Selling car in plan

[tediger99]

My car was entered in my plan. The amount owed was crammed down from $19K to just over $10K. My question is what happens if I want to sell the car? It's an SUV and I'd like to get something with better gas mileage.

I know I need to get permission from the trustee to sell it. If I get approval, do I get to keep the cash from the sale of the car to buy a different car? Or, do I have to give that money to the Trustee? Do I need to sell the car for the $19K or the cram down price?

[chloe0724]

Have you spoken with your attorney yet?

[tediger99]

Yes, I spoke with him. He said I could surrender the car and the payments would be taken off my plan (about $250/mo.) and I could buy a new car. Obviously, not a good plan. I've decided to keep the car and just keep making the payments.

[CindyLou]

The cram down was a great deal!! It think the amount of money you saved on the cram down will make up the difference of the bettter gas mileage. I think you are making the right decision by keeping it.