When should I apply for a loan?

[coloradomrg]

MY deal is saving the most amount of money possible. An oil change every 3k @ $20 or less, OR lose hundreds paying for repairs that may have been covered. I put about 12k a year on two cars. Thats 160 a year in easy maintenance to keep warranties valid, and if I watch for coupons in the mail, its 120 a year. That's easy math for me.... but do what works for you.


and again for the OP...

As for the OP. 722 redemption is a US Bank company. They are one of the few willing to finance before discharge. They will charge you atleast 24%, because they are based out of Ohio, it does not matter what your states laws are. CO for example has a cap @ 21%, but they do not have a brick and mortar office here for their 722 program so they get around that. If you can wait, there is probably a better option after discharge, but 722 will still help if you can't find another option at that point. I don't really recommend going this way, (even though I DID) but if it is what you have to do for your situation, you could definetly find a worse option.

[jdiggs]

Well I for one I got rid of the car already. Btw Debt Monster I'm not talking about simple maintenance like oil changes even brakes is no problem for me at all but it wasn't about that. My 740i Had a problem with the VANOS system according to the mechanic it was an intermittent problem since every now and then the Service engine soon light would turn on and off on it own. But that's a very expensive repair and also my Air conditioning system failed also which would require removal of the entire dash board to fix I decided that's too much unknown variables and now its gone.

As for the 722 Redemption deal I let it drop because I talked to my BK Attorney and they told me I cannot incur new debt before my discharge "period" even through the program which I thought was weird but that's what they told me. Also the terms for the Loan that 722 approved me for seemed kinda funky so I didn't go with it.

I was told that I should get discharged any "minute" now and I'll wait till then before I continue to search for a replacement car.

[debtmonster]

Yeah, I talked to a car dealer and told him that I wanted to buy a car right before I go bankrupt. As bad as they need business, he told me not to do it. He said I don't get to pick what cars I get to keep. He said the trustee could end up taking it and auctioning it off.

As expensive as it costs to fix that VANOS problem, the costs to repair it are only a few car payments of what it would cost to replace it with another car. The money you spend to fix it would barely be a decent cost on a down payment of another car. You're better off fixing the problem and be done with it. As long as you're not spending more than $6,000/yr. in repairs, that car should be a keeper.

[MaGnUmXxL1]

a bmw would never be worth to keep because its for sure going to cost more than 200 a month in maintenence and repairs. the cars suck after so many miles. it would be worth it to get something better and have a loan than have to shell out 5000 for some stupid repair on an expensive 7 series bmw. Just because having a car payment doesnt work for you, it does for other people.

[debtmonster]

a bmw would never be worth to keep because its for sure going to cost more than 200 a month in maintenence and repairs. the cars suck after so many miles. it would be worth it to get something better and have a loan than have to shell out 5000 for some stupid repair on an expensive 7 series bmw. Just because having a car payment doesnt work for you, it does for other people.

I find this hard to believe.

It sounds like it's not worth keeping if you don't like doing the maintenance yourself.

My friend's mom kept her BMW for almost 19 years. What's wrong with that? What other maintenance is so expensive?

All you have to do is oil changes around every 20,000 miles and change the transmission fluid every 100,000 miles.

What details am I missing? All of those other things are just "CHECKS" as a way to get you to come in there and SPEND MONEY.

I'm telling you, I could buy a brand new 750i and drive it for 20 years and the costs would be very minimal once it's paid off.

I've been looking at the Audi A8 W12. Lots of people have reviewed it and said it's way better than the Lexus, MB or BMW.

I'm investigating another opportunity to help me pay for something like this in cash once I finish the BK.