Need advice fast.. buying another new van..

[coolmom04]

I bought a van 9 days ago and I HATE IT!!! I thought maybe I could trade it in and get what I really want, but clearly that is not going to happen. They want to give me $8K less than what I paid and I can't afford the van I WANT plus the extra 8K on top...

so my stupid brain wondered...

what if I bought ANOTHER van (if we could even get financed for an additional 30K ) with the intentions of selling the van I JUST bought on our own, then putting that money towards the new van...

would that totally screw things over? i would sell the one I have and hate, even if I just had to take it to Carmax, but I seriously think I can get at least 2-3K more selling it outright rather than trading it in.

What do you think?? I'd ask my attorney, but guess what? I can't get anyone to call me back!!!

[NoMoreCards]

Based on your post, it sounds like the van you just got is financed and as such you will be unable to transfer (sell) ownership without clearing the title first.

It isn't possible to sell the vehicle outright (if it has a lien) and put the proceeds towards something else, without first satisfying the lien.

[coolmom04]

OOpps I meant paying it towards the van I just bought/hate/want to sell on my own, not the new van I want to buy. Sorry But I understand what you are saying! So thats a no go. Im stuck I hate when I make bad decisions!!!

[Faust]

What do you hate about it?

[coolmom04]

What do you hate about it?

It's not comfortable and doesn't have the stuff I wanted... but I will get over it.

Plus, I keep hearing my MIL in my head, "If you're going to trade, make sure you get what you WANT!!!" Well, I totally did NOT get what I want. We got what we thought we could afford, but now, I know we could have afforded what I wanted... so stupid. We HAD to get the damn thing before the late payments hit my husband's credit report and we were there.. they cut us a good deal, so I just blurted out YES!! I wanted the freakin' headache of trying to get new vehicles to be done and over with.

[LimpDisc]

Would it be fraud to purchase another van and surrender the other when you file bankruptcy?

Ask your attorney about that scenario.

[aces67]

So you bought a new van but you haven't filed yet right?

You need to speak with your attorney before you do anything else. How much did you finance on this van? What's so bad about it?

[coolmom04]

I haven't filed yet and am not filing until July. I had a 2006 van and traded it in on a 2010 and the total financed is $31K. They only want to give me $23K if I were to trade it in on a different 2010 van. The van I WANT and should have bought in the first place MSRP is $35K.

I basically traded in my 2006 van that I only owed 15K on for another van just like the one I had, but four years newer and with no miles (mine had 60K). And... I got all new warranty 7 year/100,000 miles bumper to bumper plus a lifetime power train warranty.. these were all reasons I decided to go ahead and get the 2010 that was just like the one i had. But, what I really wanted was the 2010 with more features - like the leather interior b/c it was much more comfortable. The cloth seats are more stiff and uncomfortable. The one I wanted also had a few other power options that the one I bought does not have.

The more I think about it, the more I realize that it's just buyers remorse and I will get over it. I have to. I loved my old van and I will grow to love this one, too. I think I just want to kick myself in the ass for not getting the damn van I wanted when it was only 4K more instead of listening to my husband who kept telling me he didn't think we could afford it.

But... as far as it being fraud, I thought it would seem fraudulent to have bought the van, then turn around and buy yet another van.. but keep the new one, then let the new one go. Cuz we also bought a new Car LOL

I had thought maybe we could buy another new van and then try to sell the one I have on my own... so if I owe $31K and sold it for $25/26, then I could pay that on the van I am selling, but I'd still owe the 6-7K. I thought I could keep paying on that amount. I hadn't realized I couldn't sell it/transfer the title until the entire lien was paid for.. so that won't work either.

Looks like me and my pretty new shiny van with 7 year/100,000 mile warranty have to become best friends

Thank you all for your advice

I will just have to add this to the list of lessons learned!

[nerves]

If you are wanting to trade up - have you tried to work something out with the dealership? They may work with you. Best of luck.

[Intoodeep80]

Im not passing judgment by any means, so please dont misinterpret this statement... but it sounds like you are filing bankruptcy in the near future and you are (currently) spending money like a Rockefeller!! In the grand scheme of things, many people would be happy with a van with crates as seats and you are discussing the difference between the 'stiff cloth' and leather. Not to mention you financed $31k.. I want to be 'bankrupt' like you! LOL

I would definately ask your bk lawyer about any big purchases like that. My Trustee asked me if I had bought/sold any vehicles in the past 12 months (and I did) and when I told her yes, she said "WHY? IF you are insolvent and filing for chapter 7 bankruptcy protection, than WHY are you out buying cars?!" I told her that my main vehicle (at the time) wasnt running and I couldnt afford to fix it. She let it go, but methinks it could've been a bigger issue if the Trustee wanted it to be...

[kvangild]

I am not sure if it is state or dealership related but I know the last vehicle I purchased I had 30 days to bring it back. There was a mileage cap and a few other restrictions but other than that I returned it with no problems.

[coolmom04]

oops

[coolmom04]

Thanks everyone for your help and advice. I'll just stick with the new van

[coolmom04]

[QUOTE=Intoodeep80;367164I would definately ask your bk lawyer about any big purchases like that. [/QUOTE]

My attorney is the one who told me to go ahead and get the new vehicles.

[coolmom04]

Im not passing judgment by any means, so please dont misinterpret this statement... but it sounds like you are filing bankruptcy in the near future and you are (currently) spending money like a Rockefeller!! In the grand scheme of things, many people would be happy with a van with crates as seats and you are discussing the difference between the 'stiff cloth' and leather. Not to mention you financed $31k.. I want to be 'bankrupt' like you! LOL

I would definately ask your bk lawyer about any big purchases like that. My Trustee asked me if I had bought/sold any vehicles in the past 12 months (and I did) and when I told her yes, she said "WHY? IF you are insolvent and filing for chapter 7 bankruptcy protection, than WHY are you out buying cars?!" I told her that my main vehicle (at the time) wasnt running and I couldnt afford to fix it. She let it go, but methinks it could've been a bigger issue if the Trustee wanted it to be...

If the trustee wants to make an issue of it, I guess we'll cross that road when we get there... but I am doing what the attorney told me to do, so I am not worried about it.

ETA: We were told to refinance the van we had b/c it was financed through a credit union where we also had a credit card. When we tried to refinance, everyone we spoke with wanted to finance it for 10% higher APR than it would have been for a new van. (12% vs 2%). So, we told the attorney and we were told to go ahead with the new van.