Wells Fargo Dealer Services (CH7)

[empressj]

Hi

i recently filed chapter 7 and finance a vehicle through WFDS, 2013 Santa Fe Sport 

May I ask if they offered you the affirmation or did you have an option to just choose the Pay & Stay ? My payments are always on time, never late.  I like my car and don't want to give it back. I'd agree to reaffirm if they were willing to negotiate the interest rate. I read somewhere that it didn't hurt to ask under the circumstances . I'm so nervous not to agree because this is the only car we have right now and don't want to wake up and they've repossessed it. 

May I ask what did you decide, kept your current car or returned it?

TIA

[SacTownGuy]

Yes, they offered a reaffirmation BUT did not want to lower my interest rate nor the price of the car. So, I did not reaffirm the debt, and to this day, I just keep paying and have the vehicle. They will offer you a Pay and Stay. At anytime I can give it up without hurting my credit.

[empressj]

Ok so is this done around the time of the 341 meeting? I'm hoping they will consider lowering the price of car and/or interest rate. If not I won't reaffirm either but will continue to pay timely.

i don't want to miss the chance to inquire about it. I have heard great things about them and they're quick to repo cars:/

[SacTownGuy]

They sent my reaffirmation before the 341 mtg to my attorney. In the package there will be a document to sign to continue receiving a billing statement. That was the only document I signed and my attorney. I mailed that document back to WFDS. The reaffirmation document I did not sign. It's been almost a year post discharge and I have the vehicle, no problems with WFDS.

[holmesnmanny]

What it comes down to is how good is the rate you currently have and the condition of the car. If everything is good, and I would say 8% is a decent rate(what the OP had), then if you can't get a better deal anywhere else then just keep it and if you for some reason you run into trouble you can just give up the car and not have to worry about it hurting your credit. There is a lot of flexibility if you have a good car and a good rate. 

[empressj]

So at the advise of my attorney I call wfds to request a paper statement be sent. The representative states me and the attorney will need to sign paperwork so that statements can be sent. I'm so nervous about them trying to screw me over.

Did you all have to do this to have paper statements sent? I'm think not to reaffirm unless I'm forced to in order to keep car and make pmts. I've been reading and it seems wfds will repo your car with the quickness. 

[SacTownGuy]

Yes, my attorney received the reaffirmation. I believe the last page of the package is the document your attorney signs and you sign, to start receiving paper statements again. It was the only document my attorney signed and I signed. Again, I did not reaffirm my loan with WFDS. As of today, almost a year being discharged, haven't had a problem with WFDS.

[empressj]

Ok, thank you so much! I appreciate your response!