New Car? Timeline

We are in day 48 of our bk...and will need to buy a new car shortly. On the advice of our attorney we are surrendering our current vehicle. We have saved some money down to purchase a new car, but when is an ideal time frame to do this? Are we looking at another 6 months? Just curious?

Why buy new? You lose about 1/4 value the minute you sign the contract as the car is now used. There are many nice cars out there. My choice is a Jetta TDI as I get 40 miles per gallon and diesel at this time is not going up in price but gas is.

I would check other sources for a distressed sale and get a like new or two year old single owner car. Believe me, there is nothing wrong with use. We purchased a 93 pontiac grand am at auction four years ago. Put $200 into it and it runs perfect. Just put a brake job on it and the parts cost less than $100 bucks but I did the work myself. Consider used, start practicing you "New Start". 'Hub

Sorry...When I say new car...I mean new to me. I have only owned one "new" car and it wasn't worth it and now I'm surrendering it beause I am 7000 upside down. We are looking at a decent used vehicle that will accomidate 3 kids.

Makes me feel good to be wrong this time. Great. I came across a 1989 Chrysler New Yorker, with everything working, and 80K on it for $1500. It was a cherry and I gave it to my god-daughter and she wrecked it in six months. Another story but the car was sweet. 'Hub

I'm sure we will find somethign that will work for us. We will need something with good mileage seeing is that it will be our primary transportation and both hubs and I work 45 minutes away from our house. But we will need to finance....that's where I get worried

Your in day 48 of your Bankruptcy and you still have the car that you havent surrender yet? Has the creditor contacted you yet?

No they haven't...I ended having to call them ealier this month to see if they knew that they needed to get the car and they said they would contact me within 30-45 days?? It's been quite some time. I guess we just wait?

Mind if I ask you what financial insitution is financing the vehicle?

Citi Financial Auto

Thanks

When I called they didn't seem too much in a hurry to get this car. If I wasn't so upside down I would have kept it and orginally was going to until the advice of our lawyer said to dump it. Now I'm a little stressed about getting another car....will we really get financed??

I am in the same boat, I just filed on monday. My lawyer told me to surrender my vehicle also and I am just trying to figure out how many days I have before Wachovia comes and takes the vehicle. I owe about 17.5k and its worth is about 10k or less. I took the advice from my lawyer to stop paying it and so far its been not even a month yet. I hope to keep it at least 60 days.

Me too...I owe 16 something and it's worth 8. I filed in October and they still haven't bothered. I'm secretly hoping they will just give up and I can keep the car....silly I know. Wishful thinking. Good luck, I finally asked my attorney what I should do and he said to contact them, and that was the beginning of January.

Did any of you have luck getting financed? My discharge date is around 6/13. Letting the car go back, now need something to finance.

With a pre filing credit score of approx 450 (likely higher than my current score), I think it's HIGHLY unlikely you will be able to obtain reasonable post bk financing. I have been in the car business for 15 years and finance for the last 10.

If I were you I would look at it as a blessing in disguise. I think that making payments on a car is way overrated... I just bought a car cash... my wife said it's the first car we've owned since we've been married with no payments... I had to think about it for several minutes - I thought there must have been some vehicle that we have bought cash or at least paid off. We have owned many many many cars in our 15+ years together - never owned one free and clear before!

I think that the situation may force you to conform to a higher standard of financial living (ie. debt free, other than your home) instead of conforming to the 'norm,' of financing a vehicle...

I know you are worried as are we. We still have our vehicle though and they want us to keep it but haven't signed anything and we were discharged a month ago and haven't made a payment since November. We owed 18 on it they will give it to us for 9. We did get approved at 4 different places for a vehicle, only thing is we need a truck and a down payment. We could get a car for no down payment but that won't help us. We had credit scores of 760 before we filed. After our discharge we were at 630. They don't care if you have a bk on file. All you can do is try or try to negotiate keeping your current vehicle at a lower price.

We ended up getting approved for a loan in April thourgh Drive Financial. Interest rate sucks ass but we can refi after awhile.

I am in the same boat, I just filed on monday. My lawyer told me to surrender my vehicle also and I am just trying to figure out how many days I have before Wachovia comes and takes the vehicle. I owe about 17.5k and its worth is about 10k or less. I took the advice from my lawyer to stop paying it and so far its been not even a month yet. I hope to keep it at least 60 days.

It is my understanding that since the new laws took effect in 2005 the stay is lifted 30 days after your 341 meeting...

When the stay is lifted it means that your secured property..ie auto...can be repod without a hearing or request to trustee..

We are in day 48 of our bk...and will need to buy a new car shortly. On the advice of our attorney we are surrendering our current vehicle. We have saved some money down to purchase a new car, but when is an ideal time frame to do this? Are we looking at another 6 months? Just curious?

did they send you a reaffirmation? How long before they picked up..Any calls or feelings that they were coming for it? What lender? Big Bank or small town?

@ around a week before my discharge I applied and was granted a 722 Redemption loan thru US Bank. I got an 06 Chevy Malibu- mint condition, low mileage. It was less than $10,000 and my payments are over $100 less than the car that was repoed shortly before I filed. My insurance went down and it gets better gas mileage than my other car. The interest rate is atrocious, but what can I expect @ this point in my journey? My plan is to pay flawlessly for a year and then refinance.

It worked for me and I am thrilled with my new/used car. I know that no car payment at all is best, but if you can't swing it, you just can't. I had no car @ all & I was borrowing a friend's car. It fits very comfortably into my new budget and it is allowing me to establish some new positive credit and my car is beautiful. :)