Give me some advice on my car..

[aces67]

What would you guys do really?

I have an 06 Jeep Grand Cherokee Limited edition. It has all sorts of bells and whistles on it. It's quiet honestly the fanciest car we've ever had. The note is $592 a month for 42 more months. We owe around $24K and it's only worth $15K.

We missed one payment on it last summer and the finance company said that was fine that they wouldn't repo it until we got at least 2 notes behind. Dh does not want to surrender it while I could care less. It is nice but it's not worth $592 a month to me. We surrendered his truck which I thought we should've kept and surrenderred my car instead. Anyways he doesn't want to surrender it b/c he doesn't want his family to know. They think we sold his truck but I don't think they would ever believe that we sold both vehicles.

Now my options: I contacted US bank about a redemption but it turns out they are not licensed to do business in my state. My lawyer says I should keep it but not reaffirm. He says I should save up as much as I can and then when I can get financing on another vehicle let my Jeep go back at that point. My finance company has not contacted my lawyer or me at all. I'm assuming since I'm 15 days till discharge that they either don't care if I reaffirm or they have yet to realize that my initial Ch 13 was converted to a 7.

We are not without vehicles. We have my car and my parents have given dh another truck plus he already had a little beater car to drive back and forth to work. He drives it everyday and it's in great shape but the trustee saw it and didn't think it was worth his time or effort-it looks bad. Anyway the payment we missed last summer was when the gas prices shot up so high. Since we only have the one car payment now I don't foresee a problem making the payment.

What do you think? I should also mention dh's is sort of against keeping it until I can get something else financed. He picked it out for me to drive even though it's not what I wanted. Now he doesn't think I should be allowed to pick out something that I might like more.

Also Can the finance company force me to reaffirm or not?

[OhioFiler]

Emotional mistakes are what got many of us in this situation in the first place. I don't see any reason to keep a vehicle you're upside down by $10,000 if you don't have to keep it regardless of what bells and whistles it has. Besides, it's a Chrysler.

[RackingJ]

If you have another beater car to drive, I wouldn't keep it. His parents don't have to know what happened to it. Easier said than done, I know mine will ask when mine is surrendered.
I don't know why you couldn't tell them you sold it as well. Just tell them that with the economy the way it is, you're trying to cut expenses. Not that you owe them an explanation but I know how it is to try to keep the peace with nosy inlaws. lol

[mike258]

What would you guys do really?

I have an 06 Jeep Grand Cherokee Limited edition. It has all sorts of bells and whistles on it. It's quiet honestly the fanciest car we've ever had. The note is $592 a month for 42 more months. We owe around $24K and it's only worth $15K.

If this were me, I would dump the car in a second. $24K is alot to pay for a 3 year old Jeep. It's silly loans like this that drove me into bankruptcy...

[aces67]

If you have another beater car to drive, I wouldn't keep it. His parents don't have to know what happened to it. Easier said than done, I know mine will ask when mine is surrendered.
I don't know why you couldn't tell them you sold it as well. Just tell them that with the economy the way it is, you're trying to cut expenses. Not that you owe them an explanation but I know how it is to try to keep the peace with nosy inlaws. lol

Yes you are right about that! The in laws think they need to know everything!

[LuciluS]

How many years to finance the 06 Jeep? What kind of interest rate. $592 is a lot of money, BUT you've got the top of the line for Jeep Grand Cherokee.

I can't recall ..... are you employed? If so, PT or FT. Miles driven round trip to work? What kind of gas mileage does it get? Aware of the price hike in gas a couple of weeks..or maybe longer.... and the hike has stayed?

I'm just throwing my thoughts out - You drive it most of the time? You don't like it? Think you can save enough money to buy a car. If not, save enough for a down payment & then you will probably get a higher interest rate on Jeep, if you try to buy within a year of your bankruptcy.

Get out a tablet & Draw a Line down the middle. Put Pro on one side and Con on the either. Sit back and think about the Pros and Cons on the Jeep. Sometimes looking at a certain Item as this one, it's easier to fully understand your decision process, as it is in writing.

I drive a 1999 Toyota Sienna Van I bought with cash on 5/12/99 (won't forget the date as 1st car to pay cash for). Has around 97,000 miles on it & the back rear seats were taken out & I had a lift with a remote control for up/down in/out & a scooter so I can use when going to large business',like Wal-Mart SuperCenter or Home Depot. I'm hoping it will last another 10 years as I don't drive very often.

Luci

[RackingJ]

If this were me, I would dump the car in a second. $24K is alot to pay for a 3 year old Jeep. It's silly loans like this that drove me into bankruptcy...

Amen to that! I have an 06 Explorer Limited with all the bells & whistles that has a $750/mo payment, owe $30,000 and worth $18,000 to prove it. I will NOT be sorry to see that thing go. Will sleep much better at night, actually. LOL

[aces67]

Well I don't work at all. It's my car and I'm the only one who drives it. I like it okay but the gas mileage sucks. It only gets 15.8 miles to the gallon. I live 32 miles one way from the nearest doctor/hospital/grocery store. I've made 30 payments and owe 42 more at an interest rate of 16%.

After this bk is over I'm going back to college to my get my RN. The college is almost 40 miles away one way.

Everything screams give it back. I'd like something with better gas mileage. I'm easy to please. It can be a small cheap car.

How long do you think I'd have to wait after a 7 to get financed on something? My inlaws just be a nice used car that was only $12K and it gets 28 mpg. It was an 06 so they were able to finance it.

We still haven't filed our income taxes we plan to do that Friday. That will give us $2K in cash plus with what I'd save on the note we would have $2600 at the end of this month alone.

Thanks guys!

[OhioFiler]

Yes you are right about that! The in laws think they need to know everything!

What amazes me is there are so many who as adults still feel the need to please their parents or not disappoint their parents.

[aces67]

What amazes me is there are so many who as adults still feel the need to please their parents or not disappoint their parents.

I know. It annoys me. I could care less what my family thinks. I'd rather be happy myself than to make my family happy.

My parents know what we are doing and completely understand. Dh's parents would be super mad if they found out. They think bk is for losers.

[OhioFiler]

I know. It annoys me. I could care less what my family thinks. I'd rather be happy myself than to make my family happy.

My parents know what we are doing and completely understand. Dh's parents would be super mad if they found out. They think bk is for losers.

Oh yeah! Well I think people who think BK is for losers are losers!

[LuciluS]

What amazes me is there are so many who as adults still feel the need to please their parents or not disappoint their parents.

Well OhioFiler I disagree. My father who will be 90 in January helped us out in July 05 after having the accident 3/14/05 and he made the comment 'No daughter of mine is going to file bankruptcy!'.

That age group lived a whole different era than we are facing and they don't understand and you can't make them understand. I can't even get my Father to use a walker which he's been told by doctors, nurses, home health care,, etc. Nor can we get our StepMom to do the same & she fell twice in 2 weeks and ended up in the hospital ER.

They are Stubborn, Mule Headed and Yes! Very Opinionated! My father is a Worry Wart & has enough problems with his health. I don't want to add to his problems & pray they miss the Monday section of the paper when our BK appears.

[OhioFiler]

Well OhioFiler I disagree. My father who will be 90 in January helped us out in July 05 after having the accident 3/14/05 and he made the comment 'No daughter of mine is going to file bankruptcy!'.

That age group lived a whole different era than we are facing and they don't understand and you can't make them understand. I can't even get my Father to use a walker which he's been told by doctors, nurses, home health care,, etc. Nor can we get our StepMom to do the same & she fell twice in 2 weeks and ended up in the hospital ER.

They are Stubborn, Mule Headed and Yes! Very Opinionated! My father is a Worry Wart & has enough problems with his health. I don't want to add to his problems & pray they miss the Monday section of the paper when our BK appears.

I'll bet he would rather hear it from you than read it in the paper. Stubborn mules may surprise from time to time.

[RackingJ]

Same here. I could care less what famliy thinks as well.

If you have that much of a commute then I'd find a late model Civic, Altima, Mazda, etc for the gas mileage. That's what I"m looking at as replacements for my SUV. I've found some good deals (around $10 or less) on 2003 and newer models on Autotraders and occasionally local dealers. I'm saving some money for a down payment since I know financing won't come easy but hopefully I'll have $2-3k saved by the end of the summer.

[aces67]

Same here. I could care less what famliy thinks as well.

If you have that much of a commute then I'd find a late model Civic, Altima, Mazda, etc for the gas mileage. That's what I"m looking at as replacements for my SUV. I've found some good deals (around $10 or less) on 2003 and newer models on Autotraders and occasionally local dealers. I'm saving some money for a down payment since I know financing won't come easy but hopefully I'll have $2-3k saved by the end of the summer.

How hard do you think financing is going to be? What kind of rates do you think they will offer?