Ford Credit

[wonderingrov]

I found out some information today that I thought might be useful to others on the board. Basically, from previous conversations with them, I had thought I would be required to reaffirm if I wanted to keep my car. Well, I filed on 6/30, and they had never sent a reaffirmation agreement to my lawyer. I called today to see if there were any problems. Well, I knew my balance had dropped to around $4,900 with my last payment. The representative I spoke with today said that with balances under $5,000, they don't require reaffirmations. I will essentially be able to do a retain/pay with my current balance.

I just wanted to post this information for the benefit of others with a Ford Credit account. If you are close to $5,000 on your balance, you may want to keep this in mind when planning the timing of your bankruptcy.

[AlmostAmos]

Interesting. Wonder if they'll require it on my 42k balance! ;-)

[mrskal]

Darn, I am at 8300. Oh well, just wait and see I guess.

[wonderingrov]

Interesting. Wonder if they'll require it on my 42k balance! ;-)

That was probably the one good part of my financial situation going into bankruptcy. I had bought the car 1 year old for $11,000, at a 6% rate. It had been a loaner car for the dealership (a Taurus) - they had all the maintenance records, and it still had the original sticker in the owner's manual showing a retail price of $24,000. It only had 12,000 miles when I bought it. I didn't want to give that up.

[ohiogal]

I have a car financed through Wells Fargo, originally with a balance of $13,000 at a rate of 14%. Monthly payments: around $400.

When I ran into financial trouble I called and asked if I could refinance. They said no, I had too much negative equity in the car.

I then filed bankruptcy, and wanted to keep the car. Lo and behold, suddenly Wells Fargo offered to drop my monthly payments to $280, my amount owed to $10,000, and my rate to 8%!

I'm very happy I got such a good deal, but I'm wonder why the hell they didn't offer me that when I first called them. I guess they thought I was bluffing when I told them I couldn't afford the payments!