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oops! Auto loan not reaffirmed after 2006 BK, what now?

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Anonymous
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oops! Auto loan not reaffirmed after 2006 BK, what now?

I recently found out that I made an oversite after my CH7 in 2006 and did not reaffirm my auto loan. I have kept paying on this loan since then.  I tried to call to get a 10 day pay-off but the company cannot speak with since I really do not owe the $.  They did reassure me that all money would be applied and once the loan was paid in full the title would be sent to me within 30 days.
 
I am, first off, a little uneasy about the informal arangement with a company who refuses to make any other comments on this loan.  Second, I am wondering what other options I may have.  Is it possible to file a reaffirmation 2 years after discharge?  Or, has anyone ever heard of a settlement offer in similar situations? 
 
I'm ready to approach this company from a different angle and would really appreciate any insight.
Message 1 of 6
5 REPLIES 5
granny031350
Established Contributor

Re: oops! Auto loan not reaffirmed after 2006 BK, what now?

You need to call them back and let them know that they can talk to you know and you need the pay off amount so you can close out the loan.  Opening up your BK to reaffirm now is probably not worth the cost.  Just keep getting to the higher up's on the phone conversation, or call the president of the company and tell them you want to give him his money!!!!  If they continue to refuse, you might have to contact your BK lawyer and ask him what to do now.
Message 2 of 6
Anonymous
Not applicable

Re: oops! Auto loan not reaffirmed after 2006 BK, what now?

I have talked to the higher ups of the company and they are the ones who assured me my title would be recieved after the loan had run it's course.  I have also cotacted my BK attorney and since the reaffirmation was not done in the original BK, they would be happy to accept another retainer for help on this new matter.  Any other thoughts? 
 
I was really hopeing someone would have heard of a settlement for this situation since the loan was at 20%  and we have already paid enough to cover the original cost of the car plus over $2K in interrest.  But that is probably just wishful thinking.
Message 3 of 6
Anonymous
Not applicable

Re: oops! Auto loan not reaffirmed after 2006 BK, what now?

This same thing happened to us.  First of all they really will send you the title when the vehicle is paid off.  My husbands van was paid off, but on the credit report it stated included in bk.  As soon as they received final payment we received the title.  I continued paying on my SUV throughout my ch 13.  However at anytime I could have given the vehicle up and allowed them to take it.  On my credit report it also stated iib.  Once out of ch 13 I traded it in and the dealership tried to get me to just give the vehicle back to the bank instead of them having to pay it off.  I didn't agree to it, because I thought that was just wrong.  It took them forever to pay it off and when I called BOA they said it wouldn't hurt my credit if they didn't get the pay off by the due date, because it was iib.
Message 4 of 6
credit911
Contributor

Re: oops! Auto loan not reaffirmed after 2006 BK, what now?

I too am in a similar situation to you. I had both my car and van included in my BK last year. I turned the car back in and kept the van, even though the reaffirmation agreement was denied on the van. As long as you continue to pay for the van they will let you have it (they want the money, not the vehicle). Once you pay it off, they can't come and take it back, as they have no justification to take it back, since you don't owe them anything anymore. You can't do a reaffirmation on the vehicle anyway since the bankruptcy is already discharged. That would have had to been done during the bankruptcy proceedings.

I would not hesitate to pay it off if you can.
Message 5 of 6
Anonymous
Not applicable

Re: oops! Auto loan not reaffirmed after 2006 BK, what now?

It is true that you do not legally owe the rest of the money on the vehicle.  But, as soon as you stop paying, they will come to repossess it.
 
I would call them and ask for a pay off amount.  If they refuse, ask them if you send them a check for the remaining balance on the vehicle, will that work?
 
If they continue to be difficult, give them 2 choices:  Either I pay it off, or I stop paying and you can come and get it.  I think they will choose Door #1 in this instance.
Message 6 of 6
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