Car question about BK

[TBLTZ]

I was wondering if I can do this possibly.

I have my own car I will reaffirm. My wife has a car we are about 5k underwater in.

We just had baby and I would like an SUV. If I buy a used SUV with a lower payment than the current car.(Credit and income are good just to much cc debit. They should give me the suv.)

When I file BK. Can I keep the SUV and let the car get repoed?

Anyone done this before. Plus it will be a cheaper car payment for us.

Thanks

[JRScott]

Yes such deals are not uncommon in bk.

[TBLTZ]

I was wondering if I can do this possibly.

I have my own car I will reaffirm. My wife has a car we are about 5k underwater in.

We just had baby and I would like an SUV. If I buy a used SUV with a lower payment than the current car.(Credit and income are good just to much cc debit. They should give me the suv.)

When I file BK. Can I keep the SUV and let the car get repoed?

Anyone done this before. Plus it will be a cheaper car payment for us.

Thanks

after reading this it think its a little confusing.

I would like to replace my wifes car with an SUV. So I would be making 3 car payments for about a month. Then I will file BK. Then I can just let them repo the car and I can keep the SUV correct? Then I would be back down to two cars.

Sorry for the confusion.

[downsized]

sounds to me like you have a good plan. We were able to choose which car we wanted to keep and which one we would surrender.

[TBLTZ]

one more questions as i go though this.

Do I need to wait the 60- 90 days before I file so they dont complain about buying the car?

[keepmine]

Since this is secured debt with a reasonable payment, it'll create no issues.
In fact, the second you have the SUV-stop making payments on the car you will give up in bk. Treat it like a credit card debt and stop paying all debt you wish to discharge.

[2manybills]

Car question about BK

Hi All!

I have been lurking around these boards for the last several weeks and this is my first post. Everyone on these boards have been so helpful and I really appreciate it.

I am in Southern California. Under some good advice, I am surrendering my leased vehicle and bought a new car with a $50 a month less car payment. I have called the leasing company and told them to pick it up. I was told by my attorney that the most important issue would be to make sure that the payment was less than the car you are surrendering.

[TBLTZ]

Hi All!

I have been lurking around these boards for the last several weeks and this is my first post. Everyone on these boards have been so helpful and I really appreciate it.

I am in Southern California. Under some good advice, I am surrendering my leased vehicle and bought a new car with a $50 a month less car payment. I have called the leasing company and told them to pick it up. I was told by my attorney that the most important issue would be to make sure that the payment was less than the car you are surrendering.

2manybills,

Were you paying for two cars at once? did the loan company ask about the current car you have when you went for a new one?

Also what did the leasing company say when you told them to pick it up? do you have to keep insurance on that car till they do pick it up?

[2manybills]

Actually I made the last payment on the lease for the May payment. The leasing company didn't say anything except that - do you understand that this will reflect on your credit report as a repossession and you will be responsible for the deficiency balance.

I have kept the insurance on the car. It was with Toyota Motor Credit. They told me that they pick the car up and will call me for pick up.

I have made 2 payments on the new car. During one of my travels on this site, I found a form to use when you surrender the car. My attorney says you definitely want them to sign that they have the car. Then you can remove insurance.