08-18-2013 02:27 PM
I have a car loan with santander and looking to file chapter 7, do they repossess, or do they allow you to make your monthly payments ? I would like to get a sense of how difficult they are to deal with if a reaffirmation is "not" signed and payments are current and if they will continue to accept payments.
08-19-2013 01:05 PM
They can not repo the car once you have filed, it is against the law. I have a car loan through Exeter when I filed and I was behind 3 months on payments, well I filed in May and still have car now and as a matter of fact my attorney told me if they want to repo in a Chapter 7 they have to file a motion through the court and that alone takes 30 days. But most will wait until you forfiet the car. They will work toward a reaffirmation which basically means resigning the loan with added or deleted stipulations. Hope this helps Good Luck!!
08-19-2013 01:07 PM
Sorry I forget to say, my attorney told us if we wanted to keep the car to keep the payments going until the reaffirmation. But keep in mind they do not have to accept any reaffirmation agreements if they choose not to.
02-07-2014 11:47 AM
Not sure if you still need the response (maybe some one else will?!?) but I had Santander when I filed. I didn't pay during the automatic stay. I had initially chosen to reaffirm but changed my mind before the 341 meeting. A month after my discharge they came and towed the vehicle. When I called to make sure it was them, the lady offered me the chance to keep the car and continue making payments if I paid the payments I missed during the automatic stay. I would have to pay the missed payments within 10 days of the repossession. She said if I had just kept making payments the car wouldn't have been towed. I do know they don't report after a bankruptcy so it won't help your credit.
02-07-2014 12:45 PM
Depending on your State of residence, you may have multiple options. Bottom line is that most lenders will not repossess the vehicle as long as payments are current. From what I researched last night, I think there are two companies, Ford and Toyota maybe, that will require a reaffirmation of the debt or they will repossess the car. The big benefit of not reaffirming has to do with the right of the creditor to reposess and resell the car then sue you for deficiency. They can do just that if you do not reaffirm and miss payments then lose the car. I reaffirmed mine but now I wish that I had not.
02-07-2014 05:42 PM
02-07-2014 06:50 PM
Thank you! I ended up filing chapter 13 and found that Santander removed my 15 months of on time payments from my credit history, can they do this?
02-07-2014 07:12 PM
02-08-2014 06:07 PM
I just got a car from carmax on August '13 and santander was my lender. I just filed for bankruptcy Jan '14. I noticed my loan is already gone from my transunion report. So my on time/extra payments are gone. I go to court monday to for the meeting for the creditors. What would be my best option? I want to receive the points for making on time payments. Would it be best to just apply for another car?
02-08-2014 06:13 PM
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.