Any info please HELP!

[Lisa85]

Hello forum

I have a question regariding reaffirming a car loan?I have read several threads that has given me an idea of how it goes but i wanted to tell my specific situation to see if any has any helpful info.

This is the situation , I am the co buyer and my boyfriend is the buyer on a 2000 pontiac grandam that we still owe $4800 on and the kelly blue book in good condition is $1000. So we are being ripped off, but due to my credit I had no choice I needed a car. I have already paid over $3500 for this vehicle purchased in may 08 high mileage ,high payment loan.

My boyfriend has no income and the loan company is aware of this, so they know that I am the only one employed at this time to make the payment.

I realize that the loan company is in the business of giving loans not selling cars and they would prefer me to pay them the $4800 we owe rather that take back a car worth $1000 . I plan to file in the next week. Should I car the loan company to try and see if they will negotiate with me prior to filling? Should I just add it to my bk ? or shpuld I just let the recieve the reaffirm info and see what they offer me? Does anyone know what would be my options with reaffirming the vehicle? Can I try to ride through? Any feed back will be much appreciated.

[Chowder]

Ride through is state specific. Some have laws protecting consumers in this particular regard and some do not.

This may be a 'roll the dice' thing. If that car has so little actual value, the loan company may not rush out and file a stay to repo. Many here have sat on cars for well over a year because the finance company doesn't want the car back.

On the other hand if this is a CU, then all bets are off.

[dspii]

If you are under water on the loan and plan on filing...let it go, filing is your opportunity to stop getting ripped off. Look around on this forum, there are all kinds of related topics...like buying a car in BK, filing might actually raise your FICO score as it does in many cases.

[Lisa85]

Thanks for the feedback

Was having pc issues yesterday, did not realize this went through, Well this info was good to know . It is not a CU . It is a loan company that is barely known and they seem to be known for ripping people off. I dont think they really want the vehicle back .