? on Trustee taking your vehicle because of equity

[despritfreya]

So the blue book that I was told the trustee would look at is 18,700. but was told on line by a few car places that purchase vehicles that they would probably offer 15,500 because it had been in a accident and has a few dents and scratches in it.
would it make a difference if I got less than what they look at?

A dealership or someplace that deals in purchasing autos, by definition, is going to give you less than if you sell it privately - say through the Auto Trader. Remember, that type of buyer is going to flip the vehicle to make a profit. So long as the transaction is "arms length" you will be fine.

Des.

[cin6004]

Let me just make sure I am correct on all of this. I can sell my truck, go put money down on anther one (just not more than $5000 in equity) spend the rest on electric, water, phone, food, taking my kids to the eye doctor. and I will be ok on it all.

[momofthree]

Let me just make sure I am correct on all of this. I can sell my truck, go put money down on anther one (just not more than $5000 in equity) spend the rest on electric, water, phone, food, taking my kids to the eye doctor. and I will be ok on it all.

Correct. Pay a year's worth of auto insurance while you're at it too.

[cin6004]

Went to carmax today, they offered me 16,500 for my truck. Think I am going to take it.
I want to make sure I don't have more than 5000 in equity in the vehicle I purchase. Any one know how they figure it? someone told me to take Kelly blue book private party value and subtract 5000 and that is how much. any one know if that is correct.
Also my attorney told me I could pay 6 months of electric, water, phone, car insurance and 6 months of food. Any one know if there is any thing else?
Thank you everyone for all your help

[Peeps]

Good for you, Cin!

You could also get visits to doctors & dentists out of the way. Any necessary home maintenance you've been meaning to do (unless you're renting, of course)? You could stock up on TP, personal care items, canned goods, etc. Avoid any luxury items... no big screen TVs. I made sure to get the dog into the vet for all of her necessary stuff and then stocked up on enough dog food to feed an army of dogs (right, like the trustee knew or cared). It's hard to shift one's brain into spend-mode after being so careful for so long, but trust me... it's kind of fun for a month or two once you get the hang of it. Best of luck.

[discouraged]

Peeps - that is so very true! I feel guilty because I'm finally buying clothes at the thrift stores! That is another item my attorney mentioned, clothes. I'd been so frugal for so long, a lot of things were pretty well worn out.

Also, if you are getting a 'pre-used' vehicle, make sure the tires and battery are up to snuff - otherwise, include them in your spending.

That's about all I can think of except, include coffee, tea, and beverages should be included in your food shopping. Those things are pricey so you may as well get them now.

[cin6004]

Feeling so dumb. I think I really messed this one up. I don't know that much about car buying. my ex use to do it all. Any ways went to the dealership that was suppose to give me a check for my truck than see about getting me financed for another.
They told me no one will finance me with cash down with my credit because it basically screams that I am ready to file BK.
But they said they could go another way that would work (they had done it many of times) they lowered the cost of the truck, but only gave me a small amount for my trade. it looks like I have less than the $5000 in equity but The whole thing about showing such a small amount for my trade