Forum Rules (Everyone Must Read!!!) (updated: 04/28/2015)

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What to do about the truck post BR

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  • What to do about the truck post BR

    Hey folks, From everything I have read we are fairly lucky.. No Asset Discharged CH7 few months ago. Couple of years before we filed we purchased a 05 Ram 1500 and got a loan for $16K at 7.8 apr fixed. We did not reaffirm the truck in the BR.

    Truck KBB Private party for $18K and trad-in is $14K (Fair) (Truck is actually in Excellent shape.)

    So we have $9K left on the loan and are currently paying $345 a month, which isn't bad. The problem arises that Between gas prices, insurance and property taxes, it is tough keeping up on things. We are wanting to travel a bit and We would really like a smaller slightly more gas friendly car, But I really don't want to give up a really nice truck for a junker.

    The truck is the first vehicle I have ever purchased via loan, Up until then I have purchased a car for thousand here and there and drove em until they died. So I have no idea how trade-ins work or what I would expect in going to a dealership to try and get one.

    The question I have is this, do I need to just stick it out for the next 3 years and then trade? Or do I try to trade it? or something else?

    BTW, It is not my only vehicle, I do have a little 92 Geo Metro 3cy, Cheapest car I have ever owned but not well suited to traveling and specially not with the family.

    Any thoughts are greatly appreciated.
    Chapter 7
    Filed, 12/21/2010
    Discharged, 03/30/2011

  • #2
    Well I talked to a dealership today, They offered just enough to pay off the truck and told me they could get me a loan. So, Make nothing off the truck for them to resale for twice the amount and start all over with a higher interest rate, ugh..
    Chapter 7
    Filed, 12/21/2010
    Discharged, 03/30/2011


    • #3
      I had a geo metro back in the day - 3 cylinders, nice car!! Had a/c, etc everything. Should've held onto it!

      By the way, then the GEo Metro's were made by Suzuki for GM.


      • #4
        Couple of questions. Did you actually find a car? Are they offering a loan with a decent interest rate? If you will end up with a higher payment, then I would keep the truck or try to sell it privately.
        Filed CH 7 4/15/11
        341 5/23/11
        DISCHARGED & CLOSED ON 7/27/11


        • #5
          Originally posted by IamOld View Post
          I had a geo metro back in the day - 3 cylinders, nice car!! Had a/c, etc everything. Should've held onto it!

          By the way, then the GEo Metro's were made by Suzuki for GM.
          Actually the engine was made by Suzuki, Rest of the car was built by Chevrolet. Yeah it is a nice little car, But not real good fo a family of 5.

          @Sunshine, Yes and no, They had a few cars there I liked, The Cruze was a one of them. I would actually like to get an early model (05ish) Dodge Magnum. I don't know what the interest rate would have been, I didn't actually apply for a loan, Just let them give the truck a once over.
          Chapter 7
          Filed, 12/21/2010
          Discharged, 03/30/2011


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