Quick Answer: Filing bankruptcy can help with car loans by eliminating other debts, but may temporarily disrupt payment processing as lenders restrict online access. The filer should discuss loan reaffirmation with their bankruptcy attorney to ensure they can keep the vehicle and maintain proper payment arrangements with Toyota Financial.
“Dear Steve,
I’ve just filed bankruptcy and will be keeping my car, but one month behind and will be caught up in 8 days.
I tried to make a payment on my car with Toyota Financial online and noticed that it didn’t go through. I called and they said that I no longer have access to the online payment center, but that I can make a payment on their automated system. I did and it accepted, but it hasn’t cleared my account. I told them that I will make another one in 8 days to come to a current status. They said that was fine, but it still hasn’t cleared. Why aren’t they accepting my payment?
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Nancy”
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Dear Nancy,
You should discuss keeping your car with your bankruptcy attorney. Ask them about reaffirming the loan so you don’t lose the car.
Please post your responses and follow-up messages to me on this in the comments section below.
Before You Sign Anything: Run any debt relief contract through the free Contract Decoder to spot hidden fees and unfair terms. Check the company’s complaint history with the Scam-O-Meter.
Compare Your Real Options: Most debt relief companies won’t tell you about all your options — especially the ones they can’t profit from. Credit counseling has a 21-27% completion rate. Settlement resolves about 1% of enrolled debts fully. Bankruptcy has a 95% discharge rate — and protects your retirement. Take the Find Your Path quiz for a recommendation based on your actual numbers.
