Need Advice on Vehicle

[nioka]

I plan to file chapter 7 in the near future. For now I am two months behind in my mortgage and one month on my CC's.

I have read many suggestions one that recommended taking care of transportation issues. I thought I was OK but needless to say things change and so did that.

I am very seriously considering buying a travel trailer after my discharge instead of usual housing. My current vehicle will not tow a travel trailer. I was hoping I could trade my 2005 Ford Escape for a 2005, or there about, Ford F150 with little cash. The car values for both vehicles would be exempt here in TN. I like this idea if I can find a deal because of no payments.

I also thought about financing a vehicle but I am not sure how that would fly with the bankruptcy.

Thanks in advance for your advice.

[keepsmiling]

You are definitely allowed and if fact, often encouraged to finance a vehicle before filing. Doing it before your credit is completely tanked is useful. It also may keep you from winding up in a 13. Just be sure the payment fits within the guidelines... usually somewhere under 500 a month. Assuming you could handle the payment of course!

[nioka]

Keepsmiling,

Thanks for the post.

I contacted a dealer about used vehicle I was interested in. He took my credit information and we had a general discussion about the vehicle. All was going well and I received an email where the salesman stated 4% on the loan. Next email said the vehicle was sold, sorry. I thought this odd as it was "0" degrees here yesterday. Possibly I waited too long before looking into getting another vehicle.

[keepsmiling]

We went to buy a car yesterday and they jacked up the price by 40%! I hate car salespeople (no offense to any on this board lol) Don't give up tho, there is something else out there. Good luck to both of us

[nioka]

Keepsmiling,

You are so right about car salespersons.

Many years ago my son got a job as a car salesman. He was excited over the prospects of earning a large income. Six months later he quit. He told me I could not believe what they expected him to do. He said he was required to sell no matter what. He cited a young couple who wanted a top shelf car but when he looked at their finances he knew they could not afford it but his manager told him to finish the sale. He did and months later the couple was back pleading for them to take the car back.
He said this was a repeat performance and he could not take any more. He quit.

Is it any wonder why people get into financial trouble?