Reaffirmation with a credit union

[BrokeStudent8]

I need to reaffirm my car with my credit union. I keep reading posts about credit unions being difficult to deal with- is that just if you have other accounts with them? (I don't have any other accounts at this C.U.) Also, there are a lot of posts on people who reaffirm their cars, but almost none on the outcome of the reaffirmation. Has anyone successfully been able to lower the amount of their loan to market value? Did your interest rate change?

A friend of mine told me to inform them that I'm only willing to pay $7000 for my car (current Blue Book trade in is $6900, before repairs) but I owe $11,200. My car needs a new transmission & oxygen sensor, but those repairs are still covered under an extended warranty I bought when I purchased the car. The friend suggested I use the repairs as leverage when I negotiate, because if they don't reduce the loan they won't even get $7000 for it without replacing the transmission.

Also, does it matter if the car is a redeemed reposession? Because 16 months ago it was repossessed, but I immediately redeemed it... I'm wondering if this will be held against me? If anyone has any thoughts, opinions, suggestions or experience they can share I would REALLY appreciate it. Thanks!

[StaciMM]

The fact that your car was repoed before shouldn't be an issue.

I tried to bargain with my vehicle lenders-Chrysler & Mitsubishi w/ no luck. You may have better success in that you're dealing with a credit union rather than a national company. If they won't work with you, however, keep in mind that in most cases you can keep up your payments - without reaffirming - and that way you can walk away if down the road you don't want to keep the car.

[InDebtInMD]

We have an autop loan with our Credit Union, and we did not reaffirm it during the BK.

Now, we were planning on keeping the vehicle as it is in decent shape, and we need it.

I contacted the credit union about this back in June and they really did seem to care one way or another about our filing for BK.

We were never contacted about any kind of a reaffirmation agreement.

At the time we filed we owed $10.5k on it and it was worth maybe $9k.

We even opened a checking account with this credit union after we filed, but before we received our discharge.

heck, they are even still automatically deducting the payment from the savings. That was why I originally called them back in May, because I wanted to see if I needed to make alternate payment arrangements due to filing - they said no.

[edwards2]

We had a car and loan through our credit union. We reaffirmed the car because we owed far less than it was worth - like thousands and now it is paid for. As expected they told us if we reaffirmed the car we would have to reaffirm the loan too. We did. We still have a savings and checking account with the credit union. I dont expect they will be granting us any car loans anytime soon but we at least have a car that is paid for - and it is a 2000 Saturn with very low mileage in good shape.

[BrokeStudent8]

Thank you Staci, InDebt & Edwards. I appreciate it