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Give me your recs on this scenario.. Rescding a reaffirmation!

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    #1

    Give me your recs on this scenario.. Rescding a reaffirmation!

    Here is the situation..

    Currently I am in the last days of of my CH7 BK case. Simply waiting for the discharge and case to close.

    I reaffirmed three debts, one being my current auto loan. The reaffirmation for the auto loan was filed on 04/24/2006.

    Here is where I need your advise.

    My current auto loan, that was reaffirmed, is approximately $5k upside down. My SO has a 2004 Ford Ranger Pickup that they are willing to sell me for WAY below retail/trade in value. They were approved for a new auto loan and will be buying this weekend.. The Ranger only has 20K miles on it, in excellent shape and they are willing to sell it to me for (get this) only $4k!! I know this vehicle has been meticulous maintained as I live with its' owner!!!

    So, I have decisions to make and work to do.. I have contacted my attorney to request he submit documentation to rescind the reaffirmation agreement as I am still within the legal window of time to do so. I will be buying the Ford Ranger.

    What I need help with is this, does anyone have a recommended lender that I could go to and request a loan? I could use the vehicle itself as collateral as it is worth about $9k (on the low side) as it sits right now! Can anyone give a rec on a lender?
    Thanks,
    GaCreditGuy

    --*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--
    BK7 Filed : 01/29/2006
    341 Completed : 03/06/2006
    Deadline For Objections: 05/05/2006
    Discharged : 06/30/2006
    Case Closed : 06/30/2006
    Tags: None
    #2
    Getting a loan during bankruptcy process is a NO< NO... and getting one shortly after dismissal is extremely hard unless its a buy here, pay here place....

    Sometimes dealers will offer credit to bankruptcy folks, but the interest rate is extremely high....

    Make some calls, check around and see who's BK friendly in your area... some dealers are...

    Good luck......

    Yes is I was upside down on my auto, and had the opportunity to puchase another a lot cheaper that I wanted, I would try to find a way, and call the attorney and surrender the auto I didn't want to keep and discharge the debt in the BK.....
    Minny

    "It's amazing the paths that our feet sometimes follow in life".

    My suggestions are from "personal experience" and research only. Do not consider this as legal advice. Each bankruptcy case is different.

    Comment

      #3
      Since you live with the owner, will they do owner financing. In a few months after the discharge, you might be able to find a lender.
      Chapter 13 Filed 4/03/06 :blink: 341 Meeting Complete 5/11/06 :yes2:
      Plan Confirmation 6/16/06 :yahoo:
      Discharged: 1/5/2010 :yahoo::yahoo::yahoo::yahoo:

      Comment

        #4
        If you need a vehicle for transportation to get to and from work, you could find yourself up a creek without a paddle. Let the one go back, and not be able to finance the other one.

        Personally, I'd hedge my bets. Get set up to buy the one vehicle before letting the other go back to the BK Lender. Get your financing or owner financing in place. Make sure that's a done deal first. Then let the BK Lender know you're giving back the other vehicle.
        Filed Ch 7 - 09/06
        Discharged - 12/2006
        Officially Declared No Asset - 03/2007
        Closed - 04/2007

        I am not an attorney. My comments are based on personal experience and research. Always consult an attorney in your area to address concerns related to your particular situation.

        Another good thing about being poor is that when you are seventy your children will not have declared you legally insane in order to gain control of your estate. - Woody Allen...

        Comment

          #5
          Hi Minny,

          I fully understand about getting a loan during the process and not going to do that. Going to wait until it is over with..

          My SO is currently financed through FMC and spoke with them today about the possibility of transferring the loan to me and explained the situation. They said the same as you did below. However, they did admit I have a few things on my side; 1- car is worth way more than the loan would be for 2- I can put $1k down with them to show I am serious and 3- advised them I would be willing to have them autodraft the loan payment every month. She said it looked very dooable but the interest rate would be high.. Only wanting to borrow $4k here and even at 24% it would be around $150 a month (paying $388 now) so much better situation.


          Originally posted by Minnymouth
          Getting a loan during bankruptcy process is a NO< NO... and getting one shortly after dismissal is extremely hard unless its a buy here, pay here place....

          Sometimes dealers will offer credit to bankruptcy folks, but the interest rate is extremely high....

          Make some calls, check around and see who's BK friendly in your area... some dealers are...

          Good luck......

          Yes is I was upside down on my auto, and had the opportunity to puchase another a lot cheaper that I wanted, I would try to find a way, and call the attorney and surrender the auto I didn't want to keep and discharge the debt in the BK.....
          Thanks,
          GaCreditGuy

          --*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--
          BK7 Filed : 01/29/2006
          341 Completed : 03/06/2006
          Deadline For Objections: 05/05/2006
          Discharged : 06/30/2006
          Case Closed : 06/30/2006

          Comment

            #6
            Worst case scenario is still pretty good.. My SO simply keeps the truck loan with FMC until I can get a loan and I pay his monthly payment and he adds me to his auto inurance. Win Win really..


            Originally posted by SinkingFast
            If you need a vehicle for transportation to get to and from work, you could find yourself up a creek without a paddle. Let the one go back, and not be able to finance the other one.

            Personally, I'd hedge my bets. Get set up to buy the one vehicle before letting the other go back to the BK Lender. Get your financing or owner financing in place. Make sure that's a done deal first. Then let the BK Lender know you're giving back the other vehicle.
            Thanks,
            GaCreditGuy

            --*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--
            BK7 Filed : 01/29/2006
            341 Completed : 03/06/2006
            Deadline For Objections: 05/05/2006
            Discharged : 06/30/2006
            Case Closed : 06/30/2006

            Comment

              #7
              the worst case scenario is paying the dudes monthly payment rather than 24%
              on a shark loan of 4 grand? OK. Best get a new filter for the water you are drinking, also.

              Comment

                #8
                We talked about htis last night.. However, would it be possible to do this AND insure the vehicle if it is still finacned through him at FMC?

                Originally posted by aa06a47
                Since you live with the owner, will they do owner financing. In a few months after the discharge, you might be able to find a lender.
                Thanks,
                GaCreditGuy

                --*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--
                BK7 Filed : 01/29/2006
                341 Completed : 03/06/2006
                Deadline For Objections: 05/05/2006
                Discharged : 06/30/2006
                Case Closed : 06/30/2006

                Comment

                  #9
                  Very tue, we talked about this last night actually and have agreed to do this in a worst case scenario and draw up a legal agreement between the two of us.

                  Originally posted by djk
                  the worst case scenario is paying the dudes monthly payment rather than 24%
                  on a shark loan of 4 grand?

                  Not understanding your last comment..

                  Originally posted by djk
                  OK. Best get a new filter for the water you are drinking, also.
                  Thanks,
                  GaCreditGuy

                  --*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--
                  BK7 Filed : 01/29/2006
                  341 Completed : 03/06/2006
                  Deadline For Objections: 05/05/2006
                  Discharged : 06/30/2006
                  Case Closed : 06/30/2006

                  Comment

                    #10
                    Originally posted by gacreditguy
                    Very tue, we talked about this last night actually and have agreed to do this in a worst case scenario and draw up a legal agreement between the two of us.




                    Not understanding your last comment..
                    it seems to me that what you describe as worst case is actually best case unless I'm misunderstanding something, the filter thing was sarcasm, sorry 'bout that, cause it seemed to me something is wrong with the water up there. (lived in and around atlanta for 25 years so I know there is anyway, but that is beside the point)

                    Comment

                      #11
                      Thansk for the input thus far. Here is what we have decided to do. My SO and I are going to draw up a legal agreement where I purchase the vehicle from him and basically pay him on a monthly basis.

                      My main question is this, the vehicle is currently financed through Ford Motor Credit and I will be paying my SO and they will be paying FMC every month. With the vehicle still being in his name and still having a lien on it through FMC, will I run into obstacles getting my auto ins. transferred over to it? I do not think so but thought I would throw that out to you all.
                      Thanks,
                      GaCreditGuy

                      --*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--
                      BK7 Filed : 01/29/2006
                      341 Completed : 03/06/2006
                      Deadline For Objections: 05/05/2006
                      Discharged : 06/30/2006
                      Case Closed : 06/30/2006

                      Comment

                        #12
                        In some states (if not all) it would be impossible for you to get insurance on a vehicle that is not in your name...............

                        Option -

                        Both names on the title - owner and buyer...... (sometimes can cause a problem in the future
                        Both names listed as drivers on insurance.
                        You as new owner pay the insurance..............

                        None of the above may be possible to do since it's financed thru FMC.......
                        Minny

                        "It's amazing the paths that our feet sometimes follow in life".

                        My suggestions are from "personal experience" and research only. Do not consider this as legal advice. Each bankruptcy case is different.

                        Comment

                          #13
                          Originally posted by Minnymouth
                          In some states (if not all) it would be impossible for you to get insurance on a vehicle that is not in your name...............

                          Option -

                          Both names on the title - owner and buyer...... (sometimes can cause a problem in the future
                          Both names listed as drivers on insurance.
                          You as new owner pay the insurance..............

                          None of the above may be possible to do since it's financed thru FMC.......
                          Thanks Minny.. Is what I thought as well.. Still looking at options.. I can easily borrow the money from my father and take care of that personal loan with a few commission checks.
                          Thanks,
                          GaCreditGuy

                          --*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--*--
                          BK7 Filed : 01/29/2006
                          341 Completed : 03/06/2006
                          Deadline For Objections: 05/05/2006
                          Discharged : 06/30/2006
                          Case Closed : 06/30/2006

                          Comment

                            #14
                            This last idea is probably your best option...... or put it in your dad's name and you as a driver until you pay your dad off...... that way you are covered by insurance as well.........

                            I would go this route till my BK is discharged and closed...... then dad can sign it over to you and your good to go again covered with insurance......

                            And with no interference from the Trustee...............

                            Minny
                            Minny

                            "It's amazing the paths that our feet sometimes follow in life".

                            My suggestions are from "personal experience" and research only. Do not consider this as legal advice. Each bankruptcy case is different.

                            Comment

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