Car Question

[tadbitconfused]

We are having to let our cars go repo. We have 3 and 2 are going back. The other is the one my husband drives and I don't like to drive it. Big truck and it scares me. We are not filing until most likely October, but they are taking the cars next month. Can I buy a used car and pay cash say around 3000.00 or should I put it in my parents name. Can someone please advise?

[JollyGG]

What state are you in?

Check your state's auto exemption. If you can fit it in under you exemption go for it.

[tadbitconfused]

We are in California

[emoney]

If you take money and buy something for or in someone name with one year of filing the tranaction can be reversed.
thanks,
emoney

[wrinkleigh]

Depends on your exemption if you own it free and clear.

You might be better off to be a "payment" shopper. Get the best car you can for the monthly payment you can afford. You need a reliable vehicle, most in your cash price range will be older and require lots of maintenance. Finance it for now, if you can get a decent %. This would also benefit you if you are filing a 13 (not sure which chapter you are filing), because it would tie up some of your income.

But IF you have cash you need to get rid of, that would change my opinion. You would be changing a "non-exempt asset" (cash) to an "exempt asset" (car).

Good luck to you.