New car before or after

[mtbc]

Right. You intended to pay the entire loan when you first got the old car, after all. I don't immediately see a problem with this plan.

[creditgone]

uh oh. i don't think thats happening. we bought the car with high miles which is why it was cheap. our car payment is $250/month. 7.5 % interest. I wanted to get a nice car around $15k max to last us a few years. Do you think it makes more sense to refinance it through another company to get it out of the CU's hands and just ride it through. I cannot be without a car for even a day. I have school and I can't miss days at all.

[Faust]

Was your credit still good? we are current on everything but maaaxxxed out completely.

We had never been late on anything but we were pretty maxed out too. We got a 72mo loan throught Capital One Auto Blank Check for 8.24%.

[creditgone]

does anyone know what a reasonable price would be for a car?

[creditgone]

We had never been late on anything but we were pretty maxed out too. We got a 72mo loan throught Capital One Auto Blank Check for 8.24%.

I am trying to save Cap One for after BK to rebuild. i think they are one of the only ones we don't have a card with. lol.

[Faust]

does anyone know what a reasonable price would be for a car?

Your monthly payment should not be more than $489.00 no matter what kind of car it is. For bk purposes that is.

[keepinitreal]

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.

I'm so glad you asked this. I am in EXACTLY the same situation. Nice to know I'm not alone.

[JEM]

does anyone know what a reasonable price would be for a car?

Our payment is $250/mo. I would think if you found a car for $20K-ish, you would be ok.

I think once you start getting into the $30K+ range, it looks more like a luxury car purchase. ??????

[creditgone]

Your monthly payment should not be more than $489.00 no matter what kind of car it is. For bk purposes that is.

Whoa! Holy schmollies! $489/month. I was thinking more like 250-300 and I think even that is expensive.

[coolmom04]

Your monthly payment should not be more than $489.00 no matter what kind of car it is. For bk purposes that is.

What happens if it is more?

[OhioFiler]

What happens if it is more?

Nothing except it exceeds the IRS standard used on the Means Test.