If you apply for a Cap One blank check..

[aces67]

and get approved how long is it good for? Which dealerships is it normally good at?

I found a nice used 08 Grand Caravan for $13K. We have another baby on the way and I really need something with more room in it.

[aces67]

Never mind I see on their site it's good for 45 days.

My new question is this. I'm currently paying $592 a month for the next 38 months for a vehicle that seats only 5 and gets 13 town miles/16 highway miles to the gallon. I did NOT reaffirm this loan and the not really is not comfortable for us. I can let it go back at any time.

I'm looking at an 08 Dodge Caravan that seats 7. They want $13K for it. Cap One blank check says we are approved for $20K but at 16%. That would be $431 a month for 4 years if we finance the whole thing. Now my 2 questions are this: This would give me a LOT more space and we will soon be a family of 5 with 2 in carseats so I really need the room. It would drop my note by $160 month but it also get's better gas mileage and the tires are cheaper for it. Would you do this?

We live in the country so my commute just to buy groceries is 62 miles round trip. The tires for my current vehicle are $232 a PIECE b/c they are a special size. It currently needs 4 new tires and it's leaking rain water through the roof/door. We aren't sure exactly where it's coming from.

So give me honest advice here. The van's gas mileage is estimated at 17/24

[bxphae]

With another baby on the way, is that extra $160/month ($7680 4years) enough to cover your expenses? I would also assume that an 08 caravan has a warranty as well (A big plus in my book).

What size tires are on your current vehicle?
What size tires are on your new vehicle?
Can you get an estimate on the repairs on the leaks?

[aces67]

With another baby on the way, is that extra $160/month ($7680 4years) enough to cover your expenses? I would also assume that an 08 caravan has a warranty as well (A big plus in my book).

What size tires are on your current vehicle?
What size tires are on your new vehicle?
Can you get an estimate on the repairs on the leaks?

My current tires are 17's I believe. I can't remember the exact size of the Caravan tires but I know they are $125 a tire. My grandparents have owned 4 of them with their newest being an 08 model.

I tried to quote on the leaks. Here's the thing this is the second time it's leaked. The first time it was under factory warranty so the dealer fixed it for free. This time the dealer says it's not under warranty and they charge $60 an hour just to look at it then they can give me a real estimate after they've looked at it.

[StartingOver08]

Aces...is this your only debt (this vehicle)?

It seems that you have a chance to walk away from the unreaffirmed vehicle and get something for a very low payment. $431/mth is still a hefty payment, depending upon your income of course. You are somewhat hampered by the interest rate...but there are still vehicles out there that are reasonable. I bought a 7 passenger SUV with similar gas milage (17/24) Jan 2009 for $6999. Granted it is a 2002, but it is paid off now (I did have to make payments until Aug at 18%) and it feels really excellent to not to have any payment at all. It allows me to put away funds in savings and the repairs are nominal - just regular maintenance. Think long and hard about taking on new debt so soon. Vehicle payments are the gateway to big debt....Imagine if you put that extra $431/mth into your savings account - in no time you could have a new vehicle and still be in something safe and large in the meantime.

[aces67]

Aces...is this your only debt (this vehicle)?

It seems that you have a chance to walk away from the unreaffirmed vehicle and get something for a very low payment. $431/mth is still a hefty payment, depending upon your income of course. You are somewhat hampered by the interest rate...but there are still vehicles out there that are reasonable. I bought a 7 passenger SUV with similar gas milage (17/24) Jan 2009 for $6999. Granted it is a 2002, but it is paid off now (I did have to make payments until Aug at 18%) and it feels really excellent to not to have any payment at all. It allows me to put away funds in savings and the repairs are nominal - just regular maintenance. Think long and hard about taking on new debt so soon. Vehicle payments are the gateway to big debt....Imagine if you put that extra $431/mth into your savings account - in no time you could have a new vehicle and still be in something safe and large in the meantime.

yes but here's the thing. My DH is VERY CONCERNED with what his parents think. He refuses to tell them we filed BK so I cannot just let my vehicle go back and save the money. If I could I would b/c we have 2 other vehicles that are paid for. Neither of them are really suitable for me but I would make it work.

He thinks the only thing to do is get another car and then let mine go back. He will tell his parents that we traded in my car on the other car. They won't believe that unless I get a new model car. I currently have an 06.

Our only other debt besides my car is our mortgage which is $440 per month.

[StartingOver08]

yes but here's the thing. My DH is VERY CONCERNED with what his parents think. He refuses to tell them we filed BK so I cannot just let my vehicle go back and save the money. If I could I would b/c we have 2 other vehicles that are paid for. Neither of them are really suitable for me but I would make it work.

He thinks the only thing to do is get another car and then let mine go back. He will tell his parents that we traded in my car on the other car. They won't believe that unless I get a new model car. I currently have an 06.

Our only other debt besides my car is our mortgage which is $440 per month.

This will cause a problem (the bolded part). Unless his parents are contributing to your household income, your budget is not a concern for his parents. If he feels he needs to justify his budget to his parents, now is the ideal time to say you are 'trimming your expenses' based on the economy (this is true - you just aren't going into detail as to how you trimmed them! )

You are a family with your own goals. You have just been through an extremely difficult time. Don't jump right back into the credit bandwagon "because of how it looks" to someone else, even if they are family. This is just my opinion - vehicle payments keep us broke. You have successfully come through the really hard part, the BK. Don't get yourself in debt because you can....

[aces67]

While we are trying to figure this out I have another question. I have a full payment due on Friday. Should I pay it or try to hold them off for a while?

A few weeks ago I saw a used Mercury minivan for sale for like $4950. I think I'm going to drive over and look at it after while. We could take a max loan of $6K from dh's 401K at 5% to buy something. I have no doubt about making the payments since we have no other debt but I hate to pay my upcoming note and then buy something else. I mean it seems like a waste right?

[StartingOver08]

[QUOTE=aces67;339231]While we are trying to figure this out I have another question. I have a full payment due on Friday. Should I pay it or try to hold them off for a while?

A few weeks ago I saw a used Mercury minivan for sale for like $4950. I think I'm going to drive over and look at it after while. We could take a max loan of $6K from dh's 401K at 5% to buy something. I have no doubt about making the payments since we have no other debt but I hate to pay my upcoming note and then buy something else. I mean it seems like a waste right?[/QUOTE]

This is a much better option...why throw away payments on a car that you did not reaffirm?

[aces67]

[QUOTE=StartingOver08;339239]

While we are trying to figure this out I have another question. I have a full payment due on Friday. Should I pay it or try to hold them off for a while?

A few weeks ago I saw a used Mercury minivan for sale for like $4950. I think I'm going to drive over and look at it after while. We could take a max loan of $6K from dh's 401K at 5% to buy something. I have no doubt about making the payments since we have no other debt but I hate to pay my upcoming note and then buy something else. I mean it seems like a waste right?[/QUOTE]

This is a much better option...why throw away payments on a car that you did not reaffirm?

That's what I'm thinking too. I'm going to go look at the van tomorrow. I hope it's still there. If not I may wait until January and combine our tax refund with the 6K so I can get something a little nicer or at least have more options available.

In the meantime I called my auto finance company and asked them if they do deferrals. They said they can defer 2 payments.

I'm assuming there's nothing wrong with me doing this right? I mean I didn't reaffirm. They are doing everything they can to get me to make the payments and keep the loan.

[StartingOver08]

Sounds like a great plan!