Automobile question

[bull]

We filed Chpt. 7 the beginning of March and have out 341 on May 11th. We have 2 vehicles that are very upsidedown and we are gonna let them go back.

How long will it be before we have to turn them in or will they just come and get them 'in the night'?

Also, How much luck will we have getting a (much smaller) loan to replace the vehicles? We both work about 35 miles from home each way, so while not needing luxury, we need reliable vehicles.

Any advice or help would be greatly appreciated.

[HHM]

Ummm, do you think you can make arrangements to keep at least one of them, (i.e. get caught back up). If you only have two cars, and are going to surrender them both, you risk going sometime without transportation.

As for getting a loan, that depends on your individual circumstances, i.e. monthly income, down payment. If your in Chapter 7, my guess is you don't or won't have any money for a down payment on a car, so your chance of getting a new car loan is pretty slim.

[bull]

Thanks HHM.

It seems that we are caught in a rock and a hard place. The vehicles are one of the reasons we are filing. Both are upsidedown and not is great shape.

[BrokeCh7]

Cars @ 25% interest

I filed in California in Jan 05 and am getting offers in the mail before my discharge. They started in March dealers and loan companies. The laons are 14 to 25 % interest. I can buy down the interest from 25 to 14 if i put $3000.00 down on a 12,000.00 car.
They cars are also over priced its like they know i am stuck between a rock and a con man.

Depending on your state you may have an option to keep your car, in California I can keep my car as long as i am current and give it back to the bank when i am ready.

Good Luck and understand as a BK person you are a very profitable customer for banks and they want your business and will charge you for the Bk who do you know is getting 25% on their money.

[bull]

That is sad but true.

At this moment, I will feel lucky if we don't have to put any more $$ into the vehicles before our 341. They have not been very helpful.

I guess we will have to take our chances...