We are upside down on our car and the car is starting to get really high miles over 110k. Should we buy a new car before our credit gets bad (still good right now)? Does it make sense to do this since we are upside down to trade it in for a new one (used, modest). Would that look bad? Will it even make a difference if we buy one now or after? We are planning on filing in about 6-8 months. We really need a reliable car. I don't think that reaffirming or ride through is an option since the loan is with a credit union that we have a personal loan with that we want discharged.
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60K in debt??
Ch 7
No Mortgage No assets -
We bought a new car in December and filed Monday.
Otherwise who knows what kind of interest you will be paying.Attorney Retained/Paid: 1-4-10
Online CCC-Completed & Cert Received: 1-8-10
Filed Chapter 7 1-18-10.
341 3-10-10 ~~~ Last Day to Object: 5-10-10 -
Was your credit still good? we are current on everything but maaaxxxed out completely.Originally posted by Faust View Post60K in debt??
Ch 7
No Mortgage No assetsComment
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Here's what I did and It worked out well so far. Before my credit crashed I bought a new car. No trade. Got a great deal and great interest rate. Then I drove the old car until it was getting close to repo time, about 2 mos. I left the new car sit. Stopped paying on the old car. Never missed a payment on the new one. They have now repo'd the old one. No longer upside down and will get rid of the now unsecured debt in the bankruptcy.Comment
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how long is repo time usually?60K in debt??
Ch 7
No Mortgage No assetsComment
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never mind, 2 months60K in debt??
Ch 7
No Mortgage No assetsComment
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i wonder if i can just drop off the old car at the bank.60K in debt??
Ch 7
No Mortgage No assetsComment
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Sure you can do this.Originally posted by creditgone View PostWell, I did. Every one of 'em. Mostly I remember the last one. The wild finish. A guy standing on a station platform in the rain with a comical look in his face because his insides have been kicked out. -RickComment
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I had financed through honda and they said I could drop it off at any dealer. But I drove it until the repo man called and then I we set up an appt and I handed him the keys. Byebye clunker.Comment
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maybe i will just do that. I am just worried that they will see that we purchased a new car and then just stopped paying on the old one. do you think that will raise any red flags.60K in debt??
Ch 7
No Mortgage No assetsComment
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I would buy before you file BK. We purchased a used 2008 Escape 4 months prior to filing. Our credit wasn't completely shot at the time and we got a reasonable 10.44% interest rate.Stopped Payings CC's: 8/14/2009 | Retained Attorney: 9/23/2009 | Filed CH 7: 12/7/2009 | 341 Meeting: 1/21/2010 - Complete | Discharged: 4/9/2010
"One person pretends to be rich, yet has nothing; another pretends to be poor, yet has great wealth."Comment
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I thought so too but my attorney said it was ok. I haven't filed BK yet and won't until the house forecloses or I am pushed into it. Then I'll find out. But I'm now unemployed so what more can they do to me?Comment
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thanks so much for the input justpoor and everyone else. keep us posted on how you make out.
60K in debt??
Ch 7
No Mortgage No assetsComment
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We bought a 2008 Pontiac in September. Still some remaining warranty left--much more reliable than my husbands 1997 truck that we sold.
We were still current--but maxed out--on everything. We went to our CU and got financed at 3.4%. I am *quite* sure we would not have gotten that deal AFTER filing.
Our other car is a 2003 Dodge Caravan--and will just have to do. LOL. My husband is mechanically handy--but buying parts for TWO cars was getting expensive. So now we'll only have to worry about one.
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Oh, Creditgone I forgot to mention. My attorney said that the new car payment should be less than the old car payment. That way it lowered my monthly expenses. That's why he didn't feel the trustee would have a problem with forgoing the old car.Comment
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