We have NOT owned it for more than 910 days.
It is a 2006 Lexus IS250 with 55000 miles. We owe about $27,000 on it, and it is worth much less. Possibly as little as 17k.
Our credit union modified the loan for us and pushed it out to 84 months so it isnt going to be paid off until 2017.
Our payment is managable at $408 a month and this is a very good car that can last a long long time if we take care of it.
However, I wonder if we shouldnt just give up this car and buy something with cash? Will the trustee allow us to use excess money for that purpose?
If we keep the car and are put in a 36 opr 60 month plan, does that shorten the term on our car loan to that amount or do we continue to pay it after discharge/completion?
It is a 2006 Lexus IS250 with 55000 miles. We owe about $27,000 on it, and it is worth much less. Possibly as little as 17k.
Our credit union modified the loan for us and pushed it out to 84 months so it isnt going to be paid off until 2017.
Our payment is managable at $408 a month and this is a very good car that can last a long long time if we take care of it.
However, I wonder if we shouldnt just give up this car and buy something with cash? Will the trustee allow us to use excess money for that purpose?
If we keep the car and are put in a 36 opr 60 month plan, does that shorten the term on our car loan to that amount or do we continue to pay it after discharge/completion?