Buying brand new car before filing?

[kingofsnakes]

what about "preference/insider payment" though ? how can it be an insider payment if i never had this money to begin with, just borrowed it for a short time and returned it ? not that i had $10,000 in my account all along, and just gave it away to someone just before filing..

[62hotrod]

what about getting rid of 2001 suburban with 175000 miles and leaking oil and coolant for a 2007 hummer h3 with 58000 miles? i owed 5000 on the burban but the credit union wont reaffirm because i owe them 2 other loans. i tried to get a loan from other banks but they wouldnt do it. i wanted a safe midsize suv for my family. will it fly?

[Medport]

Probably and crazy idea, but I was wondering if there was any way to get out of my lease to get another car before I file? I know I could include it on the bk7, but I am afraid rates would be way to high right after filing. I currently have a hyundai genesis coupe 2.0T. Its a pretty nice car, but the gas mileage is'nt quite what it was supposed to be and I know leasing is'nt the best way to go. I was planning on maybe purchasing the buy out of the lease at the end in about 2 years, but I'm already getting tired of it and I would most likely have to do a 4 year loan to keep payments around the same and that would make the car 7 years old when it gets paid off. I like the new mustangs (yeah I know another sports car), but I was thinking the new V6 that has gotten tons of good reviews. It gets over 30 miles to gallon and a stripped down version is only about 22k with incentives already, plus I qualify for the a-plan pricing which is another 10% off. I could possibly purchase one for about $25 less than my current lease for 72 months or only about $15 more for 60. This is assuming I can still get decent financing as I'm not sure how bad my credit has been hit by my recent holding of payments. I also thought about maybe a subaru wrx for its awd in the winter, but those are a tad more expensive. What do you guys think?

[cspa522]

Jumping in here late, but with questions. We're considering a mid-size SUV or a mini-van. We've found two we like, both used, both for about $14,995. Normally, the SUV isn't something we'd consider, because it's a Dodge Journey, and I'm afraid it will be considered a luxury vehicle, but it's a 2009 with low mileage and it's not expensive! It will be replacing a 2002 Jeep Liberty with high mileage and one that might not last us the next 2 years.

Our credit is TERRIBLE, in the 500's, because we haven't been paying on cc's for the last 15 months (been using a debt settlement company). So we're not even sure we can get a loan.

[HakunaMatata]

I wouldn't be concerned about the Journey being considered a luxury vehicle especially if the cost isn't grossly above normal. I was considering purchasing a certified "entry luxury" vehicle and my attorney didn't find this problematic.

You will be able to get a loan (my brother-in-law obtained financing immediately after his discharge without issue...except high interest). Interest rates may be high. If you're a credit union member (and you intend to reaffirm your vehicle in BK), I'd start with there. Dealers commonly offer financing options. While I've never financed through a dealer (utilizing their resources), I've explored their options. I like heading into dealerships armed with knowledge and loan preapproval. This aids in avoiding potential scams. You may be able to secure better financing with dealer options and you may not.

[2bdebtfree]

I have a 2002 chevy impala with 140,000 miles on it that's paid off but worth $3800. I'm going to use the state exemption which is only $700. Have to use the state's exemption because of equity I have in my house. I may have to pay the difference to the Trustee when I file Chapter 7.

The attorney I spoke with today suggested I trade my car in and buy a new car. That way I don't have equity in the car and I would have a reliable car and not have to worry about paying the Trustee any money.

I'm not sure I can afford a car payment but the attorney is going over how much I make and going to see if I can afford a car payment. I'm really thinking about it now as it does make sense to get a reliable car. I work during times there is no public transportation running so a car is needed to make money. So I'm still debating to buy a new car and if I can afford one.

I know this thread is older but found it interesting and just wanted to add my 2 cents. lol

[BKDebby]

The attorney I spoke with today suggested I trade my car in and buy a new car. That way I don't have equity in the car and I would have a reliable car and not have to worry about paying the Trustee any money.

I'm not sure I can afford a car payment but the attorney is going over how much I make and going to see if I can afford a car payment. I'm really thinking about it now as it does make sense to get a reliable car. I work during times there is no public transportation running so a car is needed to make money. So I'm still debating to buy a new car and if I can afford one.

I know this thread is older but found it interesting and just wanted to add my 2 cents. lol

That's what I did! Two months ago I traded in a 13 year old unreliable car for a brand new 2010 Toyota, my attorney advised me to do this. My credit score was high enough at the time to get 0% financing. I can afford a car payment now that I am not paying my credit cards. I'm finally filing next month.

[2bdebtfree]

After sleeping on it and thinking tomorrow, I may look into my budget today and see if I can afford a payment. I haven't been late on anything so my credit score is in the 700's. probably like 750. I could use a more reliable car. Nothing extravagant. I have an impala now so something about the same size. I love my car but a new one sounds good. I actually have a friend that works in the car business so maybe he can help me out with the price. I guess I'm going to have to look into that this week. Maybe I have something to look forward to now on the bright side. I just feel bad because my husbands truck is older than my car and he could us another one more than I could use the car but as I have a full time job and the hours do not coincide with public transportation I need a car. I'll have to start looking. Doesn't hurt to look.