What would you do?

[cfgdag]

[coffee]

If you want to reaffirm one, personally I would go with the Accord. Its newer, has less miles, lower car payment, no cosmetic issues and fits 2 car seats very nicely. They are also great on gas.

My lawyer told me he always tells clients to get rid of cars in the bk and buy a car(or cars) in cash. That way you have a fresh debt free start. We are getting rid of one definately and still unsure about the van we have. We have decisions to make also.

I guess it depends on what you can afford. Only you can answer that. You can definately find safe reliable transportation for cheaper than what you are paying now. It just might not be as new.

Good luck with your decision.

[cfgdag]

Coffee,

Thanks for your input. You brought up valid points about why to keep the Accord over the Pilot (I have thought these same things). I guess I am having a hard time getting rid of the Pilot because that's the car I drive and I love it. I am having a harder time deciding on the vehicles than I did when deciding on our house! The Pilot is our "family" car, the one we take out of town when we visit our family up north (about 200 miles away). We go up there about 1-2 times a month so the Pilot is nice and roomy for us (especially because my mother in law rides with us alot). My Pilot is....well... MY Pilot! It's me. I am in it about 2 hours a day. I am having a hard time seperating from it and have to keep telling myself it's a business deal. It's better business to get rid of the Pilot and keep the Accord.

[cfgdag]

anyone else have any opinions?

[JRScott]

What percent of your income does the 2 car payments eat up, and then what percent individually?

[RainMoM]

I agree.. Keep the accord... later on down the road buy a car with cash.. Good luck to you ~

[Chowder]

We all love our cars. I had to say goodbye to a garage full of toys.

Love is an emotion. Bankruptcy is a business matter.

[mhman]

I have two cars with loans.

The First one is 5 years old with $5,800 loan but the market value is $9k - $10k.
The Second one is 3 years old with $12,000 loan and the market value is $11k - $12k.

Can I reaffirm both cars if I can afford to pay after BK 7?

Or I must give up one of two cars.

Any idea?

[LSUTiger32]

There is no way you should keep them both, the point of this is a fresh start. In order to get one you have to sacrifice. Two car payments is one of things that help get a lot of us into this mess. I also would keep the Accord. Better gas mileage I am sure and there is no way I would re-affirm a $20,000 loan on a car with 71,000 miles on it already. I kept one of mine at $389 a month and bought a car cash for our other car.

[aljohnson007]

I believe you may be mistaken on the value as retail value is what you might expect to pay when buying. What they are worth now is what you could expect if you were to sell or trade in. I think you will find the value of both to be around $11-$12k. You might be able to renegotiate to a lower balance rather than surrender.

[StartingOver08]

To get a true fresh start, get rid of both payments. So far you are spending $746 in just vehicle payments alone - plus insurance, maintenance, gas etc. This is the hard part - getting rid of 'stuff'. To really take advantage of the BK get rid of your car payments. Even if you could only manage to get rid of one payment, it will go a long way toward getting your financial life back in order. But the best solution is to replace your cars with cash. For what you are paying monthly you could own something out right in a few months.

[Chowder]

For what you are paying monthly you could own something out right in a few months.

Exactly. You could stop making payments a few months before filing. Then as long as they don't file for the stay to be lifted, you could drive them for free for 4 or 6 months. Start saving all you can to get something after discharge.

[gingerbug]

I would face the same dilemma. I can say it is really hard to have two kids in car seats/boosters in a car and that be the only vehicle in the family. Yes, affordability is an issue but whether or not the vehicle meets your needs is a valid reason to consider keeping a slightly larger vehicle.

[jribe]

I believe you may be mistaken on the value as retail value is what you might expect to pay when buying. What they are worth now is what you could expect if you were to sell or trade in. I think you will find the value of both to be around $11-$12k. You might be able to renegotiate to a lower balance rather than surrender.

i don't agree with this. Honda's keep their values very very well. They are well made cars; and people know this.

I sold a 2004 civic with 30k miles in 2006 and still got 15k for it at a dealership.

[jribe]

if you drive 2 hours a day and you can afford the gas on the pilot- keep the pilot. I personally drive an accord- and i love it (v6) if it were a 4 i wouldn't keep it. I owe 12k on my 06 accord and i'm going to keep the car. Honda's hold their values very well and are reliable. I would have a hard time giving it up- then having a car that breaks down all the time.

Is there a need for 2 cars in the family? Does your wife work?

If you don't "need" 2 cars- get rid of one. I don't agree with giving up both and going "cash" - it's not realistic for someone that drives as much as you. You need to know your car will make it to where you're going (and again- with the family traveling).

Buying a cash car works well for people that don't need to drive far for work and don't do much other traveling

As for which one to keep- it sounds like you want to keep your pilot. Do what you want- you don't want to resent the decision later.