Does anyone know what vehicle value/payment a trustee will agree is reasonable? I currently have a $26,000 minivan (2011 Odyssey) that I owe 26,000 on and pay $380 a month on. It is currently our only vehicle and I can't talk my wife into giving it up for an old one. However, I need to add a second vehicle. If I add a 2014 Honda Accord LX or sport with a total loan of $22,000 or less and a total payment of $270 or less, would the trustee view that as an unreasonable vehicle? Is reasonableness subjective?
It gives me a bit of heartburn to be honest. Since I have student loans, CH7 will only wipe out only $28,600 of unsecured debt. Getting rid of those credit card payments would allow me to pay for the car and everything else we need with at least $150 to savings before my wife's income vs being $500 short and not filing. She is still looking for a job at the moment, but she's been out of the workforce for 10 years as a stay at home mom so it is more difficult. I really want a car that has modern mpg (35+mpg), modern crash safety, will last me 20 years or so, and will protect idiot teen drivers 7 years from now if I let them borrow it. Well, what I really want is a car with crash avoidance features...but that's so expensive it is off the table. The things I want are hard to find in a midsize vehicle older than 2011...and a payment on a 2011 is about the same as a new one if I extend the terms, but then I risk getting upside down again. I think the minimum loan I can get is $10,000 on a car, which would be pretty cheap. I'm just not going to be in a position to handle surprise repairs for a few years especially after my wife's $1,200 in dental work (crowns) and probably $650 for new tires and brake fluid change on the van this fall.
I guess even a less safe car is still safer than my bike... I was originally planning on buying a leaf for 14k and uber low operating cost before the crash test dummy smashed it's head on the dash and died after missing the airbag. ha.
It gives me a bit of heartburn to be honest. Since I have student loans, CH7 will only wipe out only $28,600 of unsecured debt. Getting rid of those credit card payments would allow me to pay for the car and everything else we need with at least $150 to savings before my wife's income vs being $500 short and not filing. She is still looking for a job at the moment, but she's been out of the workforce for 10 years as a stay at home mom so it is more difficult. I really want a car that has modern mpg (35+mpg), modern crash safety, will last me 20 years or so, and will protect idiot teen drivers 7 years from now if I let them borrow it. Well, what I really want is a car with crash avoidance features...but that's so expensive it is off the table. The things I want are hard to find in a midsize vehicle older than 2011...and a payment on a 2011 is about the same as a new one if I extend the terms, but then I risk getting upside down again. I think the minimum loan I can get is $10,000 on a car, which would be pretty cheap. I'm just not going to be in a position to handle surprise repairs for a few years especially after my wife's $1,200 in dental work (crowns) and probably $650 for new tires and brake fluid change on the van this fall.
I guess even a less safe car is still safer than my bike... I was originally planning on buying a leaf for 14k and uber low operating cost before the crash test dummy smashed it's head on the dash and died after missing the airbag. ha.
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