riding a loan through BK

[bigtim6656]

Ok i had my 07 truck paid off this oct. I was worried with it being paid off and me needing to file chapter 7 i might get into a issue as it was worth about 10k. Guess that issue worked itself out. I went to the local lot to trade it in on a car. My hope was better MPG and get a trade for even money and leave no payment. Well they got me a loan for a 05 wrangler. Even gave me 2k over purchase price on my truck so i end up siting good. Plus they paid off a 1450 title loan i had paying 400 a month. i end up at 10800 after tax and the 1000 warrenty i bought. My payment is low about 280 a month. Well low for what i was paying the title loan place. But my interest is a low 21%
SO my plan was to ride it through my bk and pay it off within a year or so. Save my self on the interest. But i am wondering if i might not be better off riding the loan for a few years or through the inter loan to help build my credit back up. As a loan i have now and keep will be easier to get then getting one post BK. Is this right thinking. If so how long should i float the loan after discharge before paying it off. Or should i run the 5 years pay on time or ahead.

[mom2three09]

So you had your 07 Truck paid off but took out a title loan on it? And then when you knew you were going to file BK you decided to trade it in and now have a new loan of $10,000+ @ 21% interest?? So how much is the new vehicle worth (kelly blue book) ??

Not sure what your exemptions in your state are but I think I would have just kept the paid off truck and tried to exempt it in the BK... rather then getting a very high interest rate loan. But that's just me.

[bigtim6656]

I did not do the trade for the BK. I honestly would see no reason to. I did it because first i wanted more MPG. They offered me a good deal on the jeep and told me i could get a loan. Honestly i thought it was a pipe dream and did not even drive the thing till they said yes. I did the trade for the jeep for three reasons. Main reason is my truck was 2x4 i hunt and fish and it screws me everytime i go to do something and think dam i need 4x4 for that. Second reason is i really do not need two truck and the jeep had more passenger room. REason 3 was the dealer told me i would get 25 mpg. Which was wrong guess she did not knwo for sure and i get 14 to 16.
It is in the first message but i will tell you again no proplem. Trade in on the jeep is 12,500 retail is 18,200. Private party is 17,000. Ebay is listing them for 10k to 17k depending on milage and so on. buy it now and sells are between 13k and 16k most are selling around 15 to 16k.

So you had your 07 Truck paid off but took out a title loan on it? And then when you knew you were going to file BK you decided to trade it in and now have a new loan of $10,000+ @ 21% interest?? So how much is the new vehicle worth (kelly blue book) ??

Not sure what your exemptions in your state are but I think I would have just kept the paid off truck and tried to exempt it in the BK... rather then getting a very high interest rate loan. But that's just me.

[bigtim6656]

The other reason for doing the loan was to help my credit post discharge. Owning the truck free and clear was not going to help me with my credit. Funny thing is a week before sprint told me 400 deposit for phone. The other day they told me 100 bucks and the cost of the phone.

[aces67]

Yeah we bought a Jeep and let it go back when we filed Ch 7. Mine was a Grand Cherokee but it only got 16 mpg on a good day. You say you are paying $280 per month for how many months?

[bigtim6656]

5 years i think or just over it. I figured it to like 6 or 7k in interest. My hope is to ride it throw and refi or pay it off in a year or two when it helps my credit some. I have no plan to let it go to much cash in it to let it go.

Yeah we bought a Jeep and let it go back when we filed Ch 7. Mine was a Grand Cherokee but it only got 16 mpg on a good day. You say you are paying $280 per month for how many months?