reaffirm with car loan with CU that i also have a loan with ?

[CCA1984]

Hey everyone,


Sorry for asking all the ?'s on here. I have an auto loan with my local credit union ( vons CU) and have always kept up to date with payments. i own a 2006 honda civic i owe right around 10k left on it and want to keep the car. the only problem i have is, i have a visa loan that i included in the BK for 10.5k from the CU. my question is should i reaffirm ( the CU said i would owe close to 12k with fee's???) ... i dont want to reaffirm, but also i dont want them to try and take my car or add the amount of the visa loan onto the car. does anyone have any info on this ? sorry to be a PIA ( if you don't know what that means pm i will tell you ) thanks again for all the help

CCA1984

[newbie2]

Hey everyone,


Sorry for asking all the ?'s on here. I have an auto loan with my local credit union ( vons CU) and have always kept up to date with payments. i own a 2006 honda civic i owe right around 10k left on it and want to keep the car. the only problem i have is, i have a visa loan that i included in the BK for 10.5k from the CU. my question is should i reaffirm ( the CU said i would owe close to 12k with fee's???) ... i dont want to reaffirm, but also i dont want them to try and take my car or add the amount of the visa loan onto the car. does anyone have any info on this ? sorry to be a PIA ( if you don't know what that means pm i will tell you ) thanks again for all the help

CCA1984

You could have a problem with cross collateralization. Do a search in this forum for those words and you'll find many threads about it. Then you'll have a better heads up on what you may expect from your credit union. (Not all play the game, but most do)

[trigabyte1]

Review the Note on the car. If they specify that the only collateral for the car loan is the car, you may be OK.

If not, you may want to explore your options using a 722 redemption. You'll get stuck with a higher interest rate, but you can probably avoid issues related to cross collateralization.