I'm not sure where to post this so I'll start here.
My stepfather cosigned for me to buy a car in October 07. I wasn't thinking at the time that when I filed BK that it would affect his credit also. So, I can't file until I pay the car off. It's a 2005 Camry with almost 80K miles on it and I owe 12,228 to pay it off.
I have had it in the auto trader and craigs list for quite a while....trying to sell it and buy a lesser vehicle. Even below KBB value, I'm not getting any bites.
Yesterday, I saw a 2000 Camry for 4500.00 and I bought it. It has 150K miles on it. I put it in the shop and paid 344.00 to have a new timing belt, wheel bearing and a couple of belts replaced. Did a carmax check and no problems there.
My plan is to still sell the newer 05 camry, even if I take a loss on it so I can go ahead and file BK. Hubby filed a few weeks ago and his 341 meeting is Friday. I can't file until I sell this car.
I am short 2K to pay off the car and then we are flat busted. No savings of any kind. That's why I jumped on this older camry with high miles. If I can sell the 05, I will have a little bit left over to help prepare for the next 5 lean years.
Just wondering how many drive cars with high mileage and your thoughts on my plan. My Mom just had a second brain surgery and it doesn't look good this time so I will definitely be making as many 6 hour trips to see her as possible. They only give her 6 months and that's stretching it.
I guess I could rent a compact car. Just not sure what to do.
Thanks in advance for your input.
Toomuch
My stepfather cosigned for me to buy a car in October 07. I wasn't thinking at the time that when I filed BK that it would affect his credit also. So, I can't file until I pay the car off. It's a 2005 Camry with almost 80K miles on it and I owe 12,228 to pay it off.
I have had it in the auto trader and craigs list for quite a while....trying to sell it and buy a lesser vehicle. Even below KBB value, I'm not getting any bites.
Yesterday, I saw a 2000 Camry for 4500.00 and I bought it. It has 150K miles on it. I put it in the shop and paid 344.00 to have a new timing belt, wheel bearing and a couple of belts replaced. Did a carmax check and no problems there.
My plan is to still sell the newer 05 camry, even if I take a loss on it so I can go ahead and file BK. Hubby filed a few weeks ago and his 341 meeting is Friday. I can't file until I sell this car.
I am short 2K to pay off the car and then we are flat busted. No savings of any kind. That's why I jumped on this older camry with high miles. If I can sell the 05, I will have a little bit left over to help prepare for the next 5 lean years.
Just wondering how many drive cars with high mileage and your thoughts on my plan. My Mom just had a second brain surgery and it doesn't look good this time so I will definitely be making as many 6 hour trips to see her as possible. They only give her 6 months and that's stretching it.
I guess I could rent a compact car. Just not sure what to do.
Thanks in advance for your input.
Toomuch
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