Question - I am making car payments under a post-discharge keep & pay. The discharge was a little over a year and a half ago. If I refinance the car loan to get a lower monthly payment, is that a reaffirmation? What would be the implications of that? Does a reaffirmation mean signing a specific form or does reaffirmation automatically kick in? Are there hidden charges or anything other things I should be aware of? Is there any advantage from a legal standpoint of starting a loan on a different car and giving the lender back the current car as opposed to refinancing the current car? From the standpoint of car ownership independent of this reaffirmation question I would prefer to keep the existing car but with a lower monthly payment. But if there is some hidden legal tangle resulting from refinancing a keep & pay I would want to avoid it. Does it matter whether I refinance it with a different bank or with the bank where I am currently paying the loan? Another aspect of this is improving my credit rating. I just started retirement Social Security, which means I have reliable income as opposed to the job market for a senior citizen. Thank you for any information.
Post-Discharge Issues Refinancing a Car Now on Keep and Pay
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