Advice on my transportation

[Confused33]

The car in question is a Tahoe that I owe about $16,800 on. The loan is at 5.9% and I'll have it paid for in 4 years at roughly $385 a month. Its worth roughly $13,000 being nice. Should I include it in the Ch7?

If so, what do I do in order to obtain something else to get back and forth to work in? I don't want to spend more than $10,000 on something else if I'm going to take out a loan on anything and I'm not even sure I could get one at this point. I'd rather save and pay cash for something but I'm not sure what I'd do in the mean time.

What are most of you doing in this situation? Thanks again for all the help!

[keepmine]

That's an attractive interest rate plus, it's likely still under warranty. If the payment isn't burdensome, I'd keep it.
The other question is, will driving a used car wortha few grand be feasible? Factor in likely high repair bills on older used cars.
I'd agree-getting a car loan will be tough if you have bad credi6t.

[drowningNdebt]

Think of it this way. You have a lower rate on the Tahoe. You eliminate the Tahoe and low rate in the BK and go out and buy a cheaper car for 10k. Yes it sounds and looks good. However, the rate will be higher on the new loan. Yes you will be financing a smaller amount but the finance rate will be higher. Therefor, in essence, your paying the same if not more for the cheaper car, no warranty (possible) and you don't know the history (repair bills). Just my .02

[dogbone33]

Our lawyer told us to shop around after we file. So that is what we are doing. She told us we may have to look awhile to find a dealer willing to work with us. We will have no car at all after we get discharged and need one now!

[StartingOver08]

The car in question is a Tahoe that I owe about $16,800 on. The loan is at 5.9% and I'll have it paid for in 4 years at roughly $385 a month. Its worth roughly $13,000 being nice. Should I include it in the Ch7?

If so, what do I do in order to obtain something else to get back and forth to work in? I don't want to spend more than $10,000 on something else if I'm going to take out a loan on anything and I'm not even sure I could get one at this point. I'd rather save and pay cash for something but I'm not sure what I'd do in the mean time.

What are most of you doing in this situation? Thanks again for all the help!

I wish I was in your position. I would reaffirm at $385/month but that is just me because now I am shopping for a vehicle. Mine was too expensive for me to reaffirm - so I am looking for an SUV under $7k. I was informed in another thread that you can pick them up for about $3500 but they will not be as new as yours.

If the payment you have is good for you, then keep it. Otherwise, let it go in the CH 7 and buy an older one cash. Only you know if the payment is something you can work with in your new budget. Good luck in your decision!

[Intoodeep80]

How many miles on the vehicle? There is a lot more to factor in a decision like this, besides just the interest rate.

Im surrendering my Envoy, my interest rate is 5.99%

Im surrendering it because I want to take advantage of the "fresh start" bankruptcy will be providing me. I now lease a 2008 Jeep Liberty for under $300 a month. It goes back in 3 years and I'll never have to worry about maintenance or repairs (all oil changes covered by Chrysler free of charge!)

[Confused33]

The Tahoe is an 03 Z71 model, its got right at 75,000 miles on it.

The bad thing is my credit is down around a 600 right now and I'm filing on 12/29. Everything was done on 12/23 but we decided to wait and file until this coming Monday so I could cash my paycheck on Friday and let a check that I have out clear.

How did you get into the lease on the Jeep? I'd really like to get something I could lower the payments with and have something reliable. I don't need anything fancy.

[liz417]

A $385 payment is really good...I would keep the SUV.