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An "extra' car?

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  • An "extra' car?

    I have a financed car, way upside down; wife has a leased car with 40 months left, and also a car financed
    for her daughter with 44 months left (originally a 48 m term; so hasn't had that one long).
    Wife has resisted filing 13 with me, but now feels she has no choice. I'm just having my paperwork completed,
    and expected to file early next week.
    Just curious if any opinions are out there as to what would happen with her having 2 cars--one leased, one financed.
    That financed car is used by the high school daughter who has lots of after school activities. There was concern over her
    driving the leased VW, and overall things are much easier with her having her own car. We will be a 100% plan. Any
    thoughts would be appreciated in advance of my meeting with the atty tomorrow regarding this.

  • #2
    I think since you can pay back 100 % of what you currently owe it should fly, but someone else will probably know for sure! Good luck!
    Discharge date: October 2017 (will it ever get here?)


    • #3
      sell the financed car and she could purchase cheap used car (with cash and daughter paying for half or car pools) for high schooler to use.....yeah......with any bankruptcy on the horizon high schooler does not get a vote....good luck


      • #4
        Just for other's reference: after consulting with atty, it appears we will be ok. The "third" financed vehicle for daughter will remain, and be paid outside the plan. Since we'll be a 100% plan,this should not be a problem. Lease on wife's main car will also be paid outside of plan. Selling the third car (as mentioned by Drazil65) won't really fly; it was a high-risk loan to begin with, with a jacked up selling price. So there would be several thousand $ still owed. Could just return it to the dealer, but then would also have issues over the unsecured value.'s all about being a 100% plan; if we were not, I guess that car would be going back.


        • #5
          Outside, you COULD surrender the third car in the bk. I think then you're off the hook for any of it, even the deficiency. At least, it works that way with our 2nd house. THEN you could by something less expensive. As long as you are able to keep up with all your payments in the 100% plan then it wouldn't really matter unless you're looking for some breathing space.
          Chapter 13 - May 2014
          Broke but not broken...


          • #6
            I had 3 leases at the time I filed which were paid outside of our plan. One of those was for my teen daughter. We had no issues with the trustee accepting it.


            • #7
              In Chapter 13 you can surrender any vehicle you like and it should be without penalty. Granted whatever the deficiency is will be included in your Chapter 13 payment (if they actually file a claim by the claims deadline). I was in a similar situation and surrendered a car that was upside down in my Chapter 13 case. The creditor failed to file a claim for deficiency by the deadline so I was totally off the hook for the car. It didn't even hit my credit report as a negative. Lucky I guess.


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