Can this be included in chapter 13?

[austinsmom]

Hi everyone,


I am new here..I just joined...I just wanted to ask if I can include a something in chapter 13.

I have rims and tires that I have rented from a known company...I have been paying on them for over 8 months now..and I am about to file a chapter 13 this week. I just wanted to know if I can included them in the plan..I am 2 weeks behind in payments at this time. Thanks everyone!

[jetsfan2010]

you have a contract with them, cant you just return the rims?

[austinsmom]

Cant return them

HI..thanks for your reply....I can yes...but I have paid on them for over 8 months now and want to keep them..also..if I return themmm I will not have wheels at all!!

[despritfreya]

If it is a true "lease" and not a disguised purchase, then you must continue to pay the lease payments or return the property. If you are behind in the lease the Plan can provide for the "curing" of the delinquency but going forward payments must be made to the creditor. (How does one "lease" tires and rims - the tires are expendable and, after, what 60k miles, are worthless - never heard of such a lease but. . .)

If it is a purchase - meaning that at the end of the term of the "lease" the item belongs to you without you having to pay a lump sum amount for the item's "fair market value", then you can treat the lender as secured through the Plan. While you can attempt a cram down, since the item was purchased within 1 year of the filing, the lender could object to anything less than the full purchase price.

My spin, treat it as secured with a cram down and wait to see what happens. You can always change the treatment if an objection is raised.

Des.

[austinsmom]

If it is a true "lease" and not a disguised purchase, then you must continue to pay the lease payments or return the property. If you are behind in the lease the Plan can provide for the "curing" of the delinquency but going forward payments must be made to the creditor. (How does one "lease" tires and rims - the tires are expendable and, after, what 60k miles, are worthless - never heard of such a lease but. . .)

If it is a purchase - meaning that at the end of the term of the "lease" the item belongs to you without you having to pay a lump sum amount for the item's "fair market value", then you can treat the lender as secured through the Plan. While you can attempt a cram down, since the item was purchased within 1 year of the filing, the lender could object to anything less than the full purchase price.

My spin, treat it as secured with a cram down and wait to see what happens. You can always change the treatment if an objection is raised.

Des.

Hi...Thank you....The name if the place is Rent and Roll...also called RNR.

[Pandora]

you can rent tires and rims?! What in the world!

What will they think of next....

[frogger]

you can rent tires and rims?! What in the world!

What will they think of next....

We've got some folks around that do that as well. This is for the folks that want to spend a thousand or three dollars on pimpin' that ride but don't have the money. It's amusing to see them one day on a set of wheels that cost more than my car, and then the next day with a plain black set of rims and wore out tires.

You just gotta laugh when you see that happen.

And to the original poster - if you're filing bk, you probably can't afford those tires and wheels....

[catleg]

On the other hand chapter 13 gives secured creditors priority over unsecureds. So if you're paying *anything* at all to unsecureds, you're better off keeping and paying for the rims, as long as it fits into your plan. As des mentioned you may be able to cram down to current value, since its just an automobile part and not a vehicle. I'm sure the trustee will rough them up a little. (the lender)

[Pandora]

We've got some folks around that do that as well. This is for the folks that want to spend a thousand or three dollars on pimpin' that ride but don't have the money. It's amusing to see them one day on a set of wheels that cost more than my car, and then the next day with a plain black set of rims and wore out tires.

You just gotta laugh when you see that happen.

And to the original poster - if you're filing bk, you probably can't afford those tires and wheels....

OMG...never in my wildest dreams could I imagine renting such items was possible. How in the hell does it work when you get a flat tire or dent the rim? Ya just take them back and exchange them for new ones.. like propane tanks or something? LOL

Stupidest thing I've ever seen in my life was (get ready..its a doozy ) an old VW Bus with 26" spinner rims! ROFL!!!!!! Worst of all was that the bus was in terrible condition - rusting out in spots, looked like someone spray painted it using Rustoleum glitter spray - but those rims were bling bling blingin' and spinnin' away like nobody's business! LOL! Then again, I think maybe seeing the minivan with spinner rims and low profile tires was a close 2nd... Soccer Mom meets Flavor Flav! HA HA HA!


Insane... and here I'm having a fit trying to price tires for our F250 @$200-$250 per tire; couldnt imagine spending $1-3K for rims...

[catleg]

Believe it or not there is insurance on rims...for dents and dings. I bought it for my Lexus, having dinged a rim on a former car. Once they're dented a tire never seems to be able to hold pressure. Unfortunately aluminum rims have become a very common design feature, a cheap way to make a cheaper car look fancier i.e a Lexus ES350 is a Toyota Avalon with leather and rims.

Currently I'm debating the economics of buying new tires for a '97 ford explorer.

[Pandora]

Believe it or not there is insurance on rims...for dents and dings. I bought it for my Lexus, having dinged a rim on a former car.

Currently I'm debating the economics of buying new tires for a '97 ford explorer.

Interesting catleg - I never knew insurance for rims exisited either! See what I learn on here?!

Tires are terribly expensive and made cheaper and cheaper as the years go on. Nothing is made in the US anymore *sighs* I'm going back and forth with which brand / style vs. what we have now (Pirelli's are on it now). Good tire, however not very good for snow. I've had BF Goodrich / Goodyear's before, but that was years ago and now, those same tires' composition has changed, not getting good reviews. Maybe we should start a thread about tires / brands?

[CaseyKnox]

Hello Austinsmom!

I too am about to file BK-13, and I also have a lease on wheels.

I was driving an xterra, it just quit working one day. After numerous attempts (and a lot of money ) to fix it, we decided to send it back, and lease a BHPH car.

When we got the caliber, the tires were shot.

We went to Rent-A-Wheel, because we didn't have the extra money sitting around to buy new ones.

Caught up in the moment, we ended up getting the tire/wheel combo. The payments are doable, but now i'm just worried how the court will look at the purchase

Did you ever file?

[159515951]

It's astounding how creative people will get to prey on the working poor, and equally astounding how willingly the working poor become easy prey.

To the OP -- I'm going to regret asking this, but why didn't you keep the original/OEM wheels and tires so you'd have them to put on after you stopped "renting" wheels?

[justbroke]

CaseyKnox please do not resurrect old threads. Especially since it has been almost 5 years and many users come and go.

[CaseyKnox]

CaseyKnox please do not resurrect old threads. Especially since it has been almost 5 years and many users come and go.

justbroke True, many users come and go. Like you said, it's been 5 years, maybe new members (like Me) have useful input 😉