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Trading or selling a vehicle that was reaffirmed for another financed used car

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  • Trading or selling a vehicle that was reaffirmed for another financed used car

    Hi everyone! I am new to this forum just registered. So I just had my 341 meeting 9/6/2017 for Chapter 7 and am awaiting for my discharge papers to arrive (approximately at the end of this month or beginning of December) and aside from other debts I had 3 vehicles that were included

    1) 2015 Honda Fit - financed
    2) 2016 Chevy Malibu - financed
    3) 2012 Nissan Versa hatchback - financed

    The Honda is reaffirmed because it belongs to my fiance as she is the one who makes the payments; just under my name. The Nissan is reaffirmed because I had co-signed it for my mother when we went to the dealership a couple years ago so she was the one taking care of the payments. The only vehicle I surrendered is the Chevy Malibu because payment was too high for my income. Now, my mother has passed the Nissan on to me and take over the payments as of this month since she is not able to drive anymore so I can get to work and take the kids to school when needed. Now my idea with this is to possibly sell the vehicle to carmax and use that money to payoff her remaining balance for the Nissan so she wouldn't have to have that debt under her name and for me to open an auto loan to have under my name and begin building up my credit or maybe even consider trading the vehicle for something more affordable as a monthly payment (Nissan's current payment is $234/month and 2 years left) and larger as well since I have the kids and we do a lot of activities so I thought of a used truck or suv. Or the last option is to continue with the car until it's paid off but the thing is its not expediting to improve my credit score. Any advice?

  • #2
    I feel like I rambled more than I should have on my first post. lol if anyone could help on advice because coming this December is when we are going to look into Carmax and get an estimate on the value for the Nissan Versa. I mean I could take over the payments since its only 2 years left on the contract but I don't feel comfortable with a payment around $235 right now with my other expenses. So now that I received my discharge papers just before thanksgiving I was trying to see about trading it in for a vehicle that I find more affordable out of pocket and to kinda begin building credit solely under my name. Should I take the steps further or just wait because the other thing we need at home is furniture (sofa is in bad shape and kids are sharing our old bed in their room right now) so I was thinking of going to like Ashley furniture and apply for financing

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    • #3
      Only being a few weeks out from your discharge. I think you're going to have a hard time finding financing with a rate that is going to result in a lower payment than what you are paying now. $235 / month for a 5 year old vehicle seems like a pretty reasonable payment. What kind of payment are you looking for? For any vehicle you can finance for much lower than $235 / month, you may be sacrificing on reliability and you may not even be able to find a vehicle in a shape that a bank would loan against.

      Do you owe more on the vehicle than it's worth? If you have no equity in the vehicle then trading it in isn't going to help you in your quest for a more affordable vehicle because you're going to have roll over what you still owe into a new loan, further decreasing your chances or finding something more affordable.

      If you are a cosigner on the Nissan then making payments will still help build your credit, so there should be no need to swap to another car loan in that case.

      You also mention that you are thinking of getting financing for new furniture which would decrease what money you have available each month to go toward your current car payment, let alone a new car payment.

      If I were in your situation, I think I would hang on to the current vehicle and finish out the payments while looking for cheap replacement furniture on Craigslist, garage sales or a local second-hand store. If you really can't afford the car payment and you can sell it for at least what you owe, you may be best off getting rid of it and using public transit for a while until you can build up cash for an outright car purchase, or at least a hefty down payment, for a more affordable vehicle.

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