Posted on: 30th Apr, 2012 03:26 am
I got my bankruptcy discharged on November, 2011. I reaffirmed my auto loan. Although I have continued to make payments ON TIME, the lender still reports to credit bureau as "included in bankruptcy", with a ZERO balance. Because I am trying to rebuild credit, I purchased a new car. I did not trade in the existing car because I was upside down which would have added more costs to my new loan. I no longer need the "old" car. I have thought about doing a Voluntary Repossession. If the lender has already reported as "included in bankruptcy", can they legally change that reporting status if I do a Voluntary Repossession?
You should ask your auto loan lender to update the right status on your credit report regarding the auto loan. As you had reaffirmed the loan, you're personally liable for the payments. If the lender repossess the vehicle, then he will be able to report the same to the credit bureaus.
Hi Bonnet!
Welcome to forums!
I agree with Niicss. You should immediately ask your lender to update the correct status of your account in your credit report. If you have reaffirmed the auto loan and now letting it get repossessed, then the lender will have the rights to change the status of the account.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
I agree with Niicss. You should immediately ask your lender to update the correct status of your account in your credit report. If you have reaffirmed the auto loan and now letting it get repossessed, then the lender will have the rights to change the status of the account.
Feel free to ask if you've further queries.
Sussane