Hey guys,
This is an expansion of a question i asked in the past:
We are up to 12 months from filing.
I have only 1 car currently in my wife's name. Bought last year for $5k. CarMax appraised at 2k. I live in FL where we only have a 1k exemption each filer.
Yesterday me and wife went to CarMax and then to VW dealer. At CarMax we tried to qualify for a loan but neither of us could qualify for financing.
At VW dealer, only my wife qualified for financing but it was at a nutty rate of 14%. She did however, qualify for a lease of around $400 for 48 months on either a new VW CC, GTI, or Passat.
So.. I was thinking of these scenarios in order to get a second car:
1. Keep current car and hope that the trustee doesnt care about the additional equity and then lease a second car for $400/48 months at 1k down.
Then giveup the lease at fiing time.
2. Sell or tradein our current car for a newer used car where we only put 1k down. Lease the 2nd car at 1k down. Total payments for both cars shouldnt exceed $600-700 per month.
Reaffirm the newer used car and giveup the 2nd leased car.
3. Do nothing and just keep 1 car
Which scenario would be the best/safest way to go?
Also, is a VW 25-30k car considered a luxury car? Is there any general idea of what constitutes a luxury car, whether it be dollar amount of vehicle or is it just make, ie. BMW, Merc, Lexus, Audi.. etc
Thx so much
This is an expansion of a question i asked in the past:
We are up to 12 months from filing.
I have only 1 car currently in my wife's name. Bought last year for $5k. CarMax appraised at 2k. I live in FL where we only have a 1k exemption each filer.
Yesterday me and wife went to CarMax and then to VW dealer. At CarMax we tried to qualify for a loan but neither of us could qualify for financing.
At VW dealer, only my wife qualified for financing but it was at a nutty rate of 14%. She did however, qualify for a lease of around $400 for 48 months on either a new VW CC, GTI, or Passat.
So.. I was thinking of these scenarios in order to get a second car:
1. Keep current car and hope that the trustee doesnt care about the additional equity and then lease a second car for $400/48 months at 1k down.
Then giveup the lease at fiing time.
2. Sell or tradein our current car for a newer used car where we only put 1k down. Lease the 2nd car at 1k down. Total payments for both cars shouldnt exceed $600-700 per month.
Reaffirm the newer used car and giveup the 2nd leased car.
3. Do nothing and just keep 1 car
Which scenario would be the best/safest way to go?
Also, is a VW 25-30k car considered a luxury car? Is there any general idea of what constitutes a luxury car, whether it be dollar amount of vehicle or is it just make, ie. BMW, Merc, Lexus, Audi.. etc
Thx so much
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