WE GOT APPROVED 1 day AFTER BEING DISCHARGED!

[chad9162]

My husband and i are waiting for our discharge. We have two paid for POS's. I love the fact that we don't have a car payment, but I hate the fact that at any given time one of them doesn't start, run right or??? Husband went to pick up son from school the other day, the jeep wouldn't start at the school. I took the truck to go and get him and when I got there the jeep started. Grrrrr!!! Very frustrating when my hubby drives 60 miles a day for work. He works at night if he breaks down I get to get the kids out of bed at night to go and get him. Both of our vehicles get less than 20mpg. Some months we spend up to $400 on car repairs, most months around $200 to keep an '89 and '91 running. I think our tranny in the jeep is going out and I am not replacing it. Have a little over a month before our discharge and I am going to buy a new vehicle. I also need a decent car to visit my father who is three hours away who has terminal cancer. It kills me not to see him much. So this is why I need a new vehicle.

Yep I agree...some debt is good. Since most people "need" a car to keep their jobs then a car loan is good. I usually own my cars for years and have put 180,000 miles on them. It's nice not having car payment but it also sucks having to pay the mechanic every month.

Granted the repair bills were still cheaper than a constant car payment but having a reliable can be invaluable especially if your job depends on it.

Just last year I dumped over $2,000 into my car before the transmission died. It would of cost another $2000+ to fix it. So basically I wasted the $2,000 I had just spent. It was actually cheaper (upfront) to buy a used car than repair the old one. The new car isn't extravagant (Saturn Ion) but its reliable and no more mechanic bills.

[ShouldWeFile]

I feel there is no need to criticize one's decisions. We all have our own situations and needs...

I can definitely see how $15000+ in interest (and fee) savings for a new vehicle vs the out of warranty vehicle (@ 22.9%!) would be a no brainier choice for many.

I will say that I personally am against borrowing any money to drive a car - which is very odd since that is how I have made my living for the last 15 years...

But I wholeheartedly believe that borrowing for a depreciating asset does not make any sense! I have known that to a point all along, but I was confident that I would continue earning the $100000+ that I have earned for the last 10+ years pretty much indefinitely! So much so that when I had a slow month in August, I just skipped the $2400 mortgage payment figuring I'd make it up the next month. Then when I was unexpectedly let go just over a month later, things really got rough...

Fast forward to today, and in the last 45 days, I have returned 3 late model vehicles to their respective lenders. I am back to work, but earning far less than I have in the past. Had I not had those 3 extra vehicles, I probably would have made it through without having to file BK!!!! My total unsecured debt only adds up to about $25k (which I could settle for 5-10k perhaps), but then there's probably another $25k+ in deficiencies from the cars I turned in! Anyone can buy a decent, reliable, used car or minivan for 4-6k - if you have to borrow for that, and are able to , OK, I can see that perhaps.

Also, I would like to add that most people will not be able to obtain 0% financing with little or no money down right after discharge. You would likely need to have paid all of your installment / revolving payments on time up to about a month before the actual filing date, and have had a high credit score before filing. That's debatable, but 15 years of experience (including 4 with a Ford store) tell me that most customers will not qualify shortly after discharge - but in my humble opinion, that's a good thing - stay away from debt and financial obligations if it all possible...

[chad9162]

I agree with Shouldwefile as its an individual decision. Personally I don't look at a car as a depreciation asset since its the reason I have a job. Without a car I wouldn't be making $80K year (that's not that much in CA).

And yes, most people don't have $4-$6K lying around.

[ShouldWeFile]

And yes, most people don't have $4-$6K lying around.

But that's the whole problem - I am NOT trying to be a hypocrite here as, in the past, I have been just as guilty as anyone else in living beyond my means. But the fresh start I am going to get in bankruptcy does not mean that I will go back to borrowing and justifying it one way or another.

How is one ever going to have $4-6k in the bank if they are going to go back to borrowing immediately after BK? I am not trying to debate others decisions (I can certainly respect their ability to decide what is right for them). I am just finally admitting that we must swear off of the use of credit for any purpose (other than perhaps a home) if we are ever to break free of the 'ball and chain' we so willingly accept from our FUTURE creditors!

This entire country needs a huge reform... Perhaps it would be best if it got even harder to borrow before it got any easier!

[chad9162]

But that's the whole problem - I am NOT trying to be a hypocrite here as, in the past, I have been just as guilty as anyone else in living beyond my means. But the fresh start I am going to get in bankruptcy does not mean that I will go back to borrowing and justifying it one way or another.

How is one ever going to have $4-6k in the bank if they are going to go back to borrowing immediately after BK? I am not trying to debate others decisions (I can certainly respect their ability to decide what is right for them). I am just finally admitting that we must swear off of the use of credit for any purpose (other than perhaps a home) if we are ever to break free of the 'ball and chain' we so willingly accept from our FUTURE creditors!

This entire country needs a huge reform... Perhaps it would be best if it got even harder to borrow before it got any easier!

Shouldwefile...I agree with all your points but disagree with those who think I can just go dig up $4000 and buy a car or wait 10 months and save $4000. If you've been living on credit obviously one has no savings. Like you I will use this as an opportunity to change my behavior that got me here but it will take time to establish savings.

I agree that this country needs to change but what's ironic is our GDP is based on "consumer spending." A key element to Supply and Demand is you need buyers. Our country would bankrupt with no credit. As you saw in this case FORD is desperate for buyers! They just reported a 1.4 BILLION loss! So maybe that new FORD won't be so good after all.....

[cantwait]

Ok, I'm sorry I ever made my original post. I do the same thing in real life: I open my mouth before I think about possible outcomes or interpretations of those around me. I'm very sorry this turned into a semi-hostile thread. Everyone has got to do whatever is right for their family. Opinions are just that. They are opinions and not facts. Good luck to everyone with regards to their financial well-being and thank-you to the people who felt the need to come to my aid. It's going to be 80 degrees and sunny tomorrow where I live -gotta be happy!!!!

[ShouldWeFile]

Ok, I'm sorry I ever made my original post.

No need to be sorry... we are all entitled to our opinions, and a little back and forth banter is good so that we can all see the various perspectives, and make the best choices for our own respective situations.

[BKGoddess]

Makes sense:

1) High volume of inventory that the car company needs to get rid of,

2) You just became a very secure debtor (can't file bankruptcy again for years and you owe nothing else to anybody now),

3) It is a secured debt...if you stop paying, they repo.

Enjoy.

[shabam]

I'm new here and I don't want to cause trouble, but I'm not sure why everybody is so happy about someone starting the debt cycle right after bankruptcy? A brand new car even at 0% interest has got to be in the $400/mnth amount. In 10 months you could buy a 4,000 car in cash. You'd have a decent car, and another 4 years of an extra $400 a month in cash that you wouldn't be spending on a payment. It's just me, but if and when we get pulled out from this crushing debt, I'm going to do everything in my power to never do it again. Again, I don't want to rain on anybody's parade, everyone has been so nice to me on here, but I guess I'm scared it will be too easy to get back in the place we're trying to get out of, and I want to remind myself how much I hate it.

Totally agree. I think everyone needs to tread cautiously and most of all do not get back into credit card debt.

[shabam]

Ok, I'm sorry I ever made my original post. I do the same thing in real life: I open my mouth before I think about possible outcomes or interpretations of those around me. I'm very sorry this turned into a semi-hostile thread. Everyone has got to do whatever is right for their family. Opinions are just that. They are opinions and not facts. Good luck to everyone with regards to their financial well-being and thank-you to the people who felt the need to come to my aid. It's going to be 80 degrees and sunny tomorrow where I live -gotta be happy!!!!

I didn't feel anything you said was wrong. If anyone takes it personally, well they need to grow up. It's not surprising we have so many brat azz kids in this country when you have views of nobody can tell me any better let alone tell me what to do; Which you are not doing anyway. You are just providing common sense advice. You were not personally directing it to anyone.

I have seen people in this forum carry on about their new post bk credit card approvals and champion it like they have just discovered the cure for cancer. I could say what I think of that m-----c attitude, though I am sure there are quite a few spoiled babies who will cry about it.

[shabam]

It never came up, that is the video... BUT, not sure where you are going with this, or if you are being a crepe hanger.... I do not recall asking you for a loan. You have no idea what our salary is. Maybe we have alot of money now that we are discharged. So I guess you will never have a car loan, go on vacation etc.....I am discharged and have no credit cards........ So if your comments are going to be rude, save it for yourself........ I'm am not looking for negative feedback. I was just letting some of my FRIENDS on here, know what I got and also for the people that think after its over, its all bad news.....My freiends on this forum know all the shit i went thru. Not sure if you are looking for a fight or what with your comments.....

Please don't take anyone's comments personally. I don' know you but am excited you got such a great deal. I also highly appreciate the valuable feedback and experience you have provided others through this process. People's comments are not directed at you personally.

People are discussing and sharing their knowledge for others to read, respond and learn from, as you have. I am excited for you and as you said no one knows your circumstances.

That does not mean we should not advise each other to tread cautiously. Bankruptcy is a big deal. If you cannot pay for the car they don't just reposes it. You will be sued for the remaining payments and must pay them. You cannot file again for 8 years, so there is absolutely no way of getting out of it period.

[BornAgain]

...advise each other to tread cautiously...

THAT kind of negativity is not what FRIENDS do!

[wink]



Just kidding. And trying to lighten this place up a bit. Between this thread and Kingxray's thread there's way too much fighting going on.

Anyway, everyone have a great weekend!

[shabam]

THAT kind of negativity is not what FRIENDS do!

[wink]



Just kidding. And trying to lighten this place up a bit. Between this thread and Kingxray's thread there's way too much fighting going on.

Anyway, everyone have a great weekend!

People should not take it offensively anyway. BK is a serious matter and has long-term consequences on people's life. While the whole premise of a forum is to pass on advice and support one another, we should not be complacent and get offended by anyone with opposing advice. If I was to write hey guys I just purchased a boat post BK, I would expect you guys to say wtf are you doing.

No opinions here are directly targeting Jessegirl or that she bought a car. She is an adult, who is capable and entitled to make her own decisions. Some here are just trying to be cautious to not end up in the same situation again.

When people used to do this in the old days it was because they cared. Nowadays, it has become a "you're just being negative" cliche. This attitude against advice is consequently why a lot of us are here in the first place. People were not dumb 30 years ago, or prior to that. Yet we think we know everything.

[BornAgain]

People should not take it offensively anyway. BK is a serious matter and has long-term consequences on people's life. While the whole premise of a forum is to pass on advice and support one another, we should not be complacent and get offended by anyone with opposing advice. If I was to write hey guys I just purchased a boat post BK, I would expect you guys to say wtf are you doing.

No opinions here are directly targeting Jessegirl or that she bought a car. She is an adult, who is capable and entitled to make her own decisions. Some here are just trying to be cautious to not end up in the same situation again.

When people used to do this in the old days it was because they cared. Nowadays, it has become a "you're just being negative" cliche. This attitude against advice is consequently why a lot of us are here in the first place. People were not dumb 30 years ago, or prior to that. Yet we think we know everything.

Amen!

[chad9162]

People should not take it offensively anyway. BK is a serious matter and has long-term consequences on people's life. While the whole premise of a forum is to pass on advice and support one another, we should not be complacent and get offended by anyone with opposing advice. If I was to write hey guys I just purchased a boat post BK, I would expect you guys to say wtf are you doing.

No opinions here are directly targeting Jessegirl or that she bought a car. She is an adult, who is capable and entitled to make her own decisions. Some here are just trying to be cautious to not end up in the same situation again.

When people used to do this in the old days it was because they cared. Nowadays, it has become a "you're just being negative" cliche. This attitude against advice is consequently why a lot of us are here in the first place. People were not dumb 30 years ago, or prior to that. Yet we think we know everything.

I agree....