every payment on time and can they take the car

[bigtim6656]

I got my jeep in dec. Every payment has been on time and no troubles.

Two questions, can the finance company not accept a reaffirmation and take it any way?

Also when I file do I keep making the payments during BK? I do not want to reaffirm it and end up with late payments and it hurt my credit anymore. I have had three auto loans and everyone has been paid on time.

[ccsjoe]

bigtim,

#1 see if in your state and the car company you financed with you can do a ride and pay instead of reaff;
#2 if you have to reaff, they will honor it, it is pretty standard practice. I called Ford and asked for the BK department...it was everyday business for them, no issues;
#3 yes, keep making payments on secured loans.

Good luck.

[bigtim6656]

I think indiana does a ride through, but if I do not reaffirm it would not help my credit post bk. I think after dis charge with the loan be it paying to down to say 3k to avoid alot of interest will jump start my credit. My parents also bought a house they plan to remodel and sale. I was told if I wanted to I could buy it on a contract after my bk, then if I do so and show a good payment history for a year I can do a refi and not a home loan, my understanding is a refi is easier then a new loan. We went through this with some people wanting to buy the house were in now. The husband had filed 7 with his old wife 4 years ago and the wife had just done a chapter 7 when her and her old husband divorced. There bank told them to find a house they wanted and to buy it on a contract with a payoff in a year if they could get financing. They offered my mom and dad more money so they took the deal. The couple backed out when they found out they could not get the 8k home buyer credit, I guess the husband had owned before.

bigtim,

#1 see if in your state and the car company you financed with you can do a ride and pay instead of reaff;
#2 if you have to reaff, they will honor it, it is pretty standard practice. I called Ford and asked for the BK department...it was everyday business for them, no issues;
#3 yes, keep making payments on secured loans.

Good luck.

[tcreegan]

ride-through, credit report

Hi bigtime,

I think indiana does a ride through, but if I do not reaffirm it would not help my credit post bk. I think after dis charge with the loan be it paying to down to say 3k to avoid alot of interest will jump start my credit

Way more important to find out if your lender does a ride-through rather than Indiana. What Indiana might have for you is a state law preventing repossession when you are current on the payments, but I think the best course of action is to talk to the lender directly.

Saw your other post, hope that worked out for you,

Tom in Colo

[bigtim6656]

Which other post. lol

Hi bigtime,

I think indiana does a ride through, but if I do not reaffirm it would not help my credit post bk. I think after dis charge with the loan be it paying to down to say 3k to avoid alot of interest will jump start my credit

Way more important to find out if your lender does a ride-through rather than Indiana. What Indiana might have for you is a state law preventing repossession when you are current on the payments, but I think the best course of action is to talk to the lender directly.

Saw your other post, hope that worked out for you,

Tom in Colo

[AngelinaCatHub]

OK, first of all, ride through or no, if you keep the payment current NO ONE will object or repo. If they attempt to do, THEY lose and they sure don't want the car they want the cash.

That being said, "Bigtime6656" forget your trivial pursuit with credit. Your credit is not an issue in bk. It is a dead dog. What you really have going for you is this; the fact that half the nation is in trouble with mortgages, house values, etc. is that time will heal your credit rating.

What got you into bk???? CREDIT. Go forth and attempt cash. If you can purchase a place for contract for Deed, that is a good deal.

As far as a car, believe me, you can pick up many now at bargain prices. Used of course, but for two, three new car payments, it could be yours.

Only my opinion. 'Hub

[bigtim6656]

I do agree, acutely credit did not get me into bk. A failed business did and I got stuck owing a company I used to do credit card charges just under 20k. Alot of it was their fault for holding up funds before they released them but still I owe them the money. I know as of now and when I file the bk will destroy what little credit I have. . my hope is as time past like you said is having the auto loan will help rebuild my credit. Plus if I did give it up I would lose my equity, a perfect running vehicle, and kill my dad's credit. Plus he told me after I get discharged and can refi to a lower rate he would co sign again and do what he could to help. Alot of it is like any creditor I bought my truck off him and paid him most of it. I also pay my bills on time and do not run out and blow my money before buying them.

OK, first of all, ride through or no, if you keep the payment current NO ONE will object or repo. If they attempt to do, THEY lose and they sure don't want the car they want the cash.

That being said, "Bigtime6656" forget your trivial pursuit with credit. Your credit is not an issue in bk. It is a dead dog. What you really have going for you is this; the fact that half the nation is in trouble with mortgages, house values, etc. is that time will heal your credit rating.

What got you into bk???? CREDIT. Go forth and attempt cash. If you can purchase a place for contract for Deed, that is a good deal.

As far as a car, believe me, you can pick up many now at bargain prices. Used of course, but for two, three new car payments, it could be yours.

Only my opinion. 'Hub

[tcreegan]

credit reporting

Hello again bigtime,

Since you are interested in credit post-BK......

Most companies stop reporting at the BK notice and do not report anymore, reaffirmation or not.

But....you can send the lender a letter requesting that you get reported again.
Send enough letters, they will start reporting you again. Ask them to list the debt as "paid as agreed" for what you are keeping current after the BK.

And....of course get fresh copies from all three CRA's and look them over for errors. Everything discharged in the BK should have a $0 balance and noted "IIB" included in bankruptcy. Very important that nothing coming through the BK has a balance left on it, or a charged off notation. Get all pre-BK judgements removed as well.

Cleaning up your credit reports will boost your score 10x more than reaffirming a car loan. Just keep writing letters, if you write enough they will do what you want just to get rid of you.....

Tom in Colo

[bigtim6656]

I see, I will do so I am going to pull my credit next week when I get paid, I will also talk with the bank and see what they will or will not do post discharge.

Hello again bigtime,

Since you are interested in credit post-BK......

Most companies stop reporting at the BK notice and do not report anymore, reaffirmation or not.

But....you can send the lender a letter requesting that you get reported again.
Send enough letters, they will start reporting you again. Ask them to list the debt as "paid as agreed" for what you are keeping current after the BK.

And....of course get fresh copies from all three CRA's and look them over for errors. Everything discharged in the BK should have a $0 balance and noted "IIB" included in bankruptcy. Very important that nothing coming through the BK has a balance left on it, or a charged off notation. Get all pre-BK judgements removed as well.

Cleaning up your credit reports will boost your score 10x more than reaffirming a car loan. Just keep writing letters, if you write enough they will do what you want just to get rid of you.....

Tom in Colo