So get this...

[LifeNLemons]

I spent months practically BEGGING Wells Fargo to help me out a little with my car loan, lowering the interest rate, deferring a payment, anything. I was met with nothing but rude, snotty and degrading attitudes.
In the mail yesterday, I got a reaffirmation agreement on the car. The offer includes "writing off" almost $10000 of neg. equity, lowering the interest rate by 7.95%, thus cutting the payments almost in half, and the terms would be a few months more than the original loan.
The only thing I don't get is that the car is joint with my ex, who is not filing BK, so isn't there some kind of consideration there? How could they reaffirm the debt with me alone? (seriously, if you have an answer to this question, let me know. I'm curious)

Not that it really matters because I already bought the car I'm gonna be chained to for the next few years. My payments are lower than my old one was and the car I bought is two years newer. Plus my interest rate will go down with 12 on time payments.

[chpxiii]

hehehe.. I don't know if this is true, but I would take something like that to mean, "Hey, we don't want to spend money to repo the car, and lose more money when we have to sell it. It's a lot of work for us when we can try to keep you indentured to us."

As for it being joint with your ex, I don't know how that would work out.

[LadynRed]

As a co-debtor on the car, your EX will be held solely responsible for that car loan if you don't reaffirm and turn the car in. Your ex also should have been notified of these proceedings as the co-debtor. I you were to reaffirm, then you'd still be liable. Since you are not, your obligation for the vehicle will be discharged and your ex will be on the hook.

[LifeNLemons]

hehehe.. I don't know if this is true, but I would take something like that to mean, "Hey, we don't want to spend money to repo the car, and lose more money when we have to sell it. It's a lot of work for us when we can try to keep you indentured to us."

As for it being joint with your ex, I don't know how that would work out.

Yeah, that's kind of what I figured. I've already told them its parked in the lot of my apartment complex and its up to them or my ex to pick it up. Although I might deliver it to my ex's house for New Years, just because I'm nice like that. Before, when I inquired about it, they wouldn't let me do a voluntary repo because my ex was the "primary" lien holder. But now, they'll let me reaffirm the debt all on my own?

As a co-debtor on the car, your EX will be held solely responsible for that car loan if you don't reaffirm and turn the car in. Your ex also should have been notified of these proceedings as the co-debtor. I you were to reaffirm, then you'd still be liable. Since you are not, your obligation for the vehicle will be discharged and your ex will be on the hook.

Oh yeah, he was notified. I served him as a possible debtor for any community debt he may have racked up after we separated. The vindictive part of me is kinda glad he's getting the sharp end of this stick. ;)

[BearChaser303]

In the mail yesterday, I got a reaffirmation agreement on the car. The offer includes "writing off" almost $10000 of neg. equity, lowering the interest rate by 7.95%, thus cutting the payments almost in half, and the terms would be a few months more than the original loan.

I wonder if there is some way I could cause this to happen on my Chase Auto Lease that I was planning on reaffirming?

[Minnymouth]

BearChaser303,

Your lease is more like "renting a vehicle", then buying one so doubt that this would work for you..........

Sorry......................