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What happens if I don't reaffirm my car loan after a repo?

I was told by a friend that I should reaffirm my car loan since I'm in bankruptcy proceedings. Is a reaffirmation agreement really necessary?

Eric Schad · Updated on Nov 15, 2021

Reviewed by Shannon Martin, Licensed Insurance Agent.

While bankruptcy proceedings are certainly stressful, don’t fret too much. Even if you don’t reaffirm your

after a repo, many lenders will continue to do business with you.

The reason that lenders will still work with you even if you don’t reaffirm your loan is because they assume that if you keep making payments, they’ll make more than they would by repossessing the car and selling it at auction.

However, you will want to consult your bankruptcy attorney to make sure that not reaffirming your car loan is the best move for your specific situation.

To save on other car expenses and put more money toward your loan, download the

app. Jerry will gather competitive car insurance quotes from up to 50 top insurers for free so you can find the best deal and avoid overpaying. The average Jerry user saves $879 a year on car insurance.

MORE:

11 car insurance hacks to save you money

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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.

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