Credit Unions, Cross-Collateralization, and Cars

[HakunaMatata]

[backtoschool]

Here is what I would do if I was in your situation HakunaMatata:

1. I would get financing for a new car while your credit is still good enough to get it. CU's hate reaffirming, but most banks will reaffirm.

2. I would include the car you have now in your bankruptcy and turn it over so that you don't have the repo.

3. I would switch banks to perhaps National City. (they are bk friendly)

[HakunaMatata]

BTS-

Thank you for your response! I owe you a drink (or twelve)!

I don't think I'll be able to secure financing on a different vehicle while maintaining the current one. I can't imagine anyone is going to extend that amount of credit to me. My scores have already taken a hit due to missed mortgage payments. Last I checked, I'd decreased nearly 100 points to 689. My score may be worse now. Ugh. Of course, I may have the option of trading in the current car and securing a loan on a different car. I really think this is my only option in this Saabotage scenario.

As a former Scandamerican owner, do you recommend I keep this car? Thus far, I haven't had any true problems. I grew accustomed to keen engineering and safety features and I feel these truly lack in Saabs. I'm really disappointed with this purchase. I recognize I can't be ultra selective and I don't have my eye on a new Maserati. I simply want to be safe, comfortable, and happy. I've done nothing but work and pay bills for years. I finally have a chance to break a non-winning cycle. Once my money pit spell is broken, I will have means. Am I being unrealistic to want a car I truly enjoy?

I'm weighing pros and cons of a different reasonable purchase. Should I decide to keep the Saab, I intend to refinance at a different bank. If the CU doesn't want my money, this is fine with me!

I'm going to check into National City. I need to establish new checking and savings. Please tell me they aren't fee crazy!

[backtoschool]

BTS-

Thank you for your response! I owe you a drink (or twelve)!

I don't think I'll be able to secure financing on a different vehicle while maintaining the current one. I can't imagine anyone is going to extend that amount of credit to me. My scores have already taken a hit due to missed mortgage payments. Last I checked, I'd decreased nearly 100 points to 689. My score may be worse now. Ugh. Of course, I may have the option of trading in the current car and securing a loan on a different car. I really think this is my only option in this Saabotage scenario.

As a former Scandamerican owner, do you recommend I keep this car? Thus far, I haven't had any true problems. I grew accustomed to keen engineering and safety features and I feel these truly lack in Saabs. I'm really disappointed with this purchase. I recognize I can't be ultra selective and I don't have my eye on a new Maserati. I simply want to be safe, comfortable, and happy. I've done nothing but work and pay bills for years. I finally have a chance to break a non-winning cycle. Once my money pit spell is broken, I will have means. Am I being unrealistic to want a car I truly enjoy?

I'm weighing pros and cons of a different reasonable purchase. Should I decide to keep the Saab, I intend to refinance at a different bank. If the CU doesn't want my money, this is fine with me!

I'm going to check into National City. I need to establish new checking and savings. Please tell me they aren't fee crazy!

Saabs suck. When I bought my 2004 Saab, I bought it instead of an audi because of the 0% financing. But I always hated that car.

Trade the car down like I did. (now I can't say this was a great idea though because Elmer Fudd my trustee, still has not given me a report of no distribution and may object to my exemption of the saab..)

I traded in my Saab for a Hyundai Elantra which is the Hyundai equivalent of a Toyota Corolla, only it has a better stereo, and I can plug in my ipod. It has won awards and is a well rated, safe car.

You do not have to go down to a "student" car like I did. Trade the saab in on a nice Volkswagon or a small Audi or even a 3 series bmw. I totally understand why you want a nice car. This is the Detroit area after all and cars are important here. Get something that is comfortable to drive, has safety features (my Hyundai is the upgraded model that has stabilization and lot's of extra safety features). And of course, make sure you have a good stereo.

Trading in the car will be fine, but you may get my trustee and if you do, you can join me in the car exemption dispute waiting room. You will have to trade your car in for something that is still mostly underwater after the trade in, or you will have my problem with the trustee for sure.

I am completely awed that your scores took a "hit" and are now 689. You will have no problem getting financed.

National City is not fee crazy and they have a rebuilder secured visa that you can get after your bk to help re-establish your credit.

I will definitely take you up on those 12 drinks when we both get discharged.

[HakunaMatata]

My gosh, are you my long lost sister?!!!!

I'm actually contemplating a pre-owned A4. I paid cash for one years ago and drove it until it needed costly repairs. I shopped around for another, got frustrated with the dealers, and somehow landed in a Saab. I love cars...and my desire for an "entry luxury class" has NOTHING to do with the name. The engineering is remarkable (plus, I'm one of those abnormal people who will only own cars with manual transmissions). I'm terrified of driving the Saab in winter weather especially since I have the "pleasure" of driving downtown roads at odd hours. Snow removal and salting don't occur with great frequency. I want my AWD back!

I'm underwater on the Saab so I don't think a trade would place me in your Trustee Saabotage waiting room. I am a bit concerned with purchasing an Audi. Insolvent Audi driver...is this acceptable? My payment would still be less than the standard.

Regarding my scores, this is TBD. I just stopped paying my credit cards. I'm sure further decline is imminent. The joys.

Gosh, I could use a drink (or twelve) right now!

[backtoschool]

My gosh, are you my long lost sister?!!!!

I'm actually contemplating a pre-owned A4. I paid cash for one years ago and drove it until it needed costly repairs. I shopped around for another, got frustrated with the dealers, and somehow landed in a Saab. I love cars...and my desire for an "entry luxury class" has NOTHING to do with the name. The engineering is remarkable (plus, I'm one of those abnormal people who will only own cars with manual transmissions). I'm terrified of driving the Saab in winter weather especially since I have the "pleasure" of driving downtown roads at odd hours. Snow removal and salting don't occur with great frequency. I want my AWD back!

I'm underwater on the Saab so I don't think a trade would place me in your Trustee Saabotage waiting room. I am a bit concerned with purchasing an Audi. Insolvent Audi driver...is this acceptable? My payment would still be less than the standard.

Regarding my scores, this is TBD. I just stopped paying my credit cards. I'm sure further decline is imminent. The joys.

Gosh, I could use a drink (or twelve) right now!

Trading in a saab for an audi a4 is a lateral/equal trade and the trustee will not have a problem with it. Just say you were having mechanical problems with the car (which I am sure is the truth, lol) if it comes up.

Trustees just don't want people counting their 800 a month luxury car payments as legitimate expenses for the means test. That will not be your case as you are buy a used car that is comparable to what you already own.

I always was very sorry I didn't go with the a4 at the time. The audi dealer offered me 3.5% financing, and the Saab was 0% financing and I let that small amount of money influence my decision. I regretted it instantly.