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Question About Maybe Being Screwed By Navy Federal Credit Union

Marinebrian89
New Visitor

Question About Maybe Being Screwed By Navy Federal Credit Union

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)

Message 1 of 8
7 REPLIES 7
TXinandout
Frequent Contributor

Re: Question About Maybe Being Screwed By Navy Federal Credit Union

They can take the car if you don't pay, however they can't report a repo since the car was discharged along with everything else you had and was included in your bk.
BK Discharged 06/02/2016 SCORES AROUND 475

Current scores:
EXP-667
EQ-654
TU-653
Message 2 of 8
Mama_Pearl
Regular Contributor

Re: Question About Maybe Being Screwed By Navy Federal Credit Union

Hmm... From my understanding, even a reaffirmation agreement will not guarantee that the lender will report your pmt history after discharge. I believe you have to make all that clear while your bk is still in progress. But yeah, sounds like your attorney was at fault for not submitting the forms in time.. and that really sucks.

You might want to consult with your previous bk attorney on the repossession question..
BK7 discharged 4-6-16
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Message 3 of 8
Guyatthebeach
Valued Contributor

Re: Question About Maybe Being Screwed By Navy Federal Credit Union

I think you need to call the lawyer that handled the bankruptcy.

Message 4 of 8
holmesnmanny
Contributor

Re: Question About Maybe Being Screwed By Navy Federal Credit Union

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. 

Pro Se Chapter 7 discharged July 2015
Message 5 of 8
Sebastian503
Established Contributor

Re: Question About Maybe Being "Screwed" ! ! ! By Navy Federal Credit Union


@Marinebrian89 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

05/03/16 Fico 8 Scores: EQ 546, TU 501, EX 548
09/01/16 Fico 8 Scores: EQ 662, TU 628, EX 657
10/04/16 Fico 8 Scores: EQ 692, TU 665, EX 686
01/15/17 Fico 8 Scores: EQ 706, TU 670, EX 687 * all Yellow / Good
Message 6 of 8
Scupra
Super Contributor

Re: Question About Maybe Being Screwed By Navy Federal Credit Union

The lawyer did you a favor. It's usually not a good idea to reaffirm. They probably wouldn't have reported your payments anyway unfortunately. If they do take the car they can't report it as a possession because the debt was discharged. Look at this as a positive
Filed BK7: 7/2012 (start score EQ 560 / TU 529) Discharge 10/2012
759 EQ FICO 03/2021
754 TU FICO 03/2021
743 EX FICO 03/2021
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Message 7 of 8
harleygirl1987
Frequent Contributor

Re: Question About Maybe Being Screwed By Navy Federal Credit Union

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.

Ch7 BK filed 7/5/16, DC 10/12/16
Message 8 of 8
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