| Rebekka,
Toyota will not take your car. In fact, since it was listed in bk, you can quiy paying and tell them to come and get it and they have no recourse. They are hoping you keep the car. As to reopening this thing, keep something in mind. A judge does not have to grant your reaffirmation request. If you don't make a lot of money and, the car payment is large, the judge probably will deny the request. A lady on creditnet went through that a couple of weeks ago. She made less than $20K and had a $326/month car pament and, the judge in Ca. used to sign a reaffirmation. THe reasoning is, bk should be a fresh start and, you don't need to be encumbered with a loan you struggle to pay on a vcechicle you're more than likely upside down in.
As to rebuilding credit. My suggestion is to concentrate on saving every quarter you can. Live below your means and get yourself on a strict budget. After a year or so of this with several grand in savings, go to a Credit Union or your local bank and inquire about a secured loan. Borrow say $1k for 6 months secured by your savings account. The net interest rate to you should be quite low and you start to build credit history. Be sure they report to the credit agencies of course. After a year of this, go to a bank or CU officer and explain the whole situation. Let 'em see what you make. Bring all the canceled checks for the auto loan. Maybe, get a letter from Toyota that you're current, and ask for an unsecured credit card with a low limit. You may well get it. Don't rush out and start spending money on secured cards with high fees and interest rates. Rebuild the right way with good hard cash. | 
03-15-2002, 10:41 PM
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