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Another car buying thread :-)

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  • Another car buying thread :-)

    Hi everyone!

    Our 60 days are up at the end of this month. We gave up my car in the bankruptcy (We're about 5k upside down on it and the payment is $505/month). I'm assuming the bank isn't going to let me drive it for free forever (I haven't paid the note in 3 months) so I'm trying to figure out what to do.

    I would like to just be a one car family, but there are several things keeping us from it -- we live in a small rural area that has no public transportation, for one. My husband has a car with a manual transmission and I can't drive a stick. I suppose I could learn, but he uses his car a few times a week to meet with clients. I am a pregnant college student and need to get to school and back two days a week, and have to pick up our son from school every day at 3. There is no bus service at his elementary school -- we don't live far away but it is too far to walk, especially pregnant with twins. Plus, we have snow and cold 8 months out of the year so yeah . . . that also makes walking to get him difficult. Anyway next semester all of my classes are going to be online as my pregnancy is high risk and will probably be on bedrest after the first of the year until I deliver. That would eliminate my need for a car EXCEPT . . . Still gotta get my son, plus I will have doctors appointments weekly and perinatologist appointments twice a week. We don't have family and next to no friends here (we've only been here a year) so there is no one that can help us

    I HATE car buying and I'm really resenting having to do this. I wish we could just keep my car

    Anyway, I've been reading and driving myself crazy on this, because I do have a mental block that keeps me from buying a junker. 7 years ago my 19 yo brother was killed by a drunk driver -- he drove an old 87 honda civic -- it just folded up like an aluminum can. He had his seatbelt but being hit head on by a drunk going 70, in a car like that, nothing was gonna save him Since then, I will NOT put my son (now 6) in a car that I don't feel is VERY safe. And I am from the south so driving on snowy, icy roads makes me VERY nervous. After 2 weeks of searching, NO cars in my budget meet my safety needs. That, and I'm worried that I'll dump my budget (our entire savings) on some end of life car that will need constant work and we won't have the extra money for it.

    What do you guys do? I hate the idea of going back to a car note . . Plus, I doubt I could be approved for one . . But I don't know what to do! Please help!!

  • #2
    Originally posted by doomed View Post
    Hi everyone!

    Our 60 days are up at the end of this month. We gave up my car in the bankruptcy (We're about 5k upside down on it and the payment is $505/month). I'm assuming the bank isn't going to let me drive it for free forever (I haven't paid the note in 3 months) so I'm trying to figure out what to do.

    I would like to just be a one car family, but there are several things keeping us from it -- we live in a small rural area that has no public transportation, for one. My husband has a car with a manual transmission and I can't drive a stick. I suppose I could learn, but he uses his car a few times a week to meet with clients. I am a pregnant college student and need to get to school and back two days a week, and have to pick up our son from school every day at 3. There is no bus service at his elementary school -- we don't live far away but it is too far to walk, especially pregnant with twins. Plus, we have snow and cold 8 months out of the year so yeah . . . that also makes walking to get him difficult. Anyway next semester all of my classes are going to be online as my pregnancy is high risk and will probably be on bedrest after the first of the year until I deliver. That would eliminate my need for a car EXCEPT . . . Still gotta get my son, plus I will have doctors appointments weekly and perinatologist appointments twice a week. We don't have family and next to no friends here (we've only been here a year) so there is no one that can help us

    I HATE car buying and I'm really resenting having to do this. I wish we could just keep my car

    Anyway, I've been reading and driving myself crazy on this, because I do have a mental block that keeps me from buying a junker. 7 years ago my 19 yo brother was killed by a drunk driver -- he drove an old 87 honda civic -- it just folded up like an aluminum can. He had his seatbelt but being hit head on by a drunk going 70, in a car like that, nothing was gonna save him Since then, I will NOT put my son (now 6) in a car that I don't feel is VERY safe. And I am from the south so driving on snowy, icy roads makes me VERY nervous. After 2 weeks of searching, NO cars in my budget meet my safety needs. That, and I'm worried that I'll dump my budget (our entire savings) on some end of life car that will need constant work and we won't have the extra money for it.

    What do you guys do? I hate the idea of going back to a car note . . Plus, I doubt I could be approved for one . . But I don't know what to do! Please help!!
    Wait until discharge. Unless your car finance company already filed the lift of automatic stay, you should have a bit more time in your car. Once you are discharged, then apply at Capital One. They have been approving people at decent rates right after discharge. 10 months post discharge I got a rate of 4.42%, but of course ymmv.
    Last edited by backtoschool; 11-06-2010, 02:55 PM.
    You can't take a picture of this. It's already gone. ~~Nate, Six Feet Under

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    • #3
      Originally posted by backtoschool View Post
      Wait until discharge. Unless your car finance company already filed the lift of automatic stay, you should have a bit more time in your car. Once you are discharged, then apply at Capital One. They have been approving people at decent rates right after discharge. 10 months post discharge I got a rate of 4.2%, but of course ymmv.
      backtoschool, my finance company did file a lift of automatic stay - we have our old mortgage and our car through them. We assumed it was so they could foreclose on the house, but I wonder if it means they can take the car now, too?

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      • #4
        Originally posted by doomed View Post
        backtoschool, my finance company did file a lift of automatic stay - we have our old mortgage and our car through them. We assumed it was so they could foreclose on the house, but I wonder if it means they can take the car now, too?
        Yes, if its the same finance company, the lift probably applies to both the car and the house. In any case, you are close to discharge so I would start figuring out what you want to buy and pay, do your research now, and then when you are discharged in a couple of weeks, apply with Capital One and see what kind of rate you get.
        You can't take a picture of this. It's already gone. ~~Nate, Six Feet Under

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        • #5
          Thanks again, bts. Just the idea of financing something again makes me nervous but I'm having NO luck with my options for buying used with cash

          Comment


          • #6
            Originally posted by doomed View Post
            Thanks again, bts. Just the idea of financing something again makes me nervous but I'm having NO luck with my options for buying used with cash
            I, like you, want a reliable car that drives well in winter. The car I bought right before my bk (a hyundai elantra) was not safe to drive in the midwest winters. So I bought an awd Nissan Rogue instead. Safety and piece of mind are more important to me than arbitrary self-imposed rules about avoiding credit.
            You can't take a picture of this. It's already gone. ~~Nate, Six Feet Under

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            • #7
              Thanks again bts. That's if I could even get financing. We hadn't paid our mortgage in 9 months before we filed bankruptcy and stopped paying our cc's about 4 months before. Our credit is shot.

              Comment


              • #8
                Originally posted by doomed View Post
                Thanks again bts. That's if I could even get financing. We hadn't paid our mortgage in 9 months before we filed bankruptcy and stopped paying our cc's about 4 months before. Our credit is shot.
                Do you have any positive auto tradelines on your reports? That is really what the auto finance companies will be looking for, that and a stable employment history.
                You can't take a picture of this. It's already gone. ~~Nate, Six Feet Under

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                • #9
                  Several, actually. The only negative would be when we stopped paying my current car note, which was a month before we filed. But other than that, I think I have 4 or 5 positive auto loans on my credit report. Thanks again! PS would applying now get an automatic rejection? Do you have to wait til your bankruptcy is completed? This makes me nervous that they'll take the car before it's closed . .

                  Comment


                  • #10
                    Originally posted by doomed View Post
                    Several, actually. The only negative would be when we stopped paying my current car note, which was a month before we filed. But other than that, I think I have 4 or 5 positive auto loans on my credit report. Thanks again! PS would applying now get an automatic rejection? Do you have to wait til your bankruptcy is completed? This makes me nervous that they'll take the car before it's closed . .
                    I would wait until discharge. You are almost to your 60 days and the discharge will come soon after that. We are talking about a couple of weeks, and it will take you that long to research the car you want, and test drive, etc anyway. You can start your research to make you feel like you are on your way, but I would wait until discharge to apply for the loan.

                    Has the bk judge approved the lift of stay? And if so, when was it approved?
                    You can't take a picture of this. It's already gone. ~~Nate, Six Feet Under

                    Comment


                    • #11
                      Originally posted by backtoschool View Post
                      I would wait until discharge. You are almost to your 60 days and the discharge will come soon after that. We are talking about a couple of weeks, and it will take you that long to research the car you want, and test drive, etc anyway. You can start your research to make you feel like you are on your way, but I would wait until discharge to apply for the loan.

                      Has the bk judge approved the lift of stay? And if so, when was it approved?
                      We just got the paperwork for it saying it was approved by the judge -- we didn't even know they applied for it. Our attorney didn't say. But it was approved about 3 weeks ago. Would it be a bad move to call the bank and ask when they plan on taking it back, or just wait and see?

                      Comment


                      • #12
                        Originally posted by doomed View Post
                        We just got the paperwork for it saying it was approved by the judge -- we didn't even know they applied for it. Our attorney didn't say. But it was approved about 3 weeks ago. Would it be a bad move to call the bank and ask when they plan on taking it back, or just wait and see?
                        So, not sure if your attorney is still in the picture after your 341 debacle, but I would look over the paperwork very closely as to dates, what exactly was asked in the request etc. I would not call the bank. It is stressful I know, but you need to wait and see. You also should plan on a small emergency fund for a rental car if your car is repoed. You can get a small rental car for $120-$150 dollars a week or so at just about any rental place. If you are willing to bid on a car without knowing what you are getting, you can go to hotwire.com and get a rental car for half the price. (it's like priceline.com and you bid blindly at what you are willing to pay, etc) You will only need the rental car for a month or so max, so that would be the backup plan.
                        You can't take a picture of this. It's already gone. ~~Nate, Six Feet Under

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                        • #13
                          Thanks so much for all of your help, bts. Our attorney is still here, plodding along . . He's finally filing our amended schedules today (we filed Aug 31 and our 341 was Sep 28). He's not been any help with any of our questions, though. Thanks so much, I hadn't considered a rental car for a couple of weeks. Much appreciated!

                          Comment


                          • #14
                            Originally posted by ImNotBk
                            Still shilling for Cap 1 and giving suspect advice I see.... Do you get commission for your Cap 1 leads that you pander for ????
                            Let me guess -- you're a big fan of LSU?

                            Comment


                            • #15
                              Originally posted by doomed View Post
                              Let me guess -- you're a big fan of LSU?
                              Sooner or later BubbaJoe/TheExpert/ImNotBk/etc... will run out of ip addresses and mac addresses and/or computer lab hours will be over at the prison/mental hospital for the night and it will be lights out time, and we will all get a welcome relief from him/her.
                              You can't take a picture of this. It's already gone. ~~Nate, Six Feet Under

                              Comment

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