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Upside down with car loan

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    Upside down with car loan

    I have a 2005 PT cruiser (I know I'm not sure why I got it) that is worth about $4500 right now and I still owe about $8500 on it. I am planning on giving it back and not reaffirming the loan when I file chapter 7 in July because the payments are $400 per month.

    I also have a 1997 plymouth voyager van that I love because it is so roomy and nice for me and my 2 children under 2. I own it outright. It has 186,000 miles on it and right now the transmission is slipping.

    I have no clue what I should do. Get rid of the PT cruiser and put a new transmission in the van ($1500-$2000). But with 186,000 miles on the van, I'm not sure it's worth trying to put a new transmission in it. I thought about trying to sell the van before I file on craigslist and then go buy another vehicle at an auction. My friend knows a person that is a dealer that will let you pick out and buy vehicles at the auction and all you have to do is pay him $200 for letting you do it.

    #2
    I'd surrender the PT and replace the van. You need something reliable for the time being. The auction sounds like a good idea.
    attorney consult and decided to file, 02/15/2010
    no-asset Chapter 7 filed, 03/11/2010
    341, 05/10/2010
    discharged, 07/13/2010

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      #3
      MG definitely do no spend on a new tranny. You can get another roomy, clean van that's in good working order, certified by a mechanic and/or dealer, for not too much more.

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