Soliciting Opinions, Re: Purchasing a Vehicle Post BK

[Bell30656]

Look at the Chevrolet Astro/GMC Safari mini vans. These vehicles have several positives that put them over other mini vans in my book:

1. Rear Wheel Drive (No transaxels to break)
2. Seating for seven or eight
3. Removable seats for extra cargo room
4. Hard to determine how old because they looked basically the same
5. 4.3 liter V-6 engine, power without killing the mileage

Needing to purchase a vehicle for cash, with this kind of seating may send you toward the Dodge Caravan/Plymouth Voyager... I can only say, "Don't do it!" Prior to 10 or so years ago these vehicles don't hold up.

[RackingJ]

I have a 06 ford expedition (those 06 fords sure were popular) that I intend to surrender if they don't come and get it first. The payment is due now and it won't be getting paid for the first time. I won't file until Aug 1st any idea how long I have with it? Does anyone think I will be able to keep it until after I file?

Wow. Those 06 Fords were popular. lol.

We're in the same boat. This Friday will be the first payment we've missed and we have to wait until Aug 1 to file so some income will drop off. It's my understanding (someone correct me if I'm wrong) that if they don't come & get it in the next 2 mos before we file, they can't get it until after we're discharged unless they file a relief of stay, right? So, I'm hoping we can keep it through the summer until I save up a bit to get a cheap car to drive to work in the fall.

[RackingJ]

anyway.....
My question for those of you letting your vehicles go, is this...is anyone else having trouble coming up with enough expenses on the J if you don't have the loan expense to use anymore? and if you don't have a loan then you don't have a vehicle expense either right? That is a lot of money that won't be eaten up by expenses. What are ya'll doing?

How does that work if when you file you have no car because it was repo'ed and need to take out a loan to get one....then you will have the expense again. How do you deal with that?

I know its been a month but just wondering if you guys have an update on your situation. I missed my first payment at the end of May and I've had 3-4 'unknown' calls on my caller ID so I suspect its National Auto Finance calling to 'remind' me about my payment. lol

My attorney keeps recommending the 722 redemption thing but from what I've read on here, that doesn't sound like the ideal place to seek help.

I'm still wondering about the expenses on Schedule J too. Wouldn't you still be able to count the standard IRS expense for that since you're going to have a car payment after your BK? Can anyone else chime in on that?

[reeltrouble]

Just my .02 cents... we've had 2 entirely different responses from the 2 companies financing our pre-bk cars.

I had a Honda financed through Huntington, and my wife's VM was financed through VW Credit. We missed our 1st payment 1 week before filing on 4/7/09. Huntington almost immeditately filed for a relief from motion of stay, and came for my car last weekend, 6/5, so very quick. VW Credit, on the other hand, actually told us they wont even call us to surrender until after they have received notice of discharge, so we have a while.

I guess it just varies company to company.