I want to revoke my Reaffirmation agreement

[Anonymous]

My ch. 7 discharged on July 5th, but I think I want to change my mind on my reaffirmation on my car. Chase gave me a loan on a 2007 Toyota Camry Hybrid, I have 2 years and just over $9000 left on it with 111,000 miles, the note is $388/mo. I did my research and I if I were to buy the car now I would pay $9000 easily so I know it's held it's value. My concern after thinking about it is there's no warranty on the car, the aftermarket warranty ended at 100,000 miles. It's in excellent conditon but I'd feel better in a newer car with a warranty, I'd hate to go back into debt after all of this because my car needs work I can't afford. The reaffirmation agreement was entered into the system on May 23rd so it's my understanding I have until July 23rd to make a decision... Although I could be wrong. Does anyone have any experience with soemthing similar to this?

[sarge12]

I have a family member who recently canceled her reaffermation aggreement 13500 for 3+ years, when she found out the transmission was shot on this 135000 mile traverse. Back it goes. I bought a 2015 chrysler town and country for 19995, with 37000 miles on it, insured it with her as primary driver. Set up a joint check account with her that her payroll deduction puts 250 every 2 weeks in to cover the 355.08 payment at 1.75% interest for 5 years. Excess funds in that account are for taxes, insurance, and regularly scheduled maintenence of vehicle. Her final payments for payment+tax+insurance were actually less than on the traverse which had a 29.99% interest rate. Soon as toe final payment is made I will sign the title over to them.

[Anonymous]

Thanks for responding.

That's exactly my concern, if somthing goes wrong with the Hybrid system I'm forced back to Toyota and I know they are going to overcharge whatever the issue could be. I'm going to research finance companies that might be willing to work with me just to see what my options are.

[despritfreya]

Under 11 USC 524(c)(4) you are responsible for a reaffirmed debt UNLESS you rescind "such agreement at any time prior to discharge or within sixty days after such agreement is filed with the court, whichever occurs later, by giving notice of rescission to the holder of such claim".

So, if the Reaff was "filed" with the Court on May 23, 2016 you have 60 days from that date to rescind (cancel) the agreement. You might want to recount those days as I believe 60 days from May 23 is July 22.

Des.

[Anonymous]

Yes, I checked my pacer account and it was filed on the 23rd. I take that to mean I'll have to have the letter of resention in the mail certified with reciept by tomorrow.