Sooooo glad I didn't finance another car...

[teacher]

...I'm reading an awful lot of threads that start with "So we got approved for XXXXXXXXXXXXXXXXXXXXXXXXXXX" that are really quite scary.

After BK, I purchased a used car (my roommate's old car, he got a new one) for $1200 plus about $500 in needed repairs. I just don't understand the need for people to get themselves into HUGE negative equity debt so quickly.

Please don't give me the "oh we need reliable transp...", everyone does! My vehicle is very reliable.

I just wanted to make this to give a thumbs up to those of you who didn't run out and take the first loan that got sharked your way. I was on the fence immediately after BK. I got approved for Roadloans at 18%.....I even looked at cars.

I'm glad I made the right choice.

[StartingOver08]

Me too! Surrendered one of my cars - the other was reaffirmed (that was my husband's vehicle though!). That reaffirmed car was paid by Nov 2009.

Had to go out the day after my discharge and get something reliable to drive, but not new and not fancy. I got a 2002 SUV for $6999 including tax, tag, title etc. I put down 50% and paid small monthly pmts until I paid it off in Aug 2009 (8 mths after discharge). I am actively saving to buy my next car all cash. I don't expect to have to buy anything for a year or so, minimum. But no more car payments for me. It feels good to not owe anyone anything and I plan to keep it that way.

As to rebuilding credit, yes I am doing that, but not through auto loans.

[Faust]

This is no place for self-righteousness.

[StartingOver08]

That is not the point of the post. The point is: there is more than one way to buy a vehicle.

Some of us just don't want to take on a large payment anymore....

[teacher]

This is no place for self-righteousness.

Considering I filed BK in the first place, I'm in no way saying I'm financially savvy. I'm saying that there are just a few too many "whoohoooo" threads for getting in crappy car deals.

[Faust]

A rose by any other name....

[teacher]

A rose by any other name....

Do all your cute sayings come available stiched on pillows?

[LimpDisc]

We will be looking for a good used car after discharge. We will never purchase another brand new car! I think some of the best deals are the cars that just get back from 2-3 year leases.

[Brendon]

Teacher and Starting Over-

Congrats to you both for buying a car the RIGHT way! Everyone should strive to do it that way.

Faust- Quit hatin' and move along....this thread is not for the ignorant.

[Faust]

Teacher and Starting Over-

Congrats to you both for buying a car the RIGHT way! Everyone should strive to do it that way.

Faust- Quit hatin' and move along....this thread is not for the ignorant.

And the morally superior raise their heads again.....

[StartingOver08]

Really there is no "right way" to buy a car IMO. It's what works for me or you at the time of purchase given the financial circumstances each of us have at the moment of purchase. I elected to not buy newer, bigger or better in order to keep monthly costs under control.

However, it seems that many of us have been programmed, for lack of a better word, to consider financing the purchase as a first choice rather than consider financing a rapidly depreciating asset something to be avoided. As a direct result of car buyers thinking along the lines of 'What is my monthly payment?' rather than thinking thru the ultimate cost of the vehicle, we have a nation of debtors making payments on car loans rather than putting that money into retirement accounts or investment accounts. JMO.

You can get angry at me for pointing it out - I was on that treadmill for years until my Bk. I'm just saying, for me, I am questioning the status quo regarding financing anything so that I can take those monthly payments and put them into something that is an appreciating asset. That is the lesson I learned from my individual BK. We all make our own decisions and I am not questioning yours Faust, why are you questioning mine?

[Faust]

That's fine, but coming to a board where people are at one of the most stressful points of their life, where they are losing their home, may have lost their long time job, are in the middle of a divorce or losing their kids to be smug about your grand ability to choose another option is morally reprehensible. If you think it's a good thing to show distain to people who are having severe financial hardship, I truly feel sorry for the people in your life.

If someone where to come here and boast about their ability to regain control over their debt without using bk and lord it over you and your good friend teacher, I would be equally incensed at their smugness.

This is a place to share info and be helpful to one another in a very bad time, not post tripe like:

"Please don't give me the "oh we need reliable transp...", everyone does! My vehicle is very reliable."

or

"I'm glad I made the right choice."

[StartingOver08]

Point taken. BTW, I am in Fl. Lost my home and everything I have worked for and I am no spring chicken!

So, in Fl we get virtually NO cash to keep as our exemptions are $1000 auto equity and $1000 personal goods plus homestead. If you turn in your homestead you get $1000 auto and $5000 total assets, including cash and all personal goods.

I started with $100 in cash and total assets (furniture, vehicle equity was less than $5k) as of my filing date. That's one hundred dollars, not more. We don't have the generous exemptions you all have in almost every other state. In FL our generous exemption is for homestead, but not if you are surrending your home.

So there is no lording over anyone at all. I am saying we all have a choice and some of us choose not to get ourselves back into the monthly payment grind again. You are attaching negative emotion to a choice that I or someone else has made that does not affect you. The fact is, there are many, many posts regarding people getting car financing immediately after BK. There are relatively few posts as to people selecting a different method to rebuild their financial lives. This is a forum for all.

[BobMango]

At the risk of being labeled self-righteous, I have to say I agree with Teacher. You can find safe, cheap, reliable transportation without taking on loads of debt. I'm fine with people making that decision (taking on a vehicle loan), but I don't buy the hogwash that they "had no choice".

Sometimes folks need a little "tough love". Most of us are here because of poor decisions in the past. Granted, many were pushed over the line by circumstances beyond their control, but better decisions in the past might have helped to avoid being here now. For instance, I will never have a credit card balance or finance a vehicle for the rest of my days. Having that approach before my financial crisis hit might have helped me avoid bankruptcy.

So if you have financed a vehicle post-bankruptcy and are happy with that decision, more power to you. Just don't try to justify your decision by saying you had no other option. The reality is that you just had no other option that you wanted to take. I'm sorry if you think that's harsh, but just give it some thought and you'll see it's right.

[teacher]

That's fine, but coming to a board where people are at one of the most stressful points of their life, where they are losing their home, may have lost their long time job, are in the middle of a divorce or losing their kids to be smug about your grand ability to choose another option is morally reprehensible. If you think it's a good thing to show distain to people who are having severe financial hardship, I truly feel sorry for the people in your life.

If someone where to come here and boast about their ability to regain control over their debt without using bk and lord it over you and your good friend teacher, I would be equally incensed at their smugness.

This is a place to share info and be helpful to one another in a very bad time, not post tripe like:

"Please don't give me the "oh we need reliable transp...", everyone does! My vehicle is very reliable."

or

"I'm glad I made the right choice."

I don't recall saying that someone financing a vehicle at very poor terms is morally rehensible. I believe you're giving me a little too much credit.

Regarding this one particular topic (hence the subforum about buying a car after BK) I posted my experience and why I chose not to finance a vehicle again. Being an individual who has had a car payment since he was 16, I believe I'm pretty credible on the topic.

You made the choice of reading my post as well as responding in a slightly dramatic way. I would suggest that you take the post in the intention which it was intended and move on. Of course, that's just a suggestion.

I had a student throw up on me yesterday, I am far from being smug or righteous. Save those terms where they would actually be applicable.