So here is my story.
A month before I filed CH7 I decided to finance a car hoping to get a better rate than after filing. I intended to Re affirm the secure debt and continue paying loan off. I bought a 2019 Kona for $18k at 13.5%, I know bad rate but best I could do at the time through Capital One.
I filed CH7 and my lawyer said he would not support the re affirmation of loan and doubted the judge would so he recommended to just keep current on loan and try and "ride through". I did just that. I continued to make on time payments as I worked to re establish banking relationships for a brighter future. I hated that Capitol One technically could pick car up anytime they wanted and did not report payments but oh well.
Fast forward to a year post BK discharge. I now have a banking relationship with PenFed and NFCU. I have credit cards with both and checking and savings accounts. One night I went on KBB.com to see what my car was worth it said $21800. Every dealer that was notified was calling me non stop to bring my car in. I called CapOne for my payoff and it was in the $16k range. I actually had positive equity..surprised..
'At that point I went on PenFeds website and applied for a used car auto loan that I thought no way I would get. I was approved for $28k at 6%..I had already found a Nissan Murano I wanted and thought maybe a good time to get out of the non reporting Kona that I could not refinance and trade in.
'I just finished trading and turning in Kona and drove away in a 2018 loaded Nissan Murano at 6%. Now my payments report, I have a nicer truck and I do not have to look over my shoulder if CapOne wanted the car back..
hope this helps someone in a similar situation..
