It's been about 2 years since my CH7 BK discharge and I have been paying on time my monthly payments to Toyota $277 for my 2004 Solara with 170,000 miles on it. I did not reaffirm the debt, but just continue to make payments so they don't take the car. They have even been reporting payment history even though the account says included in bankruptcy on my credit reports.
I am trying to decide what the best option is. I contacted my lawyer to see if maybe I could settle the account, but they said it was highly unlikely and I would have to pay the full amount of the loan. I currently owed around $3,500 and Kelly BB value of my vehicle in its current condition is about $2,237 private sale and $3,124 retail. The trade in value is about $1,608. These are all very ruff estimates and probably lower in reality.
As far as the car, it runs great. I haven't had any major mechanical problems with it. Just basic maintenance. The only thing it really needs now that is a big job is new struts and shocks which will probably run me around $1,200.
I have about 1 year and a few months left until the car is paid off, but I'm nervous because it's so old and has so many miles on it. I know though it's a Toyota and these cars sometimes can be run into the ground with upwards of 200,000 miles with basic maintenance which is what I am hoping for.
I am trying to deicide if I should pay it off now in full or just wait until next year and continue making monthly payments. I would really like to increase my monthly cash flow and getting rid of this loan now will free up a lot of cash. I know if the car runs fine for at least another year, I'll have that money saved up and more which I used to pay it off.
My concern is paying off the car and then something major happening to it. What's good now is that I can walk away from the loan and not be responsible for it if the car breaks down with a major repair. I would ultimately like to settle the account for less than owed, but I don't think Toyota will go for it, but I'm going to ask anyway.
Does anybody have any advice on how I could go about getting a reduced payoff amount on the phone with them and should I do it now or just wait till next year when the loan is paid in full?
I also don't really want to use that money to put as a down payment on a new car. I don't want to get back into any more debt, even though I would have a new car. I also don't want to really buy a car for $3,000-4,000 as I will be taking a chance purchasing a high mileage vehicle. I got really lucky with this one.
Anybody know of any other options or what the best thing for me to do is. Also need some advice for trying to settle the account for less on my own if I go that route.
I am trying to decide what the best option is. I contacted my lawyer to see if maybe I could settle the account, but they said it was highly unlikely and I would have to pay the full amount of the loan. I currently owed around $3,500 and Kelly BB value of my vehicle in its current condition is about $2,237 private sale and $3,124 retail. The trade in value is about $1,608. These are all very ruff estimates and probably lower in reality.
As far as the car, it runs great. I haven't had any major mechanical problems with it. Just basic maintenance. The only thing it really needs now that is a big job is new struts and shocks which will probably run me around $1,200.
I have about 1 year and a few months left until the car is paid off, but I'm nervous because it's so old and has so many miles on it. I know though it's a Toyota and these cars sometimes can be run into the ground with upwards of 200,000 miles with basic maintenance which is what I am hoping for.
I am trying to deicide if I should pay it off now in full or just wait until next year and continue making monthly payments. I would really like to increase my monthly cash flow and getting rid of this loan now will free up a lot of cash. I know if the car runs fine for at least another year, I'll have that money saved up and more which I used to pay it off.
My concern is paying off the car and then something major happening to it. What's good now is that I can walk away from the loan and not be responsible for it if the car breaks down with a major repair. I would ultimately like to settle the account for less than owed, but I don't think Toyota will go for it, but I'm going to ask anyway.
Does anybody have any advice on how I could go about getting a reduced payoff amount on the phone with them and should I do it now or just wait till next year when the loan is paid in full?
I also don't really want to use that money to put as a down payment on a new car. I don't want to get back into any more debt, even though I would have a new car. I also don't want to really buy a car for $3,000-4,000 as I will be taking a chance purchasing a high mileage vehicle. I got really lucky with this one.
Anybody know of any other options or what the best thing for me to do is. Also need some advice for trying to settle the account for less on my own if I go that route.
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