Buying Vehicles.. so stressed!

[coolmom04]

I am hoping someone can help me. I have asked a few different ?s regarding trading in our vehicles for new ones, but I am so stressed! Here is our situation:

We have a car that we own outright and is work about $2K trade-in and a van that we are apparently 1,500K upside down on.

We have to refinance the van as it is financed through a credit union where we also have a cc. We decided to trade in the car for a new car (a 2010 Accord base model) and planned to refinance the van, but realized that the APR to refinance the van is much higher than we expected. We decided to go ahead and trade it in on a new 2010 Odyssey EX van or a used 2008 Odyssey EX-L with low miles b/c we can get a much lower apr and hey.. it's a new(er) van!

So, our vehicle payments will be within the "allowed" payments. We still aren't sure if we are filing 7 or 13 b/c we haven't had the next meeting with our attorney where we go through the scenario. We are not filing until June.

It just seems like somehow we are going to get screwed. Someone is goingto say, "Wait a minute! you bought two new vehicles 7 months ago? WTF! That is NOT okay.. BK dismissed!"

Am I being ridiculous? We HAVE to have all this done by Thursday!! Ugh!! We have the ball rolling for the Accord, but not the van.

[zpbk13]

If it is any consolation, my husband and I bought a brand new 2009 vehicle (1.9% financing) a few months before we filed and it was never questioned. All we had to worry about was that the payment was reasonable. I do wish I would have thought out the purchase a little bit more because I really did not want a sedan but hey, we have a brand new reliable car and the payments are affordable and we did not reaffirm so if we need to walk away from it in the future that will be our prerogative. I hope this helps you out in your decision.

[coolmom04]

If it is any consolation, my husband and I bought a brand new 2009 vehicle (1.9% financing) a few months before we filed and it was never questioned. All we had to worry about was that the payment was reasonable. I do wish I would have thought out the purchase a little bit more because I really did not want a sedan but hey, we have a brand new reliable car and the payments are affordable and we did not reaffirm so if we need to walk away from it in the future that will be our prerogative. I hope this helps you out in your decision.

THANK YOU THANK YOU THANK YOU!!! That's exactly what I needed to hear

[Bell30656]

On the advice of my bankruptcy attorney I purchased a new car six months before filing bankruptcy. Actually it went sort of like this: <Attorney> While we are waiting for the income average to come down, you need to buy a more reliable car. <Me> More reliable? Mine is paid for. <Attorney> Yes, I'd say about $400 a month more reliable.

[LimpDisc]

Bought a used 2008 Ford Escape 8/18/09 and filed our petition 12/7/09. We asked about replacing the other car too and the attorney said no problem. That attorney had been a trustee in Colorado for 15 years. Surely he knew what he was talking about. We didn't replace the second car, but we would have been comfortable doing so on his advice.