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To Keep or Not to Keep Car

Your FICO® Scores can impact your loan interest rates, terms, approvals and more.
New Contributor

To Keep or Not to Keep Car

Hi Everyone, 

 

I filed for Ch.7 on Friday 2/1, initially I wanted to keep my car it's a 2015 Sentra with 14443 left on the loan. It's only worth 7 something. I'm going back and forth on whether or not I should keep the car. I have zero interest on the loan so all my payments go straight to the principal. 

 

I just want others opinions and experiences. 

Also, what are other people experience with Nissan and not reaffirming with them?

 

Thank you in advance.

-Ash

 


Starting Score: Eq,654,Trans 655, Ex 647
Current Score: Eq 718, Trans 719, Ex 711
Goal Score: 710 for all


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Message 1 of 8
7 REPLIES 7
Regular Contributor

Re: To Keep or Not to Keep Car

How many miles on the car?
Message 2 of 8
New Contributor

Re: To Keep or Not to Keep Car

Almost 50,000


Starting Score: Eq,654,Trans 655, Ex 647
Current Score: Eq 718, Trans 719, Ex 711
Goal Score: 710 for all


Take the myFICO Fitness Challenge
Message 3 of 8
Regular Contributor

Re: To Keep or Not to Keep Car

A car repossession, on many levels, can be even more damaging to your future credit life than even a bankruptcy. I would avoid a repossession at all costs.

 

Message 4 of 8
Valued Member

Re: To Keep or Not to Keep Car

On one hand, you have a newer car with zero interest... on another hand you have a car worth a lot less than you owe. Up to you to decide... but the smart money would be to turn it in. If you don’t have a way to get another you may not have an option...

Message 5 of 8
Regular Contributor

Re: To Keep or Not to Keep Car

I personally would not reaffirm a car... a house probably but not a car. Maybe someone will chime in as to whether that company is good about allowing you to keep it as long as you pay and then that way you'd be free to do as you please and get a new car when your credit boosts after the dust settles a bit or if the car stops working, etc.

That being said the trustee may not let you reaffirm when you're upside down that much.
Message 6 of 8
New Contributor

Re: To Keep or Not to Keep Car

I didn't know it was up to the trustee. 

So even if I've never been late and paid on time the trustee still might not let me keep it? 

 

 

 

 


Starting Score: Eq,654,Trans 655, Ex 647
Current Score: Eq 718, Trans 719, Ex 711
Goal Score: 710 for all


Take the myFICO Fitness Challenge
Message 7 of 8
Regular Contributor

Re: To Keep or Not to Keep Car

Yes, you would have to have approval to keep the car...

Message 8 of 8