Question about not reaffirming vehicle in ch7

[Anonymous]

I've been discharged for a little over a month now. I didnt reaffirm a vehicle in the bankruptcy but the cosigner wanted to keep it and has continued the payments on it. It's in good standing but can I have it report closed on my credit reports? I didnt redeem because I purchased a new car and the balance of two car notes are reflecting on my reports. Also, if the cosigner fails to pay I feel like they would report it negatively on my report. What should I do?

[FireMedic1]

If I get this right. You didnt reaffirm the car and the co-signer wanted to keep it and pay on it. Correct?

[Anonymous]

Yes that is correct. I did not reaffirm and the cosigner kept it and is paying for it. What worries me I guess is my reports showing I'm carrying a balance for two vehicles. I didnt know if that would mess with my debt to income ratio.

[Anonymous]

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@Anonymous wrote:
I've been discharged for a little over a month now. I didnt redeem a vehicle in the bankruptcy but the cosigner wanted to keep it and has continued the payments on it. It's in good standing but can I have it report closed on my credit reports? I didnt redeem because I purchased a new car and the balance of two car notes are reflecting on my reports. Also, if the cosigner fails to pay I feel like they would report it negatively on my report. What should I do?

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After discharge it should report as included in BK (IIB). Since you did not reaffirm, you're off the hook. If your cosigner stops making payments, the finance company will repo the car from that person and will not effect your credit anyway.

[Anonymous]

Yeah but its showing up under balances I owe. Will that affect my debt to income ratio? Is it supposed to show that or should it show zero?

[Anonymous]

Its reporting as open and says nothing in the remarks like my other accounts say CH7 bk. When I called to remove my payment info after discharge they told me that I couldnt and then told me that if no one paid for it my credit would be affected. I told them that I did not redeem the vehicle and it was included in BK. The "account specialist" I spoke to asked me what that meant and told me that doesnt make me not liable which i know that's a bunch of BS because i know what i did and what i didnt do with the BK.

[FireMedic1]

Have you had the registration (license plate or decal) transferred to the cosigner? Who's carrying the insurance?

[Anonymous]

No, the registration is in both our names still and I carry insurance on it in both our names because we reside together. That's why I'm asking because I didnt know what kind of effect having the balance of the loan on my credit. So that's basically the question. If the account is in good standing, is having the sum of two balances on my report going to impact it negatively. If so is there something I can do?

[Anonymous]

This is what happen to me, I co sign a car with my adult daughter, I filed chapter 7 bankrupcy.  NFCU zero out and put included in bankruptcy on my report and on my daughters report it shows the good standing with the loan amount. the registration and insurance are in both our names still (she lives with me). Here in Fl was told that for the registration and insurance to get out of my name we have to go down to NFCU and she has to sign me off the loan.(even though i am not responsible)  We just never did that , because to us it was no big deal.  But if your co signer does wreck that car it will effect your insurance, so what I would do is dispute the tradeline to be included in bankruptcy and decide between your and co signer about regristation and insurance.  Hope this helps.