Question Regarding Credit Union Vehicle Loan
Hello All,
Another question, after reading through a thousand posts!
We have a loan for our van through a credit union. We have no credit card accounts, or checking through them. We only have a $5.00 savings account as a member.
I've read about cross collateralization, and now I'm concerned that keeping our van without reaffirming the debt might be a problem for us. I had forgotten that our loan was through a credit union.
We are waiting to file until January, so we can have our tax refund to spend on a roof for our home. Also, our last credit card charges were 10/31/07. So, January or February would be the earliest we would want to file.
I have been debating over and over and over about even keeping the van. It's a gas guzzler...2005 Town & Country, 41000 miles and we owe $24000 dollars still on it, that's 5 more years to pay on it at $433 dollars each month. We're current on the payments, but we could just let it go in the BK too...we have another vehicle that's paid for...it would be VERY difficult for us to get by with one vehicle.
Hubby loves the van, and I'm not sure we could qualify for another vehicle loan right now, even if we bought something cheaper??? I'd be happy with something definately that's more economical as far as fuel is concerned.
Any thoughts?
Thanks so much for all of your support. I KNOW we would never have the strength and courage to hold on till 2008 without the help and support you all give to me, and everyone here.
TheBrokeCouple
Another question, after reading through a thousand posts!
We have a loan for our van through a credit union. We have no credit card accounts, or checking through them. We only have a $5.00 savings account as a member.
I've read about cross collateralization, and now I'm concerned that keeping our van without reaffirming the debt might be a problem for us. I had forgotten that our loan was through a credit union.
We are waiting to file until January, so we can have our tax refund to spend on a roof for our home. Also, our last credit card charges were 10/31/07. So, January or February would be the earliest we would want to file.
I have been debating over and over and over about even keeping the van. It's a gas guzzler...2005 Town & Country, 41000 miles and we owe $24000 dollars still on it, that's 5 more years to pay on it at $433 dollars each month. We're current on the payments, but we could just let it go in the BK too...we have another vehicle that's paid for...it would be VERY difficult for us to get by with one vehicle.
Hubby loves the van, and I'm not sure we could qualify for another vehicle loan right now, even if we bought something cheaper??? I'd be happy with something definately that's more economical as far as fuel is concerned.
Any thoughts?
Thanks so much for all of your support. I KNOW we would never have the strength and courage to hold on till 2008 without the help and support you all give to me, and everyone here.
TheBrokeCouple
Comment