Need Help with Buying Car

[Tedderbear]

Hi everyone-
I have a question for you.....I am trying to decide if I should surrender my car or keep it. I have a 2000 honda accord with 148,000 miles that I bought from a buy here pay here place. My payment is 325$ per month and I owe close to $15,000 on it. I bought the car in january because I needed transportation bad. Now I realize what a bad deal it was and I want to surrender it but i'm scared it will be hard to get a loan after my discharge. My scores are 521, 494, & 498 right now. What should I do? We have a car that could get us around (1990 nissan maxima with 125,000 miles) until after the discharge. Anyone with any expierience on this please help me out..................

[robivi3]

I KBB'd as a an Accord SE 4 Door with afew extra's. It KBB's for 9405.00 SRP.
Good conition trade 5600.00
Private party 6380.00

Even KBB'd as a top of the line 2000 Honda Accord EX Sedan 4D loaded it only KBB retails at 11,970.00

I'd say you could do better, the car will have problems at some point, very rare for even the best to go beyond 150,000 without some work.
I would want to dump it.

With low 600's I got an '06 E350 12 passenger van (six months old, 20,000 miles) from Ford Motor Credit at 10.75%. The van was 19,000.00, it's a 34000.00 vehicle new. Yes, I think your scores will improve post BK and you could do better. Get a low end beater for a year, then go to a Ford Dealer and get a good car. Alot of us here have gotten vehicles from them based on one another's experience.

[Tedderbear]

Thanks so much for your help. I have my 341 meeting on this Friday so do you think it's too late to surrender the vehicle?

[robivi3]

I doubt that it is to late, have the Atty. amend the docs now. If they move to take while the stay is underway nail them for that also, they really deserve it, they hammered you. Down here Accords are a high theft vehicle, such a vehicle dissappearing into the nite is common here.

One good thing about Honda's, just ask any cop. They fold like a tin can in an accident and you walk away much of the time. the car absorbs most of the impact like an automobile should.

As far as our Van they can't sell them to most people, hence the price drop, it is getting 9.5 mpg City only, 10.2 City/highway. It is however a huge, 4.25 ton GVW, great vehicle and i am happy with it.

[mixxalot]

I kept my car which is a 1996 BMW 328is through my recent BK only because it was 90% paid off already and only has 83k miles which is different. I spent 2k on struts and shocks so will keep it another couple years to 100k miles and buy a new car then.

Your Honda is worth way less than what you owe and you have another car ot tide you over through your BK so best to surrender the car and buy a new one after your BK completely discharges.

[Jenny]

A person in bankruptcy driving a BMW. Interesting. No wonder people called for bankruptcy reform.

[SinkingFast]

Originally Posted by Jenny

A person in bankruptcy driving a BMW. Interesting. No wonder people called for bankruptcy reform.

Even people of means have unforseen events occur which cause them to file BK.

As you so accurately pointed out in a previous post, no one person here has a corner on life experiences.

Possibly Mixx got the Beemer during better times?? And obviously had enough Exemption to protect it when he/she filed. Or Mixx wouldn't still have the car.

Plus, New Law favors Debts against Secured Assets. Last I recall, cars are a Secured Debt.

[LostOne0069]

Originally Posted by Jenny

A person in bankruptcy driving a BMW. Interesting. No wonder people called for bankruptcy reform.

Why is it that people jump to conclusions so quickly?

A BMW 328i 4 door sedan with 83k miles on it has a private party book value of about $7600.

Now, don't you feel silly?

[robivi3]

No doubt to Jenny this is a luxury sedan.

[mike9302]

Hmm I didnt think those buy here pay here lots would affect your credit since they are usually for people with no credit or really bad credit. But yea it sounds like you should dump the vehicle. At that mileage your going to have problems after not to much longer especially if the maintenance hasnt been kept up. If you do go buy a car though from a dealer avoid Kia! Those things fall apart. I call them the throwaway cars. They seem to really have problems after about a year or two.

[FilingOnMyOwn]

Even a being a honda which is extremely reliable... That has 148k and you owe 15k on, will break down long before you ever have a chance to pay it off. I would never pay more than a couple grand for a car with that many miles. You could buy a beater econobox 5 years old with 60-70k miles for 4 grand or so, that would far outlast the honda and not waste 10 grand on it. Just something to think about.