Car Reaffirmation Question

[Anonymous]

We have a new car that we have about 5k or so equity in. Should we reaffirm, not reaffirm but keep making payments, or try to refinance. If we refinance, the loan terms would need to be 7years @ under 25% (would never actually want to pay 25%) or 5 years at under 17% to keep the same payment amount. 

My issue is that I hate the idea of keeping the car, making payments and not having Capital One report my timely payments. Has anyone ever renegotiated the loan during reaffirmation and is getting a guarantee that they will report on my credit a possibility? Thanks!

[ezdriver]

You can certainly try to negotiate better rate/terms in the agreement but not likely you'll get them. Same for getting the auto loan company to report your payments. Also, your reaffirmation agreement has to be signed by the trustee, your attorney, the creditor and you. The creditor and trustee are controlling the situation so I'd suggest having your attorney make your requests to the creditor before an agreement is completed. Good luck.

[Horrace36]

Same issue for me. I asked my attorney and the bank.  My attorney said that there was no need to confirm if Chapter 13 (Chpater 7 is another story). The bank said they would start reporting again once the discharge came through.