Lender refuses to reaffirm auto loan

[chubbs3]

Why would a lender refuse to reaffirm an auto loan?

I'm perplexed as to their motivation. I thought they'd jump at the opportunity to get the full amount that they are owed. There is a little equity in the car but certainly not enough to cover their nut if they repo and wholesale it off. I just don't get it.

[SoulMaster]

That's their right, and has to do with internal accounting for achieving maximum tax benefits/capitalization.

Look into a 722 redemption.  I've never been involved in one, but it may help you out.

-SM

[chubbs3]

Heck, I couldn't care less about the car, it's the positive tradeline I wanted.

Now that it appears it's not possible it might be best to just move on and start again. Most people get by with a junker for awhile after BK, if they can do it, I can do it. Plan B here I come.

[SoulMaster]

Even if they allow the reaffirmation, they're under no obligation to report it to the CRAs.  Most don't.  Now that I know that's what you were going for, fughettaboudit!

-MS