Purchase question

[toomuch]

Dh and I have not filed BK yet. We have been thinking about it since last September......when we were advised by an attorney to stop making all cc payments.

I recently was dx with cancer and started treatment yesterday. I have rented a car and will have to do so until I buy one. I have a cancer policy which will pay benefits around 10K. Since I know we are filing BK in another 6 months or so (I have to make sure the main medical bills are all in so I can list them), I want to buy a dependable used car.

I have 3K and found a good used 2003 Camry with 60k miles. I know I can't buy another car for many years......even if I could, I don't want to.

With a credit score of 514, is it possible to get a loan if I put down 3K? I could pay it off before filing, but would they take it from me?

Sorry, you gals and guys know I've been reading and posting here since last Christmas day. So I apologize for being so ignorant about this. I have information overload.

Our bk is going to be very complicated I think. DH makes good money but the cc debt we aquired over a period of years was when I was healthy and working also. I'll never make the money I used to and will be lucky to hold down any kind of job. So we do take full responsibility for the mess we are in.

Back to the subject. I looked at Capitol One Blank Check and read reviews that were horrible so I don't think I want to apply there.

Can someone explain in easy terms if I even have a chance to get a loan and even if I do, would I have too much positive equity if it's paid off before filing???

Thanks again,

Too much

[dscurlock]

Dh and I have not filed BK yet. We have been thinking about it since last September......when we were advised by an attorney to stop making all cc payments.

I recently was dx with cancer and started treatment yesterday. I have rented a car and will have to do so until I buy one. I have a cancer policy which will pay benefits around 10K. Since I know we are filing BK in another 6 months or so (I have to make sure the main medical bills are all in so I can list them), I want to buy a dependable used car.

I have 3K and found a good used 2003 Camry with 60k miles. I know I can't buy another car for many years......even if I could, I don't want to.

With a credit score of 514, is it possible to get a loan if I put down 3K? I could pay it off before filing, but would they take it from me?

Sorry, you gals and guys know I've been reading and posting here since last Christmas day. So I apologize for being so ignorant about this. I have information overload.

Our bk is going to be very complicated I think. DH makes good money but the cc debt we aquired over a period of years was when I was healthy and working also. I'll never make the money I used to and will be lucky to hold down any kind of job. So we do take full responsibility for the mess we are in.

Back to the subject. I looked at Capitol One Blank Check and read reviews that were horrible so I don't think I want to apply there.

Can someone explain in easy terms if I even have a chance to get a loan and even if I do, would I have too much positive equity if it's paid off before filing???

Thanks again,

Too much

you can buy anything with money, even with a credit score of 500, you just have to go car shopping, it may not be the payments you are looking for...there are always someone out there waiting to take your cash...although I would not start with $3,000, I would shop around a bit and ask dealers questions, and there are some dealers out there that deal with bad credit as long as you got money to put down, and they will only take your car if you do not want it anymore, which im sure you do...that is what BK protection is for.

how much is this 2003 car with 60,000 miles?? talk to some dealers and tell them your score and
ask them what it would take for them to get you into a car...some will probably say no, but you will
be surprised on what upfront money can do.

[Bandit]

I have 3K and found a good used 2003 Camry with 60k miles.

It is not so much if you can get a loan now or later (because you can get a loan now & later) as it is seeing what the exemption is for car/s in your state. If your state says you can have 3000 toward a car, then I would get a car around that price range. Reason being, I walked for 6 months through very hard weather trying to save for a car & BK can mess that up while going thru it. So from my experience of having no car I would not wait until after I file BK, plus there is no absolute guarantee on how long the BK will take to discharge.

I am not sure if you can buy a car during BK.?

If your state says you only get 700 toward a car, then I would reconsider how much I put towards a car & maybe wait unless you really want it before. If your state says you can have a car worth 10,000 then you can do that with no reprocussion.

I don't know much about credit scores because I have never had problems & never even looked at that for a loan before. I know I have never been denied any credit. I only wish I would have bought a house by now.

Here is an example. I paid 200 (hundred) for my truck & it is in good condition but only because i put money into it. My state says I only get 2000 exemption for a car. The KBB value rates 3k to 4K for my truck but I know it is not worth that much and selling outright I might get 2500 because I put nice rims on it and fixed it up.
With my exemption for a car & 4000 wild card, I know they will not take my 13 year old truck with 90,000 miles on it.
If I had a car that is worth 10,000 & paid off then they might want to take it away to pay some of my debts.

I understand your medical situation too. I am going thru my own problems there as well & have had to make some tough finacial decisions while going to Doctors & waiting. I would not just sit idle about it & do nothing, but do check out all your options & be rational.

Can someone explain in easy terms if I even have a chance to get a loan and even if I do, would I have too much positive equity if it's paid off before filing???

I do not know if that was easy enough terms & depending on how much the car is worth it is possible to have too much equity if you pay it off. There is also reafirming & ridethroughs & other things you can check into so you can keep paying on it afterward.

I think I have all that right, someone please double check if I have any errors.

[toomuch]

you can buy anything with money, even with a credit score of 500, you just have to go car shopping, it may not be the payments you are looking for...there are always someone out there waiting to take your cash...although I would not start with $3,000, I would shop around a bit and ask dealers questions, and there are some dealers out there that deal with bad credit as long as you got money to put down, and they will only take your car if you do not want it anymore, which im sure you do...that is what BK protection is for.

how much is this 2003 car with 60,000 miles?? talk to some dealers and tell them your score and
ask them what it would take for them to get you into a car...some will probably say no, but you will
be surprised on what upfront money can do.

The camry is reduced to 11,995. I looked up the KBB value and for retail, it would go for 13+K.

I travel alone a lot to visit my Mom, 6 hours away, who was dx with brain cancer in January. My dd lives 5 hours away and my ds lives 8 hours away. I'm afraid to buy a car too old that will constantly need work or break down. I'm not trying to *have it all*, just want the best bang for the buck and this camry is a great deal....nice car.

Thanks for your input,

Too Much

[toomuch]

It is not so much if you can get a loan now or later (because you can get a loan now & later) as it is seeing what the exemption is for car/s in your state. If your state says you can have 3000 toward a car, then I would get a car around that price range. Reason being, I walked for 6 months through very hard weather trying to save for a car & BK can mess that up while going thru it. So from my experience of having no car I would not wait until after I file BK, plus there is no absolute guarantee on how long the BK will take to discharge.

I am not sure if you can buy a car during BK.?

If your state says you only get 700 toward a car, then I would reconsider how much I put towards a car & maybe wait unless you really want it before. If your state says you can have a car worth 10,000 then you can do that with no reprocussion.

I don't know much about credit scores because I have never had problems & never even looked at that for a loan before. I know I have never been denied any credit. I only wish I would have bought a house by now.

Here is an example. I paid 200 (hundred) for my truck & it is in good condition but only because i put money into it. My state says I only get 2000 exemption for a car. The KBB value rates 3k to 4K for my truck but I know it is not worth that much and selling outright I might get 2500 because I put nice rims on it and fixed it up.
With my exemption for a car & 4000 wild card, I know they will not take my 13 year old truck with 90,000 miles on it.
If I had a car that is worth 10,000 & paid off then they might want to take it away to pay some of my debts.

I understand your medical situation too. I am going thru my own problems there as well & have had to make some tough finacial decisions while going to Doctors & waiting. I would not just sit idle about it & do nothing, but do check out all your options & be rational.



I do not know if that was easy enough terms & depending on how much the car is worth it is possible to have too much equity if you pay it off. There is also reafirming & ridethroughs & other things you can check into so you can keep paying on it afterward.

I think I have all that right, someone please double check if I have any errors.

I'll look up car exemption for Ga. I don't know what ridethroughs are or reafirming. I think I know a little about reaffirming. DH has a Ford truck that he is upsidedown on about 4K and payments of 545.00 a month. It's killing us. I let my suv go back in June. I've been borrowing his truck when I need too, but now with rad treatments 5 days a week for 6 weeks and then trips to see Mom and children, I really need my own car.

We are late on the truck every month because we can't afford it but have to have transportation. He will have had it 2 years in April but I'm reading that we have to have it 2.5 to reaffirm....which I need to look that up too.

Thanks for your help and advice. Our lives are out of control and to make it even worse, 3 of my cats that I've had 6 - 13 yrs had to be put to sleep Monday due to liver failure. You'd have to be an animal lover to understand the grieving I'm going through.

It could always be worse though. I have a pulse and I am thankful for that!!

Too Much

[Bandit]

The camry is reduced to 11,995. I looked up the KBB value and for retail, it would go for 13+K.

I travel alone a lot to visit my Mom, 6 hours away, who was dx with brain cancer in January. My dd lives 5 hours away and my ds lives 8 hours away. I'm afraid to buy a car too old that will constantly need work or break down. I'm not trying to *have it all*, just want the best bang for the buck and this camry is a great deal....nice car.

Thanks for your input,

Too Much

I don't see where are trying to have it all. It is just very important that you can be with family.
They might take into consideration your own travels for your own medical needs & drive time for work, but do you think the law will take into consideration travel that much to visit family & family who also has medical needs? They wont be looking at your vehicle the same way you are. My mom is 9 hours away but I already know that can't play any part in my BK & how much I wish I could see her often.

I'll look up car exemption for Ga. I don't know what ridethroughs are or reafirming. I think I know a little about reaffirming. DH has a Ford truck that he is upsidedown on about 4K and payments of 545.00 a month. It's killing us. I let my suv go back in June. I've been borrowing his truck when I need too, but now with rad treatments 5 days a week for 6 weeks and then trips to see Mom and children, I really need my own car.

We are late on the truck every month because we can't afford it but have to have transportation. He will have had it 2 years in April but I'm reading that we have to have it 2.5 to reaffirm....which I need to look that up too.

Thanks for your help and advice. Our lives are out of control and to make it even worse, 3 of my cats that I've had 6 - 13 yrs had to be put to sleep Monday due to liver failure. You'd have to be an animal lover to understand the grieving I'm going through.

It could always be worse though. I have a pulse and I am thankful for that!!

Too Much

My life will be very so very out of control by spring of next year. I have 3 dogs, 4 birds, a bunny & an iguana. I have lost a lot of pets over the years, that is not easy to let them go. Very difficult times.
I am not sure how that will go with two vehicles But am anxious to find out.
Remember some states let you double the exemption if married filing together which might help you to keep both cars.

http://www.abanet.org/buslaw/blt/8-1debt.html

That site explains ride & reafirm the pros & cons with valid questions. Kind of complicated but if you read it enough it might make sense & might be an option for you.

I hope you can make it thru all those weeks of treatments. Someone at work did that & she had to stop after the first four because her foot became so swollen. I feel bad for all that, I really really do. I went to visit her twice & brought her flowers, even when I could not hardly think after my own surgery. It was kind of funny though because she could not walk at all & I had to mumble everything through wired jaws.
Talk about a foot to mouth visit. That was it.

I am glad I have a pulse too, most days I am thankful & try not to take things for granted.
Nice to meet you, too much, & Best Wishes on your car.