Anybody have luck with a Mercedes Benz Financial Ride Through?

[sammyt74dp]

Filed Chapter 7, No reaffirmation agreement sent by MBF. Want to keep car, nor sure if they have been doing ride throughs or wanting to Repo. No late payments have been made to them.

Any info would be great

[TBLTZ]

Don't think your going to get much response by filing bk and trying to keep a MB.

[sammyt74dp]

Don't think your going to get much response by filing bk and trying to keep a MB.

That was kind of a rude quote...Anyway its no special 150k car like you must be thinking, worth only 18k at best now 2004. Anybody that has other experiences aside from TBLTZ's quote would be helpful.

[whipster1]

I know for a fact Chrysler will repo in my area if no reaff is signed (S TX), not sure if they are still part of Mercedes though...sorry couldn't be more help.

[aljohnson007]

The brand name is not relevant - just the value.

[justbroke]

Filed Chapter 7, No reaffirmation agreement sent by MBF. Want to keep car, nor sure if they have been doing ride throughs or wanting to Repo. No late payments have been made to them.

Any info would be great

Have you had your 341 Meeting? What State are you in? What did your attorney think?

These issues can be different based on the State you live in as underlying State non-bankruptcy law applies once you're out of the Bankruptcy! Your State may or may not allow an automobile creditor to repossess the collateral for constructive default by Bankruptcy.

Daimler-Chrysler is one of those companies that will repossess the vehicle if a re-affirmation agreement isn't signed. However, please note my statement on underlying State non-bankruptcy laws.

As another member posted, re-affirming a Mercedes may provide difficult. It's not the brand name... it is going to be can you afford the payments, and whether you have too much negative equity to make it in your best interests, to reaffirm. As such, Mercedes and other luxury vehicles tend to be difficult to reaffirm in Bankruptcy. Not because of the name... but because of the price associated with the name.

Besides, creditors and even the U.S. Trustee loves it when a debtor tries to keep a luxury car like a Mercedes, so that they can use the "he's filing Bankruptcy but wants to keep the Mercedes" in their objections and dismissal requests. That's because the name exudes luxury and the first thing people think is... well... un-necessary luxury.

Good luck.

[sammyt74dp]

Just Broke

341 Meeting has been completed. Discharge should be any day (hopefully). 341 was 8-24-09. Vehicle upside down by $2,000 or so. Worth 17k - 18k at best. Loan for 19k. 2004 Model, not brand new. State is New Mexico. Attorney said about Reaffirmation that "Rarely they come get your vehicle if you have been paying" But reading otherwise has me thinking.

[justbroke]

Just Broke

341 Meeting has been completed. Discharge should be any day (hopefully). 341 was 8-24-09. Vehicle upside down by $2,000 or so. Worth 17k - 18k at best. Loan for 19k. 2004 Model, not brand new. State is New Mexico. Attorney said about Reaffirmation that "Rarely they come get your vehicle if you have been paying" But reading otherwise has me thinking.

Is the loan from Daimler-Chrysler Financial or some bank? It is true that in many cases, auto lenders don't bother paying people, but FMC (Ford), Daimler-Chrysler and at least one other of the "auto" financial service companies, like to play hard-ball. You don't seem too upside down.

[sammyt74dp]

Its mercedes Benz Financial, which looks like its a division of Daimler/Chrysler.