Should I surrender or keep?

[syangwar]

Hello All,

I have begun the process of my BK. Initially, I was very determined to not surrender my car for fear of what my work colleagues would think (I work in the television/film industry and this sort of thing would make me look unfavorable. It's how it goes in this industry, not my style but I gotta think about my career).

However, I have determined that I am very upside down on the car not to mention that I am getting killed on my interest rate. Would I need to wait until have the completion of my BK before I could even think about getting another car? I'm just not sure what to do. It is getting difficult to make my payments though.

I sure could use some additional advice, other than what I've already read on the threads. Thank you!

[johnson1119]

i would say "keep" ... its really hard to get an auto loan with a good apr now a days. its not like it use to be ... once you discharge you can go out and start over fresh!

[StartingOver08]

Not knowing your actual figures it is not possible for us to chime in with a preference. Besides, you are the one making the payment.

It would help if you could tell us the value of the vehicle, the amount of the loan, the payment and the remaining term.

As an aside, BK is your chance to dump all your debt and get out of any bad deal you may have taken as a result of the debt. Use this as your chance to start fresh.

[dumpinmydebt]

I'm going to ride through on my vehicle. The interest rate is high, and the car is getting old. I don't have cash to buy a used car, plus I do trust this car over a used car. Once I am able to save up money after the bk, I'm going to buy a newer used car and dump this thing at the bank!

I don't understand why changing vehicles would alert people at your work about a bk, unless you have a mercedes or something. People buy cars all the time.

[BobMango]

Hello All,

I have begun the process of my BK. Initially, I was very determined to not surrender my car for fear of what my work colleagues would think (I work in the television/film industry and this sort of thing would make me look unfavorable. It's how it goes in this industry, not my style but I gotta think about my career).

However, I have determined that I am very upside down on the car not to mention that I am getting killed on my interest rate. Would I need to wait until have the completion of my BK before I could even think about getting another car? I'm just not sure what to do. It is getting difficult to make my payments though.

I sure could use some additional advice, other than what I've already read on the threads. Thank you!

In my time working with folks in that industry (my consulting work took me to lots of places) I found they would do just about any weird or strange thing they wanted and never got grief if they had "politically correct" reasons. One guy I knew sold his house and car, bought a Class C motor home to live in and parked it at different place every night.

So my advice would be to dump that car, then get something like an older Prius and say you're driving it to save the planet.