topic Question about NON-Reaffirmed car post CH7 discharge in Bankruptcy

Question about NON-Reaffirmed car post CH7 discharge

Anonymous — Thu, 25 Aug 2016 18:04:17 GMT

I have a 2009 Altima SL which I am right about the break even point if I was to sell it.

I am 2 months post discharge.

I did no re-affirm the vehicle.

I am current and actually a little ahead on payments.

I live in NJ and called the lender and they told me as long as I remain current they cannot take my vehicle.

I was also told but not by lender (didn't ask them) that I would have to be 30+ days late before they could possibly take the car.

Here are the questions:

1) It is my understanding that if I stopped paying and let them take the car there would be no additional adverse action nor anything else reported in my credit reports. Is this true?

2) the car only shows on 1 of the 3 Credit Reports but shows correct balance and paid as agreed. I was never late on this car. Shouldn't this dissapear completely from all 3 credit reports?

I am asking because the other day I had a scare. Common problem on this car for the steering wheel lock to break and then you can't start the car no matter what. Happened to me at work. I called the dealer and they told me $1,300 or about $600 to buy the part myself. I found the genuine Nissan Part on Amazon for $360 and fixed it myself in 15 minutes. Didn't mean to digress. I am not overly mechanically inclined this just happened to be easy and shame on Nissan for a known problem and such riddiculous labor when it took me a newbie 15 minutes to swap it out.

I was not going to pay $1,300 to fix it I would have looked to buy something else but am fine with paying the $360 part to have fixed it myself.

if something else goes wrong - hopefully something that doesn't cause it to immediately be undrivable lets say it needs a new transmission and guessing that's $2,000 or more to fix then I would want to walk away from the car.

Am I correct? can I do that - walk away from a non-re-affirmed car post CH7?

Is there any down side?

I want to keep it, I want to drive it for another couple of years but just refuse to sink lots of money into it.

Adding 1 thing - my payment is $315 and I am certain I can get more car for that payment now. Fico 8 scores range from 565-587

Questions/Comments/Thoughts?

thanks

Re: Question about NON-Reaffirmed car post CH7 discharge

Anonymous — Thu, 25 Aug 2016 19:08:31 GMT

@Anonymous wrote:
I have a 2009 Altima SL which I am right about the break even point if I was to sell it.

I am 2 months post discharge.

I did no re-affirm the vehicle.

I am current and actually a little ahead on payments.

I live in NJ and called the lender and they told me as long as I remain current they cannot take my vehicle.

I was also told but not by lender (didn't ask them) that I would have to be 30+ days late before they could possibly take the car.

Here are the questions:

1) It is my understanding that if I stopped paying and let them take the car there would be no additional adverse action nor anything else reported in my credit reports. Is this true? - If you never reaffirmed the car in your BK they can pick it up, there won't be anything else done against you or your credit.

2) the car only shows on 1 of the 3 Credit Reports but shows correct balance and paid as agreed. I was never late on this car. Shouldn't this dissapear completely from all 3 credit reports? - It does not dissapear from your credit, the bank might be reporting to 2 CBs not all 3. If anything it would show as it being included in you BK and when/if they repo it then it should be updated with a zero balance. If you are paying on it, they may have not changed the reporting to show included in BK and just left if since you continued to pay.

I am asking because the other day I had a scare. Common problem on this car for the steering wheel lock to break and then you can't start the car no matter what. Happened to me at work. I called the dealer and they told me $1,300 or about $600 to buy the part myself. I found the genuine Nissan Part on Amazon for $360 and fixed it myself in 15 minutes. Didn't mean to digress. I am not overly mechanically inclined this just happened to be easy and shame on Nissan for a known problem and such riddiculous labor when it took me a newbie 15 minutes to swap it out.

I was not going to pay $1,300 to fix it I would have looked to buy something else but am fine with paying the $360 part to have fixed it myself.

if something else goes wrong - hopefully something that doesn't cause it to immediately be undrivable lets say it needs a new transmission and guessing that's $2,000 or more to fix then I would want to walk away from the car.

Am I correct? can I do that - walk away from a non-re-affirmed car post CH7? If you filed against the car in your BK, but never reaffirmed then you can walk away from it.
Is there any down side? You won't have the car, and need to find new transportation. (Do this prior to them taking it)

I want to keep it, I want to drive it for another couple of years but just refuse to sink lots of money into it.

Adding 1 thing - my payment is $315 and I am certain I can get more car for that payment now. Fico 8 scores range from 565-587
If you want to give it back, start calling around now to dealerships and ask them if they work with people out of BK. Most should, but some want 20% down, others don't. Your scores are pretty low, so just be ready for a higher APR. If you can get pre approved prior to looking for a car through capitalone, carfinance.com, etc then that would be better for you.

Questions/Comments/Thoughts?

thanks

Re: Question about NON-Reaffirmed car post CH7 discharge

Anonymous — Thu, 25 Aug 2016 20:08:29 GMT

I appreciate the response and confirmation of what I thought.

I am NOT looking to replace the car but do not want to shell out for an expensive repair. Right now I'm fine but like I said if something major goes I will replace. I don't expect a great rate which is one of the reasons I want to wait it out.

I guess it's better that I can walk away than if I was upside down and re-affirmed it.

Thanks

Re: Question about NON-Reaffirmed car post CH7 discharge

jim44 — Fri, 26 Aug 2016 17:38:41 GMT

@Anonymous wrote:
I appreciate the response and confirmation of what I thought.

I am NOT looking to replace the car but do not want to shell out for an expensive repair. Right now I'm fine but like I said if something major goes I will replace. I don't expect a great rate which is one of the reasons I want to wait it out.

I guess it's better that I can walk away than if I was upside down and re-affirmed it.

Thanks

I'm with Harleygirl. Look what you have going for you right now post DC. You have a car that you didn't reaffirm that if you stay current will give you a positive installment TL that will hopefully continue to be reported as current. This will help you in the future when you really do want to buy a new car. IMO, I'd google the year, make and model of your car to look up common and expensive defects. This will give you an idea of any potential expenses you may have on your Altima in the future. The best to you on your rebuild.