top Ad Widget

Collapse

Announcement

Collapse
No announcement yet.

Need to buy a newer car.

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    Need to buy a newer car.

    I searched and found a couple of threads but nothing really answering the question I have. I just sent an email to my attorney asking them who I need to contact about trying to buy a newer car, them or the trustee. We have two cars a 1999 and 2001 and both have over 115,000 miles on them, and are getting worn out. We filed in 2004 and only have 6 payments left to make on our chap. 13. We do have a couple of credit cards already trying to make sure we show some good credit. We have actually already received a title for one of the cars. That is the one we hope to trade in. Do any of you have any experience buying a car during chap 13, but with only a few months left on it before discharge. We may have to wait, but with that vehicle already leaving us stranded once at night we really want to get rid of it and get a more dependable car. We just want a dependable used car. Thanks for any insight.
    Filed Chapter 13 10/4/04
    Completed Chapter 13 10/28/09
    Discharged 1/4/10!!!

    #2
    IMO you may be able to get another car but with a high note and high interest rate and if you buy used it still may not be dependable. Have you had your car checked over by a good mechanic? You may be better off to repair any problems it may have than to buy another one.

    Good Luck!
    4/09 Converted to a Ch 7 due to loss in dh's income
    5/09 UST now involved no idea what happens next
    7/09 UST has decided to withdraw his motion to dismiss!
    7/27/09 DISCHARGED!!!

    Comment


      #3
      If we are able to buy one, we are going to buy no older than an 2007. I would not buy a car that was just as a big a piece of crap as what we have now. We know our current one needs the timing belt replaced, it has an oil leak, and now the transmission seems to be messing up. I know repairing it is much cheaper than a new car, but we feel like we need a newer one. Thanks.
      Filed Chapter 13 10/4/04
      Completed Chapter 13 10/28/09
      Discharged 1/4/10!!!

      Comment


        #4
        I am looking forward to older vehicles and paying cash! FIL is a mechanic and even late model used cars being sold by private parties are dramatically cheaper than dealership stuff. That's what I'm looking forward to doing -- driving junkers and pocketing my own money!!
        Ch 7 Filed: 4/27/09
        341 Meeting: 6/11/09

        Comment


          #5
          115k miles on your car? - you could put on another 100k and have enough saved to buy cash the next time around. Just save the amount you would be 'paying' in monthly loan payments.
          Filed CH 7 9/30/2008
          Discharged Jan 5, 2009! Closed Jan 18, 2009

          I am not an attorney. None of my advice is legal advice in any way..

          Comment


            #6
            Originally posted by StartingOver08 View Post
            115k miles on your car? - you could put on another 100k and have enough saved to buy cash the next time around. Just save the amount you would be 'paying' in monthly loan payments.
            I couldn't put another 100k on it in the shape it's in. I was just wondering if any one on here has bought a car being close to the end of their case.

            Thanks for the suggestions though.
            Filed Chapter 13 10/4/04
            Completed Chapter 13 10/28/09
            Discharged 1/4/10!!!

            Comment


              #7
              If you can wait until your 13 is over...it would be one less headache. You have to get permission from your trustee via your attorney to get permission to incur more debt for a vehicle. They would evaluate your situation and let you know how much car you can buy. This process can take awhile to sort through. Then you need to get financing and they won't touch you without that letter from the trustee. I know it sucks when you have a car that is crapping out and it needs to be replaced, but it would be much easier to try to stick it out until your case is over.

              We are going to have to go for trustee approval for a new car later this year....we are already getting the papers ready to submit for approval.

              Good luck.
              Filed - 12/24/08 (Merry Christmas Credit Cards!)
              341 - 2/5/09
              Confirmation - 3/13/09....Happy Dance!!!

              Comment


                #8
                Personally, the mileage and years of those two cars don't sound too bad to me. I have even older cars with higher mileage and I am keeping them. I also have a wonderful mechanic who does wonderful work at cheap prices. However, we are just filing now in May and I worry they won't make it 3 years (we're below the median). I will probably have to get approval from the trustee when the time comes to get another one or get a beater car to get us through. If I were you, I'd probably wait until your 13 is discharged and then get a car on your own. I know you are anxious for a better car but those few months will be here before you know it.
                CH13 filed 5/21/09; 341 6/17/09; confirmed 7/14/09]
                Discharged: 7/25/12

                Comment


                  #9
                  Originally posted by 77ford View Post
                  I couldn't put another 100k on it in the shape it's in. I was just wondering if any one on here has bought a car being close to the end of their case.

                  Thanks for the suggestions though.
                  I recently purchased an 06 Hyundai Sonata during my plan. My attorney had to motion the courts for approval, and he also motioned to surrender the vehicle that I had. The overall time frame was about 20 days from the time the motions were filed, to the time the BK judge signed the motions for approval.
                  Filed: 5/22/07; 341 Hearing: 6/27/07;
                  Confirmed: 8/13/07; DISCHARGED 4/17/2012

                  Comment


                    #10
                    I need to get a newer car, too. My present one is 13 years old and needs tons of work. The only company the dealers can find so far to finance me is Drive Financial and they tell me that DF adds a premium of about $3800 to the vehicle and that they have to pass it on to the customer! Also, the limit would be $10-12K. The interest rate would be high, too!

                    Comment


                      #11
                      Originally posted by Nicollette View Post
                      I recently purchased an 06 Hyundai Sonata during my plan. My attorney had to motion the courts for approval, and he also motioned to surrender the vehicle that I had. The overall time frame was about 20 days from the time the motions were filed, to the time the BK judge signed the motions for approval.
                      That's terrific! Which company financed you?

                      Comment


                        #12
                        One thing you need to remember about living frugally is that you can live with a lot less than you think. "Oh no, I have to have a newer car, mine needs a few hundred dollars of work done to it?!!" No, that's not the case. In fact you may be better off buying an older car that has cheaper parts, more stuff you can do yourself, and has been cared for all its life. A fifteen year old car with 115,000 miles on it is going to be in WAY better shape than a five year old car with 115,000 miles on it.

                        You might be surprised what you'll find near you for dirt cheap on eBay and Craigslist. Eight and Ten year old cars with 100-120K are really not bad. At least you aren't in my situation, we have a 2000, a 1988, and a 1976. All owned free and clear, paid for in cash, two from eBay, one from CL. Do they have issues? Sure. The 2000 truck has a pinhole in the radiator so I have to top it off every few days, and the driver's seat leans back too far (the recliner handle broke off). The 1988 truck has no air and gets 9mpg. The 1976 car was a $400 car and runs and drives but has no air, the windows don't roll down, the back doors don't open from the inside, the trunk doesn't open, and the radio doesn't work. OH WELL. You take what you can get.

                        Comment


                          #13
                          I'm not the kind of person that says or thinks I have to have new car. If this one had no problems I would be just fine driving it till the wheels fall off. I just didn't really want to put a possible $2,000 into a nearly 10 year old truck. I know 6 months isn't that long, so I'm sure we can make it last. I didn't know I would have to go through the court and motions and all that. That's why I asked here. Thank you all for your input.
                          We are going to take the truck into a reputable mechanic that our friend knows Monday to get an estimate. When we had him look at the alternator (which I replaced myself) he did tell us he would do the timing belt for about $500-600 but that was before this issue with the transmission came up. So we'll see how that goes. Maybe it just needs a filter changed or something.
                          Filed Chapter 13 10/4/04
                          Completed Chapter 13 10/28/09
                          Discharged 1/4/10!!!

                          Comment


                            #14
                            Originally posted by 77ford View Post
                            I'm not the kind of person that says or thinks I have to have new car. If this one had no problems I would be just fine driving it till the wheels fall off. I just didn't really want to put a possible $2,000 into a nearly 10 year old truck. I know 6 months isn't that long, so I'm sure we can make it last. I didn't know I would have to go through the court and motions and all that. That's why I asked here. Thank you all for your input.
                            We are going to take the truck into a reputable mechanic that our friend knows Monday to get an estimate. When we had him look at the alternator (which I replaced myself) he did tell us he would do the timing belt for about $500-600 but that was before this issue with the transmission came up. So we'll see how that goes. Maybe it just needs a filter changed or something.
                            I'm think you can just go through your attorney, and have he/she seek the permission from the trustee to incur the debt, but that way of doing it didn't work in my case, because the paralegal that was at my attorney's office at that time, had messed up some things with my plan, so the Trustee denied it. Then a new paralegal replaces the old one, and immediately filed the motions with the court, which the BK judge approved.
                            Filed: 5/22/07; 341 Hearing: 6/27/07;
                            Confirmed: 8/13/07; DISCHARGED 4/17/2012

                            Comment


                              #15
                              77 ford, I agree with some of the others who say you should wait the 6 months if possible. I bought a new car during my 13 and the process through the trustee and my lawyer took about 5 weeks. The interest rate I got was 18%, and that was with a very large down payment. If I were you, I would risk it with the older car and if it breaks down hard, rent a cheap car for the remaining months. You can do that for less than an 07 payment is going to cost you. If I had been done with my 13, I would have been financed at 10%. To one of the previous posts, I went through drive financial 24 months ago and there was no premium charged. I did have to purchase the extended warranty which I wanted anyway.

                              Comment

                              bottom Ad Widget

                              Collapse
                              Working...