain things and willing to pay, u normally dont have to worry about it as long as you wanna keep it like your car, the good things with re affirming is they offer you lower interest base on your income. the payment dont change but atleast the interest go down atleast 1 percent or more.

[AlreadyFiled]

I love the car, i only do in town driving. I work 5 minutes away from home. I originally purchased the car for $36k through Nissan, then after my divorce i transferred the loan from nissan to credit union (at that time it was $25k) since then i've paid it down to $16 and would love to keep it.

Sounds like they're working it out with my attorney on new terms and payment modification.

[StartingOver08]

I decided to be brave and call my credit union that my loan is through for my car... she actually said she would call my lawyer and see if they can come to an agreement on payments and then my lawyer draws up the re-affirmation since I am not under on my car. I started out with a $25k loan and payments were $361 and now I currently owe $16,000 so I asked her if we can agree to lower my payments according to my current balance? she said her and my lawyer will come to terms and agree to something.

sound normal?

For me this does not sound normal. I also reaffirmed a vehicle thru the Credit Union. The reaffirmation came from the CU right away - within about a week or so. It had a larger amount because I also had a cc and 2nd mtg with the CU. So I called the CU BK dept and negotiated my own rate + reduced the balance + had them skip a month + add a couple of months so that the overall payment was reduced about $100/mth. I also had the cross collateralization removed entirely. I only have about 16 months left now to pay. But my attorney had me negotiate all the terms. Then a new agreement was drawn up by the CU. They signed, my attorney reviewed and signed, I reviewed and signed, then it was filed with the Court. I never even considered having the attorney negotiate the terms directly with the CU.

Did you provide what terms you expect in the agreement to your attorney?

[Help!]

I love the car, i only do in town driving. I work 5 minutes away from home. I originally purchased the car for $36k through Nissan, then after my divorce i transferred the loan from nissan to credit union (at that time it was $25k) since then i've paid it down to $16 and would love to keep it.

Sounds like they're working it out with my attorney on new terms and payment modification.

The credit union isn't doing you a favor here - they'll simply extend the length of the loan to give you the lower payments you're looking for. They'll actually make *more* money from the interest that you pay on it this way. In short, you are extending the length of time that you're being taken advantage of.

I know you love this car (and I really do understand what that's like), but think of it this way. If you had $16K cash in your hands right now and it was all the money you had, would you spend the entire $16K on a car? You work close to home - what if you bought an $8K car you "like" and had $8K sitting safely in a savings account. Which would make you happier?