If I don't reaffirm a car loan...

[Konallc]

I'm planning on buying a replacement vehicle with a BK7 pending. I'm wondering if I don't reaffirm the debt, how long do I have after our 341 to return the vehicle if I stop making the payments.

Just trying to save some cash every way possible until I absolutely need to buy a replacement vehicle.

Thanks!

[wnguyen]

I'm planning on buying a replacement vehicle with a BK7 pending. I'm wondering if I don't reaffirm the debt, how long do I have after our 341 to return the vehicle if I stop making the payments.

Just trying to save some cash every way possible until I absolutely need to buy a replacement vehicle.

Thanks!

If I'm not wrong, then I think it's 45 days after the 341. That doesn't necessarily mean they'll take it right after 45 days. It might be more than that.

[tcreegan]

Hi konallc,

If they are going to repo before your discharge, you will know about b/c they will have to file a motion for relief from the automatic stay. You can check MN law on repossession, sometimes a state requires some legal hurdles as well. Aside from that, it is highly variable by lender; some are very aggressive about repo and some aren't.

Head over to the forum on collections and repossessions, I'll bet you can find some good strategies there.

Tom in Colo

[Konallc]

Thanks for your replies. It sounds like I should be able to hang on to that car for at least an additional 45 days or until the stay is lifted. Our attorney said we have 30 days after 341 to decide whether or not to reaffirm the loan.