Announcement

Collapse

Forum Rules (Everyone Must Read!!!) (updated: 04/28/2015)

Welcome to the Bankruptcy Forum. Bankruptcy (BK) Forum is known as BKForum.com and will be referred to as BKF hereinafter. In order to ensure a long term success of our vibrant community, we have established certain rules and guidelines to which everyone must adhere to. Please take your time to carefully read our rules, before you start to participate in the community.

Things you agree to do:
BKFORUM.com (BKF) users agree to use the search function before starting a new thread. This prevents duplicate discussions and allows for better organized topics.

All BKF users agree to read the sticky posts which may be available at the top of a forum page. These Sticky posts often contain valuable information. They may also outline more rules and guidelines specific for that particular forum, stickies are put in place by that forums moderator(s) or admin(s).

Things you agree not to do:

All BKF users agree not to call people names or write a post simply to make a personal attack, or get a negative reaction; this behavior is not allowed on our forum. The use of derogatory language aimed at anyone will be severely dealt with. There is no need to agree with each other, or to even like each other. However, by signing onto BKForum.com you agree to treat each member and guest with the respect they deserve. No threats or personal attacks will be allowed.

All BKF users agree not to discuss, engage, or encourage any behavior or activity which violates the law. Discussion of drugs, violence, murder, theft, vandalism, fraud or any other issue which could be used to help individuals break the law is strictly forbidden.

All BKF users agree not to "bump" old threads, unless there is a specific benefit to the community by doing so. But in most cases, please don't post in very old threads, instead start new threads.

All BKF users agree not to attempt/use another members account. It is against BKF rules to use any account other than your own. Impersonating another member will result in an immediate ban. It is also against the rules to open more than one account in your own name without permission from a moderator or administrator. If you have been banned for any reason, it is against the rules to open another account. If you were banned temporarily and you are caught using another account you will be banned permanently. Choosing a moniker which is similar in either sound or spelling as a moderator or administrator is strictly forbidden.

All BKF users agree not to private message any moderator, admin, or other member with questions related to their personal circumstances (Questions about the forum or issues with the forum are ok). This forum only works when members share their experience and insights with everyone.

Things you agree not to post:
All BKF users agree not to post any derogatory/racist/or sexist remarks. This includes attachments, links and all information contained within posts, signatures, and avatars, failure to comply with this rule will result in a permanent ban.

All BKF users agree not to post any copyrighted or trademarked information without the express written permission of the owner(s) / proper citation of source.

All BKF users agree not to post any real names, addresses, telephone numbers, email addresses, social security numbers, or any other personal details (their own or other people's).

All BKF users agree not to post links, pictures, attachments, videos, or the like of pornographic content, objectionable material or extreme violence, whether cartoon or real.

All BKF users agree not to use BKF for advertising purposes without a written contract between yourself/company/agent and the administration of BKF. Blatant advertising will result in a ban.

All BKF users agree not to spam the forums. Spam includes but is not limited to posting erroneous, non-relevant-useless, off-topic, or meaningless posts. Spam may also include posts which contain no text, or large areas of blank space between lines. Simply posting emoticons without text is considered spam. BKF is the largest bankruptcy message board and all the content is intended to help other users. Please help us improve the quality of our forum by making sure that your posts are well-worded, spell checked, grammatically correct and syntaxed.

Regarding actions of moderators and administrators:

The forum is no place to air out your opinion or be judgmental of our staff and its capabilities.

All BKF users agree not to abuse or mistreat moderators or administrators. It is against BKF rules to post any information regarding bans or any other action taken by a member of the moderating or administrative team. If you wish to discuss bans or warnings please do so via PM. To place a complaint against a moderator, send a PM to a super moderator. All Moderators are equal, any decision made by a moderator must be adhered to. If a moderator tells you something you do not like, do not go to another moderator looking for a different answer. If you are caught doing this you will be banned. The moderators work as a team and respect the decisions made by their peers and will help enforce them unless an administrator tells them differently.
If you have an issue with how the forum is run, then notify one of our administrator and we will look into the situation. We have in the past and still do appreciate any input that you offer this forum. But critical input and/or judgmental postings towards the staff will result in you getting banned.


Should you find a thread offensive or out of line, then notify a Mod in a PM so they can evaluate the situation and do the action deemed necessary.

All moderators do have active "other" lives outside of the forum and help moderate this forum in their spare time throughout the days and weeks.

If you have a problem with a member or Mod follow the proper channels of reporting it.

BKF reserves the right to delete any posts which contain anti-BKF comments or discussion. Any bashing of moderators or administrators, or any of their discussion or actions will also be deleted, and the responsible posting party(s) will be banned. Any public anti-BKF advertising, communication, or posts on another forum will result in permanent bans as well.

All warnings and bans are decided by individual moderators and administrators. Warnings are preferable to bans however, for serious offenses and repeat abusers bans will go into effect. The length of the bans can vary from several hours to permanent.

All messages posted or sent including through PM are the property of BKforum.com.

All BKF users agree not to advertiser on the forum (Niether by posting, private messaging or using your signature). If you are a company/attorney/legal adviser wishing to advertise on the site or sell a product, you must contact the head administrator and inquire about our advertising packages.

All bankruptcy related opinions expressed on BKForum.com are those of their authors and not necessarily of BKF, its staff or representatives.

You agree not to copy any material/post/content from BKF without written permission from our head administrator .

By posting on this forum you agree to these terms and conditions, including any punishment deemed appropriate by moderators or administrators in the event of an offense.

Administrators/Moderators can change these rules at any time without prior notice.
See more
See less

Do I take the 36k or pay Cash??

Collapse
X
  • Filter
  • Time
  • Show
Clear All
new posts

  • Do I take the 36k or pay Cash??

    oh! no!! i knew it would happened sooner or later. i was just hoping it would be later. it's not that this problem happening with the car, can not most likely be fixed, but with the type of lives we have now i must have a reliable car at all times. it keeps stalling.

    i have saved money for a car, but just thought i would see what cap one would give us which is 36k. so i'm thinking since i need about 46k do i put down 10k and then double pay down the loan, OR just pay cash BOOOOOHOOO!! now that i have it saved up i so hate to take it out of the bank! keeping in mind of course that we never over used charging we filed because of job loss and medical bills. we have no bills now other than utilities, paid off the house OF COURSE in june...just as luck would have it. no mortgage payment but one needs to have a good car.

    do NOT tell me that i shouldn't have a 46k car PLEASE. why, because at this stage of our lives we can afford it; one, two, it's the exact car that i had for over 16 years and we purchased that one cash (for our 30th wedding anniversary). i'm just thinking if i double up or really i see in my budget i can triple up on the payments as opposed to using our "car savings account" i can even improve our credit even more...for what, no clue.

    PLeASE!! i so loved saving the money for the car and now it's just killing me to take it out of the bank. it just looks soooooooo handsome sitting there proud and it took so long

    advise requested, but please be kind LOL!!
    8/4/2008 MAKE SURE AND VISIT Tobee's Blogs! http://www.bkforum.com/blog.php?32727-tobee43 and all are welcome to bk forum's Florida State Questions and Answers on BK http://www.bkforum.com/group.php?groupid=9

  • #2
    You should be able to get a loan on the car around 2 - 2.5% interest rates. Keep the cash in the bank for emergencies and finance the car. It's worth a couple of % to be able to retain your cash.

    CASH IS KING!
    All information contained in this post is for informational and amusement purposes only.
    Bankruptcy is a process, not an event.......

    Comment


    • #3
      I'm with frogger on this one

      Comment


      • #4
        I'll go against the grain and say that I would pay cash. Of course, that's me. I don't think that using credit is evil or even a bad idea for some people. But for me, credit has never been comfortable and being in BK has reminded me of why it's not comfortable. I would not be able to enjoy the car if I knew I had a debt attached to it. So for me, the right decision would be to use the cash. If I couldn't get myself to part with that much cash, I would buy something for less. That's me though.

        For you I would pose a single question. Would you consider borrowing $36,000.00 at a rate of 2 or 3 percent just to open a savings account and put the money in it? That is essentially what you are talking about doing. Hopefully your savings account is earning you more than you will be paying on the money you borrow.

        Whatever you decide to do, I can only say congratulations for being in a place that you actually CAN pay cash for that sort of purchase. THAT is an accomplishment and you should be proud of yourself for it. Enjoy the car.
        Filed Ch 13 Feb 9, 2012, 341 meeting Mar 15, 2012, Confirmed Apr 5, 2012
        Anticipated freedom party Apr 2015

        Comment


        • #5
          frogger: nope cap one gave us 5.1% dealer is offering 1.2% but i'm certain that is for those with PeRFECT credit the payments would be approx $560 yuck...but i would pay another 1k monthly towards the principal.

          pamkev, me too i think i'm still a bit uneasy about it.

          TheBajaan: i hear you! but it's been over 5 years now, and i have saved every single dime. doing legal work on the side, doing ebay and now we havee a paid mortgage, no bills, a good regular savings actually back into investing again with close to 6 figures. (all investments are tax free and yielding approx 6.8 and up fixed).we are older now and really don't have too much debt to occur anymore. well i shouldn't say that, since the stove or frig can go, but we also have a house account that covers those type of expenses. also we have a fixed income of ss and a good pension and when i work it's just icing on the cake that goes directly into savings. once i hit over 10k i invest it, but have been letting the car fund sit getting near nothing. now i can take that money and roll it over into an investment that will pay a higher yield, pay on the loan out of our monthly income since we really don't have any more to do with it. being retired is boring when we aren't running to the doctors. both of us have traveled been there done that...one gets to a point that there simply is nothing to buy other than when you actually need it.

          i know we could consider a car for less, but they are like tin cans!! this last one lasted us 16 plus years it has approx 115k miles on it and we should be able to do even less mileage on another car we purchase. i use to think buy only with what cash you have, but i'm changing my mind on that one

          thanks for the congrats! this bk was the best thing we ever did! we would NEVER have the savings we have now if we hadn't filed. all of this would gone to pay the medical bills we racked up on the CCs. it was the wises move we ever made other than married LOL!
          Last edited by tobee43; 08-10-2013, 03:20 PM.
          8/4/2008 MAKE SURE AND VISIT Tobee's Blogs! http://www.bkforum.com/blog.php?32727-tobee43 and all are welcome to bk forum's Florida State Questions and Answers on BK http://www.bkforum.com/group.php?groupid=9

          Comment


          • #6
            Easy answer. Pay cash. Start replenishing your savings with what your car payment would have been. If you need cash down the road you can take out a car loan with your new car as the collateral. A credit union should give you a good rate if that is necessary.

            Comment


            • #7
              Cash Tobee CASH! Your savings will recover eventually and you will have a new car too. What is better than that? We paid one final payment of 65,000 to finish paying off the mortgage just three years ago. It hurt like hell but recovery is sweet!

              Comment


              • #8
                If the car simply stalls every once and a while you may be surprised as to how little it may cost to repair compared to the cost of replacing it. Wouldn't you feel better not having spent or obligated yourself to a large debt?

                Just say'n.
                11/23/'10-filed ch 13. 1/6/'11-341, confirmed. Below median. Plan completed 11/30/2015. DISSCHARGED 4/4/2016.JP

                Comment


                • #9
                  I also recommend paying cash. That way you don't have that payment every month--with interest!--and you can put that 'payment' back toward your savings.

                  Although, I am also with Spidge. See if you can get it fixed for a reasonable amount.
                  "To go bravely forward is to invite a miracle."

                  "Worry is the darkroom where negatives are formed."

                  Comment


                  • #10
                    Although I appreciate the suggestions of 'get it fixed' keeping a car going for 16 yrs. is quite remarkable. You deserve a new one at this point and should not feel guilty about buying one.

                    You have substantial savings in addition to your car money, so if you pay cash, you have backup savings should you need it, however, if you can finance for 2% or so, and keep the car savings I don't see how you would lose. You can afford the payments and still have the ability to pay it off at anytime. Make a large enough down payment so the car's value isn't underwater, just in case. You don't need a possible deficiency hanging over you should something happen to the car.

                    Comment


                    • #11
                      I disagree with the notion of "deserving a new car". I won't speak for anyone else, but that kind of thinking is what lead me to overextend myself.

                      Is this 36K the extent of your savings? I wouldn't recommend spending the entire cash reserve. If it were me, and I were hell bent on buying the car, I'd probably do as Pjmax suggests and put enough of a down payment on it that it will no be upside down. Then, you can make accelerated payments as your financial situation allows.
                      Chapter 7, above median, no asset. Discharged with no UST involvement.

                      Comment


                      • #12
                        Originally posted by TXskyblue View Post
                        I disagree with the notion of "deserving a new car". I won't speak for anyone else, but that kind of thinking is what lead me to overextend myself.

                        Is this 36K the extent of your savings? I wouldn't recommend spending the entire cash reserve. If it were me, and I were hell bent on buying the car, I'd probably do as Pjmax suggests and put enough of a down payment on it that it will no be upside down. Then, you can make accelerated payments as your financial situation allows.
                        My 'deserving' comment is partially based on knowing a bit more of Tobee's history than it seems you do, especially when you make comments like that without reading the whole thread. Tobee can afford the car and has significant savings in addition to the car savings.

                        Comment


                        • #13
                          Unless you feel you have to have a "brand new car" I would purchase a car that is one or two years old for cash and save about $15,000 and still be all new, shiny and current. A one year old $46,000 car may cost $30,000.

                          Comment


                          • #14
                            If I was able to pay cash for a car and not have to worry about a monthly payment that is the way I would go. If your payment was to be 560.00 then I would just put that amount back into the savings account every month. I think you will enjoy your new car much more knowing it is paid for.

                            Comment


                            • #15
                              In line with what magic13 said, here's a thought...

                              A significant amount of high-end car sales are actually leases. When returned, most leased cars become "certified pre-owned" cars. These come with the balance of factory warranty PLUS an additional warranty (example: 100K TOTAL miles or 3 years).

                              So a 2 year old Lexus with 20K miles on it can come with a warranty of 3 years 80,000 miles.

                              Now this depends on the make/model you are looking for. Some start the calendar on the original vehicle in service date, so in theory a 2012 car could have been in service sometime in 2011.

                              Have a look at the Edmund's comparison tool. http://www.edmunds.com/certified-car...e-program.html

                              Comment

                              Unconfigured Ad Widget

                              Collapse
                              Working...
                              X