So, I have written somewhat regularly of my car -- it's older (2002) with a ton of miles (some 178K) and I drive about an hour each way to work.
And it's been broken in the almost 2 years since I've filed my 13, here and there, and it's always been patched back together.
But this time the water pump went, and I was going to bite the bullet and have another installed, even though only a dealer repair shop can do it, and even though (at the last estimate) it would cost about $1K. But now the latest word is, there is something about timing chains that would have to come off and new ones installed and that again increases the price to the point where it's not worth doing. I still have to firm up whether the mechanic thinks it's too much money or if its mechanically impossible to do.
So while all the estimating and consideration about what to do with the car, I apply for a car loan. Credit union -- no deal, not until the 13 is discharged. So I would have to finance with some high interest, "bottom feeder" type finance company that would probably come yank the car if I were one minute late with a payment. And, they are out there -- I was approved for financing.
Meanwhile, I will still have to pay for work done already on the car, about $350 -- which sucks, but what are you going to do? Part of it was towing, part was stuff they thought was going to fix it, and I approved, and part is labor.
And I would have to have 10% down for this new car (new USED car). So probably in the neighborhood of $1,000, by the time you figure in tax and licensing.
And then a monthly payment. Speaking with the wonderful paralegal at my lawyer's office, he says the trustee usually approves such requests to incur new debt, to that is not the issue.
So I am thinking at this point, I could buy an old car for $1,000 or so and not have a payment -- I hear Dave Ramsey's words in my head -- "You are broke people! Broke people don't need payments!"
So after Christmas (right now I am relying on my brother who works at the same place I do and my daughter's car, which is really my car anyway, I own it and insure it, but it's (usually) hers to drive to college and her part time job -- it's an '87 Volvo), I will finish paying off the mechanic for my current car, take it off the road and park it and buy an old car for about a grand.
My current car is in the bankruptcy plan -- it was a cram down because I had owned it for more than 910 days or whatever the rule is -- so at the end of my plan -- I am not quite 2 years in to a 58 month plan, I guess I will just get the title and then send it to the junkyard.
It couldn't have happened at a worse time though, right at Christmas --
Anyone have any thoughts or insight? What kind of insurance will I have to keep on the car once I take it off the road, because it is still financed, just not paid by me.
I am really looking forward to the end of this plan, and emerging with no payments, except my mortgage and my evil student loans!
And it's been broken in the almost 2 years since I've filed my 13, here and there, and it's always been patched back together.
But this time the water pump went, and I was going to bite the bullet and have another installed, even though only a dealer repair shop can do it, and even though (at the last estimate) it would cost about $1K. But now the latest word is, there is something about timing chains that would have to come off and new ones installed and that again increases the price to the point where it's not worth doing. I still have to firm up whether the mechanic thinks it's too much money or if its mechanically impossible to do.
So while all the estimating and consideration about what to do with the car, I apply for a car loan. Credit union -- no deal, not until the 13 is discharged. So I would have to finance with some high interest, "bottom feeder" type finance company that would probably come yank the car if I were one minute late with a payment. And, they are out there -- I was approved for financing.
Meanwhile, I will still have to pay for work done already on the car, about $350 -- which sucks, but what are you going to do? Part of it was towing, part was stuff they thought was going to fix it, and I approved, and part is labor.
And I would have to have 10% down for this new car (new USED car). So probably in the neighborhood of $1,000, by the time you figure in tax and licensing.
And then a monthly payment. Speaking with the wonderful paralegal at my lawyer's office, he says the trustee usually approves such requests to incur new debt, to that is not the issue.
So I am thinking at this point, I could buy an old car for $1,000 or so and not have a payment -- I hear Dave Ramsey's words in my head -- "You are broke people! Broke people don't need payments!"
So after Christmas (right now I am relying on my brother who works at the same place I do and my daughter's car, which is really my car anyway, I own it and insure it, but it's (usually) hers to drive to college and her part time job -- it's an '87 Volvo), I will finish paying off the mechanic for my current car, take it off the road and park it and buy an old car for about a grand.
My current car is in the bankruptcy plan -- it was a cram down because I had owned it for more than 910 days or whatever the rule is -- so at the end of my plan -- I am not quite 2 years in to a 58 month plan, I guess I will just get the title and then send it to the junkyard.
It couldn't have happened at a worse time though, right at Christmas --
Anyone have any thoughts or insight? What kind of insurance will I have to keep on the car once I take it off the road, because it is still financed, just not paid by me.
I am really looking forward to the end of this plan, and emerging with no payments, except my mortgage and my evil student loans!
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