I have been trying to sell a 3rd car I own even before I considered filing bankruptcy. I still owe money on it and the NADA average retail calue is $4800 or so. I'm asking $3900 and still people are not wanting to pay it. The car has 153k miles. It's a 97 Subaru Outback. I also bought a car back in June to the tune of $16500. It's a 03 Subaru Baja. I owe about $16300 and it is supposed to be worth $18000. No one will pay that for one. My last car is a 2000 Chrysler Town & Country with a little over 90k miles. We owe $7400 and NADA is $9100. Since my wife and i are both filing we would like to keep the 2 newer vehicles. But since the Outback and T & C and my mortgage are financed with my local credit union I wanted to sell the Outback in order to not damage the relationship. Thanks for all the advice so far, but this thing is bothering me to death. I wanted to file after selling the car, but does it matter? Can i sell it after filing? HELP!!!!! The bill collectors are breathing down my neck.
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"If the truth ceases to exist, then so shall we all."
DEEJ -
Personally I would turn it in when I filed, that is what we did. We were able to keep it for like 3 months after missing the payment, then voluntarily surrendered it to the bank. Your mortgage holder will be notified of your filing and the damage will be done then anyway. Even if you kept the vehicle the mortgage company would do another credit check before loaning you anymore money in the future. We were advised not to make the payments on the things that we would surrender. (that can help pay lawyer)
Ypu also need to think about closing out your bank account if they are your mortgage company, they can freeze your accounts. I was lucky not to have to do that, because my pay is direct deposit (once a month no less), you will need to have those statements ready for the trustee because he will probably want that info and why you did it.
I'll be watching, you may never know when or how, but I'll be there. I am there now....
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How much do you owe? Is it more or less than what you are asking. If its less, just list it for what you owe, and see if you get any takers then. Obviously, you cannot pass clear title to the car until it is paid off. Most states do not allow a temporary registration in a private party sale, so how were you going to obtain the clear title to transfer to the new buyer.
If you pay it off before filing bankruptcy, that particular debt will still reflect positively on your credit report. But if you let it go in bankruptcy, then it will be a negative. But, if you can't sell it, you can't sell it, and you do what you have to.Comment
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Another payment will be made tomorrow when I get my paycheck. I will then owe around $4100. I am asking $3900, and the people who are interested think it's too much."If the truth ceases to exist, then so shall we all."
DEEJComment
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Personally if I wasn't going to keep it, I wouldn't make the payment. Look at the "big" picture. If you are going to file? Are you going to keep the car?? I'll be watching, you may never know when or how, but I'll be there. I am there now.... Comment
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Just posting additional info (I hope you don't mind DJT)... Two cars-including the one he wants to sell-are with the same credit union that finances his house.Most of my information is from personal experience or HOURS and HOURS of online research. When you're searching online, keep in mind there is no guarantee that the info is completely up to date, and your situation is unique from anyone else's. Do your homework, and consult with an attorney so you can make an informed decision.Comment
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Ouch!!!Originally posted by StaciMMComment
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What's the verdict guys?
Would it be aproblem to sell the Outback after I file? What would the trustee think? All 3 cars are current, and with a little advertising I'm sure it will sell within a couple of weeks. I just need to file next week. I told the creditors I'd file as soon as I got paid which is today."If the truth ceases to exist, then so shall we all."
DEEJComment
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