Reaffirm Van loan?

[Tbornetun]

If a creditor is willing to deal and offer a lower loan amount through the reaff it may be worth it. It would depend upon the situation. Most reaffs we are sent are for the same amount and they are not willing to deal. It all depends. I would want them to drop the balance dramatically or lower the interest rate. If they don't do either of these, the only person a reaff would benefit would be the creditor.

[BillyRip]

Do not reaffirm for the exact reason you stated above. Reaffirming may or may not assist you in rebuilding your credit. Keep the van, keep making payments, do not reaffirm. If something major goes wrong with the van you can then walk away without being liable for the debt.

Couldn't they offer to reaffirm at say... $3500-$4K?

[Tbornetun]

Do not reaffirm for the exact reason you stated above. Reaffirming may or may not assist you in rebuilding your credit. Keep the van, keep making payments, do not reaffirm. If something major goes wrong with the van you can then walk away without being liable for the debt.

[wildebeast]

I owe approximately $5500 on our van, and that is almost exactly what it is worth right now (maybe a little bit more). Right now I plan on continuing the payments and keeping the vehicle. We are not behind at all on payments.

My only concern is that the van may die/break down in the next year. It isn't super old, but you never know with cars as they age.

If I don't reaffirm, and then in 6 months something major happens to it, can we just let it get repossessed since it would be IIB? I'm not planning on that happening and this is a big "what if". Then we could start over and get a newer car with no worries of fixing it and trying to get what we owe, etc.

Or is it better to reaffirm to try to help rebuild our credit? It will be paid off in another 1 3/4 years and most likely will last that long anyway.