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Back in October 2015 me and my wife filed Chapter 7 bankruptcy. We gave up a Jetta to Navyfed and a Truck to USAA. We also had a toyota 4runner through Navyfed but we wanted to keep that and told the attorney that. To make a long story short the dumba$$ attorney in SC never turned in the reaffirmation agreement to navyfed until after the bankruptcy was already discharged so navyfed doesnt report it to my credit report but allows us to keep the vehicle as long as we keep making payments.
Here is my problem. Navyfed does not report that I make payments on this because they did not get the reaffirmation agreement on time. They said if I dont pay they will take the car back and report as a repossession. Can they report as a repossession even though technically they did not get the reaffirmation agreement on time and they do not report it to my credit so technically they should just report the same as the jetta which was surrendered in the chapter 7.
Please let me know!!!!!!!
Thank you
Brian
USMC, Aug 2008 - October 2015 ( Retired)
I think you need to call the lawyer that handled the bankruptcy.
If you give up the car it will NOT report as a repossession or charge off, it will be "closed, included in bankruptcy, 0 balance". You may have either been talking to someone that doesn't know or they misunderstood what you were saying and what your current position is.
@Anonymous wrote:Back in October 2015 me and my wife filed Chapter 7 bankruptcy. We gave up a Jetta to Navyfed and a Truck to USAA. We also had a toyota 4runner through Navyfed but we wanted to keep that and told the attorney that. To make a long story short the dumba$$ attorney in SC never turned in the reaffirmation agreement to navyfed until after the bankruptcy was already discharged so navyfed doesnt report it to my credit report but allows us to keep the vehicle as long as we keep making payments.
Here is my problem. Navyfed does not report that I make payments on this because they did not get the reaffirmation agreement on time. They said if I dont pay they will take the car back and report as a repossession. Can they report as a repossession even though technically they did not get the reaffirmation agreement on time and they do not report it to my credit so technically they should just report the same as the jetta which was surrendered in the chapter 7.
Please let me know!!!!!!!
Thank you
Brian
USMC, Aug 2008 - October 2015 ( Retired)
I disagree with the statement that You are getting Screwed by Navy FCU
While they are a party involved in the above described event, they are NOT one of the Two responsibly individuals in How this unfortunate situtation was created to date.
My reading of the above comments has put them into this situation, and they did NOT volunteer to be involved other than their willingness to properly extend financial credit to a member of their Credit Union!
Semfer Fi
I worked at PenFed, the little brother of Navy Fed. Both have a very high turn over of employees and the collection departments are generally not very smart. They can't report you as a repo since you didn't reaffirm. IF they want to, then you can fight it with the credit beuros and win. Just watch it if they do take it back that it's reported correctly. They also can't go after the Dbal of the unit since you didn't say you were going to pay it even though you did. WIth regards to the payment history not showing, if you have records of payments made on time you can usually supply that to another lender to show them you did maintain payments.