The Debtor and her boyfriend purchased a car on credit. They both signed the contract and are jointly liable for the loan. They granted a lien in the car to the seller. The seller assigned its rights under the contract to Credit Acceptance Corp. (CAC).
The Debtor filed a Chapter 13 case and proposed a plan in which she sought to modify the loan and terminate the lien upon discharge. The boyfriend did not file bankruptcy. The proposed plan modified the interest rate from the 23.99% in the contract to the Till rate of 5.5%.
Log In to READ MORE