Not sure what I was thinking...

[debtmonster]

Well, I am surrendering my house and everything I own. They can come and get it all. I wanna be 100% debt-free when I finish.

I am just wondering if they do approve me, how much will it be for, how old of a year of a car can you get and how many miles can it have on it? What's all of the rules on that?

What I am afraid of it that we will be 90 days past due on our SUV before the bankruptcy is filed. I won't be able to pass the means test if they take the vehicle. What do I do when the repo man comes? Do I just refuse to give him the vehicle? If I do, then they will serve me like the mortgage company did this morning.

[SubPrimeME]

I called 722 redemption months ago when I first filed. Get this - they told me they couldn't work with me UNLESS I was surrendering my house. What the heck??

That dosen't suprise me, finance companies work on some other planet apparently.

[debtmonster]

That dosen't suprise me, finance companies work on some other planet apparently.

I say we boycott all of these MF's and simply buy cars for CASH MONEY. Screw them out of all of the interest they were going to make.

[SubPrimeME]

I say we boycott all of these MF's and simply buy cars for CASH MONEY. Screw them out of all of the interest they were going to make.

OK my wife and I spent the last 4 hours going through carsoup, autotrader etc, and got more and more upset... We do know that financing anything more then 5k at 22% is a total freaking waste. The problem is I don't trust anyone but myself as to the condition of a used car. How am I to know if they went 40000 miles on one oil change?!? I'd rather pay a bit more- knowing that in a year I can get out of the high interest rate... I dunno, I think it's time for a beer.

I agree, banks can kiss my.... 20% for a car.... good grief.

[debtmonster]

Yep.. I'm in the same boat. We can't afford more than anything over $5,000 at 23.99%. I will have to save up the $5,000 on my own.

I found a 2002 Kia Rio with 52,000 miles for $2,600. I think I'll just have to buy that and call it a day. These people can take that high interest and stick it!

[blankslate]

Yep.. I'm in the same boat. We can't afford more than anything over $5,000 at 23.99%. I will have to save up the $5,000 on my own.

I found a 2002 Kia Rio with 52,000 miles for $2,600. I think I'll just have to buy that and call it a day. These people can take that high interest and stick it!

That sounds about right. I bought my 97 Kia Sephia in 2004 for $2000 cash including tax and license. Nothing major has gone wrong with it mechanically and it was probably ran into the ground by the previous owner. I did have to have a new drive shaft built and then just other things you would have done to a car that is accumulating miles. New belts, spark plugs, brakes, alternator and water pump. It's a no frills car, nothing luxury about it but it ran for all of these years and was a decent enough investment. It's coming up for another investment of maint. repairs and I'm not sure I'm up for it. If I have to, I will figure it out. Problem is getting all of the things that it needs done will probably amount to close to $2000 and mechanics don't do payments. Obviously I'm in bk so there's not the option of putting it on a credit card. I'm hoping the dealer will work with me tomorrow that said they could with a current bk and get me into the PT. If not, I'll pour the money into keeping this one going for another 2 years until it needs the next round of work.

If you go with the Rio, replace the alternator right away. The timing belt and spark plugs need it at 90k miles. Good luck!

[debtmonster]

I showed my wife and she immediately says, "NO WAY am I buying that car."

She is SO F'ing ignorant when it comes to this being in "survival mode" thing, it's not even funny.

I am very flexible about cars now. I just want something with low miles that can be 5 to 7 years old. The cars are out there. You just need to weed through 50-100 car ads on Autotrader.com or craigslist and you need CASH MONEY.

I wish I can find cars with timing chains instead of the belts. I may have to go with a used Saturn to get that. But the fit and finish will be better on something like a Toyota or Honda.

We really can't lift a finger until I have $4,000+ sitting in the bank. That's going to be hard to do while making payments on a car that will be going bye-bye anytime soon. And if I get the 24% loan, I'll be shooting myself in the foot. I'd much rather buy the $2600 car and keep it for a while until we can save $13,000+ cash. It's cheaper to spend the $2600 now than it would be to pay 24% on $13,000 cash. Then I could sell the $2600 car for maybe $1500-1800 when I'm done with it. My wife doesn't see it that way. She wants all the bling NOW. But then we need CREDIT for that, and that's what got us all in this mess to start with! She just doesn't get it.

[blankslate]

Sorry about the disagreements between you and your wife. I hope she can see things realistically soon. If not, she will be forced to. I can't give you advice on your relationship. Well I could, but you probably wouldn't want to hear it ;)

Didn't your lawyer tell you to stop making the car payment? You're filing and you're surrendering the car. If you make any payments at all on it now you are throwing that money away.

I'm glad this forum is helping you and hope it continues to. The bling days are gone and you need a vehicle. Sounds like you're on the right path to keeping it real. You can always rebuild and do it the right way so that no one can take your things away from you again. You will feel much better driving a car that YOU own and not the bank!

[debtmonster]

I have to pay on both to keep them in my possession or I will not qualify for the means test since my income was over. It REALLY, REALLY, REALLY sucks that they made this stupid law change. I have to throw good money after bad now. I will be 90 days past due on my SUV in the middle of next month and on that day the repo man will come knocking on the door. I need to have my case filed before that happens, so this is now a RACE to get this done. I first have to schedule an appointment after I complete the paperwork, then it takes about a month or so until the lawyer actually files. I have to pick a date for them to get the best snapshot. I get paid on the 15th of every month. All the lawyer has to do is file on the 10th-14th for them to see how I am down to $20 i my checking. I do that with no effort.

I have found many cars on Craigslist that are also suitable for my needs. I show my wife and you have NO IDEA how we fight like cats and dogs over it. We get into these huge screaming matches. I simply tell her, WE CANNOT AFFORD IT and she doesn't get the picture. She wants a $400-500+ car payment and a place to rent for $1300 ($1600+ with utilities and everything.) I barely gross $3,000 per month. Take out taxes, business expenses, the payments above, food, gas, car insurance, all the stuff you need and we're an easy $1000-1500/mo. short on survival cash flow. She just won't get it.

I am the one who pays the bills. I am the one who always adds everything up and she has to fight with me constantly wanting stuff that we simply can't afford living on 1/3rd of what we use to make last year.

This whole fiasco could seriously end up causing us to get divorced this year after this is all done.

[blankslate]

Ah I see on the means test thing. As soon as you file I think you can stop making the payments. Then the ball really gets rolling when you'll need to pounce on a deal like the Kia Rio and start planning on your move closer to the city.

A lot of couples don't make it through financial rough times. The ones who do are awe inspiring. I hope you make it through because I don't wish divorce on anyone. I've deleted things I was going to say out several times now so I'll leave it at that. Vent anytime!

[debtmonster]

[OhioFiler]

You and your wife need to be on the same page regarding this process and your future.

I suggest counseling.

Good luck. I hope all works out for you.

[debtmonster]

I've tried to convince her, but she is the most stubborn person I've ever met when it comes to finances.

Where do you get free counseling because I certainly can't afford to pay for it. We're not even going to be able to buy food this month, let alone pay for counseling, my doctor visit or the $350 in prescriptions I badly need.

Oh well... thanks for your kind comments anyway.

[shabam]

By going through a dealer, you're automatically adding $1,000 to $5,000 onto the price of the car and paying RIDICULOUSLY HIGH INTEREST on top of that! Man, that is SUCH A SCAM!

I would tell them to go pound sand. Remember, hit AutoTrader and look for $1,500 cars. I saw several out there that were so-so...

Dealers are the biggest crooks of them all. I rate some of them up there with drug pushers. The only difference between the two is that one is perfectly legal while the other is not. Hopefully one day the laws will change to the consumers favor or we will start building and using public transport like, everyone else in the world.

I have read some of your posts on how difficult it is to get around without a car or even buy a car where you are and I hear you. Instead of being in bondage to car dealers, interest payments, servicing, local vehicle taxes I would rather use modern public transportation like heavy and light rail, something else that would skew the situation in our favor.

One of the dumbest things we ever did in this country is allow private companies, like the oil companies and auto manufacturers, to buy up public transportation systems many years ago and basically remove them or kill them off.

[BrokeAzzez]

What is 722 Redemption? You know I got flooded with auto deals it seems like the day after I filed but I threw them away becuase we weren't "ready" now I think I should have kept them. I just don't think in this economy I can afford a 50/50 chance on a crap car. So stressed.....will it ever end?