Buying a vehicle

[brank]

I want to buy a vehicle of around $10,000. I would pay with a certified check (no loan). My current vehicle is worth about $3,500. I have about $40K of CC debt. I haven't made a CC payment in over 40 months. I am living somewhat under the radar and I do not get mail from any of my creditors or collection agencies. Eventually the statute of limitations will kick in. I don't want to spend too much money on a vehicle and somehow tip them off that they should try harder to find me. QUESTION: Does the amount I pay for a vehicle affect the likelihood that they will find me?

[bcohen]

If you have "about $40k in credit card debt", an amount which will surely grow as time progresses and late fees and interest are added, someone will surely come after you if they haven't already. If you have moved a lot, and dodged your creditors' communications attempts, you may have already been sued and have a judgment outstanding. In most states, you have a judgment exemption to protect your equity in a motor vehicle, typically this exemption is for $1000 to $3000, and will not protect a $10000 car from being seized and sold to pay towards a judgment.

You are not safe until the statute of limitations has run, and you have verified through county court records that no lawsuits have been filed. Even then, a creditor (or junk debt buyer) could sue, and it would be up to you to file a timely answer and raise the SOL defense.

[brank]

Thanks

[TXskyblue]

I don't think your creditors would know about the car at all, nonetheless the amount you paid, if you don't have a loan.

Have you pulled your creditreports to see if you have a judgement?

[leonel9]

Your creditors might be tipped off to where you live if the dealership pulls your credit, and your creditors can determine from the inquiry where the dealership is, and then locate where you are. Aside from whether or not they can find you, if you do end up filing bankruptcy, you will have the concern about owning an asset. If the amount your vehicle is worth exceeds the amount the state/federal exemption allows for, then you may have a (partially) unexempt asset.

So the questions really are: Have you checked your credit report to see if you have already been sued?
What is the chance you will be filing for bankruptcy?