Should we buy the SUV??

[Foofy610]

Amazingly enough, we were approved for financing of a 2007 GMC Yukon. Earlier today, our attorney's paralegal recommended we buy a car to lower our DMI on the means test. She also said if we finalize the purchase tomorrow, we can still sign our paperwork on August 23rd as planned.

We're afraid the trustee will have a problem with this!! Do you think our fears are justified? Or should we take the paralegal's advice? She did mention that she spoke with our attorney first.

[AngelinaCatHub]

Your paralegal has no bar license. I would speak directly to the lawyer. I think at this time you could get a good used car, a beater if you may, and pay two car payments and own the thing. What's the hurry, you have the same chance after your bk to do what you wish as you have now. Why take any chance? 'Hub

[momofthree]

Will the payment be below the IRS standard of $496/mo? If yes, then it should be fine. Keep in mind, this could also increase your insurance/gas/tags expenses, so be sure you include all of that in your expense list as well.

[jeep75]

I agree with momofthree, as long as it is below $496/mo it will be no issue. It has been done again and again right before filing.

[btbeme]

Be very careful with a filing so soon after a purchase of a vehicle. If the paperwork is slow in clearing the Department of Motor Vehicles, the lien on the vehicle may not be "perfected" and the vehicle would be fair game for the Trustee.

[Foofy610]

Thanks for the advice everyone!! Our payment will be $492 monthly.

Momofthree... Thanks for reminding me about the added expenses!!

[dspii]

No way........buy something that gets "great" gas milage......$3 a gallon is here to stay

[karm43]

Is that a gas guzzler?

[Foofy610]

The Yukon is a gas hog. But I'm 6'4", 395 lbs. I don't fit in many vehicles!!

I spoke directly with my attorney yesterday, and she recommended it. We've very pleased because my 2000 Grand Prix was losing steam.

[dneil]

Dexcool is not good!!!

I had a Yukon.... and the gas was killing me. Almost 100 dollars to fill and that would be gone in less than a week. So we were paying over 400 dollars a month in just gas alone. Also, be aware that Yukon's (most of the GMC) have dexcool which is corrosive to the gaskets. Most will need the intake done... have a mechanic look at it... my husband is a mechanic and we used to own a shop. I am not kidding, anything with dexcool.... that is older..... don't buy unless it has had the intake done and switched over to the regular coolant. You can tell if it is dexcool because it is a pinkish color.

Please check out this link about GMC/CHEVY and DEXCOOL:

http://www.consumeraffairs.com/automotive/gm_dexcool.html

[dneil]

OH! and if you do buy it, DO NOT switch the dexcool or you will risk having a leak that you did not have. Now if one was to buy a newer gmc/chevy.... I would get rid of the dexcool immediately, have a good flush done, and refill with our traditional coolant. Sometimes switching to prevent this late in the game will actually cause a leak. Just an FYI