To reaffirm the Sequoia or not?

[debtmonster]

I would not buy anything now that doesn't get good gas mileage. A Sequoia is a MAJOR gas hog. If you want an SUV so bad, I would look at getting a Saturn Vue Hybrid of a Ford Escape Hybrid. Get something that gets at least 30 MPG.

I'm even contemplating the idea of getting a 2010 smart car, the electric version, so I can stick it to the oil companies. Then I would want to invest a few grand into a solar car port and never even pay for electricity to drive the thing. I am learning my lesson from the bankruptcy and changing all of my buying habits to things that are super cheap to drive and maintain. A Sequoia is nothing more than a status symbol just like my BMW. You don't need it. People go by just fine in the 50's, 60's, 70's and 80's with out vehicles like that. If they can do it, you and I can do it.

Just stick to vehicles that don't cost more than $20 to fill the tank when gas is at $3-4/gallon and you should do okay.

[OhioFiler]

I have not applied for a 722 yet.. I just know it is an option

I do not plan on reafirming .. not being so upside down
but on my petition i noted that the reaffirm box was checked..

Should i call attorney today and say btw i am not reafirming
(ammendment to petition?)
or
wait until 341 and discuss it .. move forward from there
(then apply for 722)

Just don't sign any reaffirmation agreement! Don't worry if your "intent" is to reaffirm, your attorney knows what she/he is doing.

[chad9162]

I don't understand the concept of why it should be difficult or impossible. These people should LOVE that you just went bankrupt and know that you can't do it again. There should be banks lined out the door waiting to give people car loans. What is the story?

Because he's not discharged yet. He's still liable for the debt until he discharges and when that happens creditors may be more willing to offer credit based on your argument. If creditors gave the OP a loan now and something happens to the BK process, they might get screwed. The OP would most likely default on the loan and theoretically refile and include the new creditor in the BK. Remember "ALL" creditors must be included. Pretty simple stuff.

[OhioFiler]

I would not buy anything now that doesn't get good gas mileage. A Sequoia is a MAJOR gas hog. If you want an SUV so bad, I would look at getting a Saturn Vue Hybrid of a Ford Escape Hybrid. Get something that gets at least 30 MPG.

I'm even contemplating the idea of getting a 2010 smart car, the electric version, so I can stick it to the oil companies. Then I would want to invest a few grand into a solar car port and never even pay for electricity to drive the thing. I am learning my lesson from the bankruptcy and changing all of my buying habits to things that are super cheap to drive and maintain. A Sequoia is nothing more than a status symbol just like my BMW. You don't need it. People go by just fine in the 50's, 60's, 70's and 80's with out vehicles like that. If they can do it, you and I can do it.

Just stick to vehicles that don't cost more than $20 to fill the tank when gas is at $3-4/gallon and you should do okay.

DM...you look at EVERYTHING through your prism. It's quite possible that a Smart Car will not meet the needs of the OP. It may be the OP needs a large SUV. It's possible the OP lives in Alaska and tows the family-owned fishing boat back and forth to the Bering Sea each day. Don't be so sure it's a status symbol for the OP.


You driving an electric car won't "stick it" to the oil companies. They won't even miss you.

[chad9162]

I have not applied for a 722 yet.. I just know it is an option

I do not plan on reafirming .. not being so upside down
but on my petition i noted that the reaffirm box was checked..

Should i call attorney today and say btw i am not reafirming
(ammendment to petition?)
or
wait until 341 and discuss it .. move forward from there
(then apply for 722)

Technically, you don't have to reaffirm and do what's called a ride through. I know some districts don't allow ride through so you'll have to check.

As for market value vs payments and interested its better to get close to market value as you can. You could then pay off the loan faster and avoid the high interest. I would go here and apply for 722 and see what your options are.

http://www.722redemption.com/

In some in case, like mine, it doesn't help.

[fyi2]

Just don't sign any reaffirmation agreement! Don't worry if your "intent" is to reaffirm, your attorney knows what she/he is doing.

So just let the checked box go... that was my first thought

The 722 must be done before discharge though .. right? or at least "noted"

[debtmonster]

Because he's not discharged yet. He's still liable for the debt until he discharges and when that happens creditors may be more willing to offer credit based on your argument. If creditors gave the OP a loan now and something happens to the BK process, they might get screwed. The OP would most likely default on the loan and theoretically refile and include the new creditor in the BK. Remember "ALL" creditors must be included. Pretty simple stuff.

Oh, I was thinking that even after a discharge nobody would finance an auto. That's different.

Yeah, I tried to get financing at 2 dealers and for the first time in my entire life I was turned down. I'm not going to waste any time now until I have a huge down payment and wait for the discharge to show up on the credit report. My target date to buy a car will probably be between December 2009 and June of 2010. If I can manage to save $1,000/mo. between now and then, I should hopefully have $8,000 to $12,000 to put down on a car under $20,000.

[debtmonster]

DM...you look at EVERYTHING through your prism. It's quite possible that a Smart Car will not meet the needs of the OP. It may be the OP needs a large SUV. It's possible the OP lives in Alaska and tows the family-owned fishing boat back and forth to the Bering Sea each day. Don't be so sure it's a status symbol for the OP.


You driving an electric car won't "stick it" to the oil companies. They won't even miss you.

SUV's didn't always exist and people managed. We just need to go back to those times. I personally would like a smart car because it's super cheap on gas and THOUSANDS cheaper than a Hybrid. Also the smart car can get up to 50 MPG even though the EPA says 41. It depends on your driving habits.

My parents raised 2 kids and managed getting groceries and everything else just fine using a brand new Ford Pinto from the early 70's. We never had anything that resembled a gas hog SUV.

[OhioFiler]

Perhaps the OP had a Ford Pinto at one time and was rear-ended, the car burst into flames and the OP nearly died. Perhaps the OP has decided they will NEVER be in another crash where the other vehicle is heavier or taller.

In my opinion, that is a good enough reason for them to forego the Smart Car/Pinto and drive the Sequoia.

I know one thing, I'll not use your experiences as a child in the 1970's as a basis for my car buying decisions.

[debtmonster]

I know one thing, I'll not use your experiences as a child in the 1970's as a basis for my car buying decisions.

Yeah, keep making them same financial mistakes that go you into trouble the first time. That's why you're surfing a bankruptcy forum. I learned my lesson.

Most all of you on here are religious. You all know when God says it's your time, then it's your time.

I don't care what car you get. Just get one that gets no less than 30 MPG in the city and something in the 40's on the highway. Stop throwing money away on fuel and use the money to pay creditors.

[OhioFiler]

Yeah, keep making them same financial mistakes that go you into trouble the first time. That's why you're surfing a bankruptcy forum. I learned my lesson.

Most all of you on here are religious. You all know when God says it's your time, then it's your time.

I don't care what car you get. Just get one that gets no less than 30 MPG in the city and something in the 40's on the highway. Stop throwing money away on fuel and use the money to pay creditors.

Car buying decisions didn't lead to my current financial situation. In fact, when we decided to file BK we went and bought a brand new car. Dm, my whole point with you is your experiences aren't necessarily everyone else's. Your problems are unique to you and to expect everyone to live as you do is silly.

[CH33 Paralegal]

Ohio: Debt Monster is not giving advice to take literally. He's showing you his example of how he's trying to curtail his conspicuous consumption.

You have to draw your own parallels. Honestly though, there is not a parallel out there that regards a Seqoia as a reasonable purchase. It's the biggest, most opulant SUV that Toyota makes and it replaced the Land Cruiser. If you really need a large vehicle to transport either people or things, then a VAN is infinitely more useful and less expensive. Plus it gets better gas mileage and rides smoother.

SUV's in general are luxury purchases. They are suppossed to "look" like trucks, but don't provide the same usefulness. There is less cargo space and the driver typically doesn't even utilize the 4WD by rarely taking it offroad...and the side of the soccer field is not off road. You can argue "people mover", but again, you can move more people more efficiently with a minivan. SUV's really don't have any viable use and are purely there to make the driver feel tough or dominating by sitting up high.

[CH33 Paralegal]

If I can manage to save $1,000/mo. between now and then, I should hopefully have $8,000 to $12,000 to put down on a car under $20,000.

Hey, you should check autotrader and just search all cars under a certain price threshhold and mileage threshhold. then order the search by least amount of miles first.

You might be able to find a dope deal on a lightly used older car that can give you years of good service for a decent price.

[OhioFiler]

Ohio: Debt Monster is not giving advice to take literally. He's showing you his example of how he's trying to curtail his conspicuous consumption.

You have to draw your own parallels. Honestly though, there is not a parallel out there that regards a Seqoia as a reasonable purchase. It's the biggest, most opulant SUV that Toyota makes and it replaced the Land Cruiser. If you really need a large vehicle to transport either people or things, then a VAN is infinitely more useful and less expensive. Plus it gets better gas mileage and rides smoother.

SUV's in general are luxury purchases. They are suppossed to "look" like trucks, but don't provide the same usefulness. There is less cargo space and the driver typically doesn't even utilize the 4WD by rarely taking it offroad...and the side of the soccer field is not off road. You can argue "people mover", but again, you can move more people more efficiently with a minivan. SUV's really don't have any viable use and are purely there to make the driver feel tough or dominating by sitting up high.

No, DM is not showing how he plans to curtail his consumption. I've read his posts for some time. He expects everyone to live as he chooses to live. There is a difference. I think he missed hios calling...he should have been an evangelist!


We live in a free country(at least for now) where we are can choose any vehicle we want to drive. The anti-SUV movement is unAmerican. I mentioned earlier that the OP may have had a traumatic experience in a small car (or mini-van) and is terrified to drive anything smaller than a large SUV. We don't know the reason for the OP driving an SUV but we must not tell him/her she is wrong to do so.

[fyi2]

SUV's really don't have any viable use and are purely there to make the driver feel tough or dominating by sitting up high.

yowser

I really do like sitting higher then when I drive a car but i can definitely say it isn't to feel "tough" or "dominating" .. it feels good.. your legs aren't cramped (i am tall) you can see very clearly and yes I do feel a bit safer driving my kids and there friends around. I am a very safe driver anyway but still..

You are right in that it is not necessary, I could get by on a car if need be

I get 20mpg transport 8 people and my dog a bunch of sports stuff and groceries and I feel safe and comfortable.. payment wouldn't be much less for a car just a bit better for gas

Tough and Dominating .. silly