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

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About to file Chap7 have question about auto loan.

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  • About to file Chap7 have question about auto loan.

    I have already met with an attorney and he will be filling for me in the coming weeks. I have a question about buying a car. I currently have 2 auto loans in which i intended to keep paying on so i could keep the cars. But the one car is a 2017 Mazda which i just bought in Jan, yesterday (07/18/17) i go into an accident with said car. Now the wife doesn't want to keep it and we were thinking about letting it default. We called and talked to the lawyer about it and he said to go out and buy another car quickly and let the mazda default. That way we will still have a new car that we wont have to worry about for a few years.

    What are your thoughts?

  • #2
    Your attorney is giving you very good advice. You didn't say how serious the accident and damage to the car were, but unless we are talking VERY minor cosmetic damage, I would dump the car ASAP. After a serious accident, a modern unibody car will never drive properly again, and will likely suffer from repeated body/trim and mechanical problems in the future. I would never buy, own, or agree to keep any vehicle which has been in a serious accident, especially if I was going to have to pay thousands of dollars in loan payments for it.

    Your upcoming bankruptcy gives you an escape hatch to free yourself from this car, and avoid paying the loan--one which I would take advantage of. Depending on your current credit scores and debt to income, you may be able to finance another vehicle at decent terms. Even if not, you should still let the wrecked car go. If you can wait until after discharge to buy, then your credit scores will improve, and you will qualify for better loan terms. Another option is to save up a couple thousand and buy an older car outright. I always see many good, running cars and vans for sale in the $2000-$3000 range. Sometimes, you can get a good one for under $2000 if you know what years and models to look for.


    • #3
      Thanks for the quick reply, the car has about 6k+ in damage according to the body shop in which its being repaired at. I'm not sure the policy on linking but ill link a pic below, i know about you mean about saving and buying a good used Honda or Toyota at decent used prices. I would love to do that, but i kinda need something very reliable because of my wife's job of having to drive to clients house's and such. It just weird tho because i have never been 30 days late on anything in my life up until this point, and its only because i was told to stop making payments on all CC's and such. Now i know if they run my credit they will see like 10 hits on 30 days late because of this whole thing, i cannot see how a bank/credit union would want to give a loan out. But then again i have seen weirder things happen before.... <~pic of broke car lol


      • #4
        The damage does not look severe at all, unless the driver's side or rear are damaged as well. This looks like a very minor accident, and it does not appear that the car is frame damaged. I am incredulous that a body shop is charging over $6k for a door, fender, and bumper cover, unless there is more hidden damage than what meets the eye. What exactly does the estimate say is being replaced?


        • #5
          I like the advice of the attorney. Just don't go nuts.

          Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
          Status: (Auto) Discharged and Closed! 5/10
          Visit My BKForum Blog: justbroke's Blog

          I am not an attorney. Any advice provided is not legal advice.


          • #6
            This was my exact situation and it worked out for me. Your attorney is telling you true. As long as you don't get a luxury vehicle you should be fine.
            Chapter 7 Filed 10/17/07
            341 mtg. 11/15/07
            Discharged 2/19/08
            Closed on 2/26/08


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