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reaffirmation & sale questions

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emily15
Regular Contributor

reaffirmation & sale questions

Hi all, 

 

I signed reaffirmation agreements on both cars with Bank of America that have been filed. I've already had a 321 meeting and trustee has filed the report of no distribution. Case is set to be discharged next month. 
I'm wondering if there is any way to rescind one of the agreements? One of the cars is potentially having issues and I'm worried it's going to be a big (expensive) problem. 

If not, I may sell the car, but wondering if that's going to be an issue? If I sell to a dealer for example, will it work the same way as if I just have a regular loan? They pay it off and pay me the difference? And do I have to wait until discharge in order to do so? 

thanks in advance 

3 REPLIES 3
despritfreya
Frequent Contributor

Re: reaffirmation & sale questions

Hopefully you kept a copy of the Agreement.  Look at it.  There is a provision titled "Your Right to Rescind" ( or something similar).  Typically it is on page 5 of the Agreement.

 

If you are going to rescind, you must do so prior to your Discharge or within 60 days after the Agreement is filed with the court, whichever occurs later.  You must give written notice to the lender that you are rescinding - you might also want to file a Notice of Rescission with the court. 

 

Des.

Message 2 of 4
Shooting-For-800
Senior Contributor

Re: reaffirmation & sale questions

Is the car worth dramatically more than you owe?

Rebuild started in 2014  -  $100k unsecured credit in 2017  -  $500k unsecured credit in 2024.

DON'T WORK FOR CREDIT CARDS ... MAKE CREDIT CARDS WORK FOR YOU!



Message 3 of 4
emily15
Regular Contributor

Re: reaffirmation & sale questions

Seems to be worth 17-18k , owe 10k (if it breaks down obviously won't be worth anything) 

background it's a 2019 Toyota Highlander and I have a 3% interest rate (and wanted to keep my car) which is why I had the reaffirmation. 
little did I know apparently 2017 and newer (specifically 2017-2019) highlanders have transmission issues. It's out of warranty since I have 73k miles, and it seems like it's about to have transmission issues (going to get a second opinion this week).

 

Message 4 of 4
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