My wife and I have filed Chapter 7 (or the attorney will be filing as early in October as possible)because we were simply living beyond our means. We have two auto loans and plan on reaffirming one of them. The challenge is that both loans are 2-3 payments behind. So a couple of questions:
A) Will an auto lender (in this case Wells Fargo and Acura Financial) offer a reaffirmation statement if you are past due?
B) Should we make the October payment prior to receiving a reaffirmation offer since if they don't offer it's lost money?
C) How long do they usually give you to catch up the payments?
D) If neither auto lender offers a reaffirmation, how long can we expect to keep the cars (how long before the apply to have the stay lifted if they do)?
Any help would be greatly appreciated. I get a bonus in March that is usually $12k after taxes so we can buy a different car outright (or 2 low priced ones if needed) just getting from here to that point in time seems insurmountable sometimes.
How long have you been paying on the WF loan? My car loan is through them. I was behind a payment or 2. I can't remember. I filed C7 in July and told my attorney I did not want to reaffirm. It took me a few weeks to decide that, but he didn't tell me that he received anything from them.
I wouldn't make any payments. Put that money up. I hope someone else chimes in, though.
I still have my car, they didn't apply to have the stay lifted. I think you keep the car until discharge and then you make arrangements to give them the car back. I want to say it's within 10 days. I actually called my attorney today and asked about this, so when I hear back, I'll let you know!
I talked to my attorney today. He said after the discharge, WF would call me or him and "demand" that I make up the payments within 10 days or surrender the car. Hope that helps you somewhat!