Giving up one new car and getting another new car?

[WorkingItOut]

I bought a new car back in the spring. I had to roll over quite a bit of negative equity into it. I initially was going to keep this car after filing, and my attorney says I can do this, but I am now having second thoughts. I drive 550 miles a week, so I have to have something decent (doesn't have to be new, but can't be a beater either).

I decided to apply for a Cap One auto loan last night just to see what would happen, and I got approved at a decent rate. Do you think it would be a bad thing to go ahead and buy a new (used) car with this Cap One financing, and then let the car I bought in the spring go in the BK? I feel weird about buying 2 cars in the span of 6 months, but I really think this is the best choice for my financial future. The new car will be significantly less expensive.

I will file BK7 in November.

[AngelinaCat]

It sounds like a good, reasonable plan--especially the part about the new used car being significantly less expensive.

The timing though bothers me. We are only about 2 weeks away from November. I think you need to wait longer to file if you can. A trustee might not look favorably at this activity. But, please talk to your attorney about this.

Good luck.

[Cali]

If it less expensive then you should buy it.

[WorkingItOut]

Thanks AC & Cali. The timing bugs me too. I'm going to call my attorney tomorrow and see what he says. I can't really wait much longer to file though.