Five months out and my auto loan is still being reported as "included in bankruptcy"

[ducatidesmo]

Hi,

Had an auto loan that I kept through bankruptcy (however I don't think my atty "re-affirmed" the loan) and it's being reported as included in bankruptcy however i was NEVER late on this loan even to this day. Why is the Finance company no longer reporting? I called them and they said, it's just a normal loan now however they won't report. That doesn't make any sense to me.

Any thoughts?

Thanks!

[0REDSOX7]

Doesn't matter. You didn't reaffirm but it was included in your bankruptcy. If it were discharged, your personal liability for repaying the loan is gone and you can surrender the vehicle without paying any deficiency.

Any loan / account includes in your petition will report zero balance and IIB...regardless if you kept it.

Your attorney should have said that.

[ducatidesmo]

Well Crap..

I explictly stated I wanted to re-affirm this debt. Heck it's a year from being paid off.. So is it best to attempt to get this financed somewhere else so it can be reported on?

[0REDSOX7]

If you re-finance it - it will be for a minimum of two years at most places - so you'd end up paying more in interest.  Paying that loan off early (less than 12 months) would not help you, either.

Installment loans do little for your credit report - you'd be best getting a credit card instead.

You would not want to re-affirm any debt as it defeats the purpose of the actual BK disharge - I think your attorney did you a favor.

[ducatidesmo]

Understand what your syaing,

I guess I would have personally preferred a paid as aggreed, never late on something I paid on perfectly for 4 years....

Thanks again for the information.

[0REDSOX7]

Well, good news (somewhat) is that Experian is the only credit bureau that doesn't delete payment history prior to your filing, so, you have that going for you.

[ezdriver]

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@ducatidesmo wrote:

Hi,

Had an auto loan that I kept through bankruptcy (however I don't think my atty "re-affirmed" the loan) and it's being reported as included in bankruptcy however i was NEVER late on this loan even to this day. Why is the Finance company no longer reporting? I called them and they said, it's just a normal loan now however they won't report. That doesn't make any sense to me.

Any thoughts?

Thanks!

---

The auto loan company chose not to report, as almost all do, to avoiv running afoul of the bankruptcy laws. A post-discharge injunction violation is a very serious thing so most companies simply don't report. You can refinance it if your want it to report.

[arholden]

I reaffirmed my car loan- I have to have a car to get to work and get my kids to school, so giving up my car by including it in my BK7 was not an option. It was reported as IIB on all three credit reports. I contested all of them and got EQ and EX to change it to reaffirmed/open/paying as agreed. But TransUnion would not change it. I have contacted Capital One and asked them to report the loan to TU as open and being paid.

We'll see what happens.