The debtmonster finally had the 341 yesterday! Making you proud!!

[mom2three09]

I'm over 7-months past due on my BMW. I moved and never forward my address. My attorney told me not to give it back and to keep driving it... so we did! 7 months x $740/mo. = $5,180 we saved so far by driving it. Hopefully we'll have it another 2 to 5 months longer. That will REALLY drive that bank insane. That thing is depreciating badly every single month. Expensive cars always do.

Can I get a "YEE HAW!!!!"?

WTG on keeping your vehicles so long without paying on them.

For us, it was just easier to surrender ours so we didn't have to keep it in the garage constantly & worry that it wouldn't be there one day when we came out of Walmart. My kids would have freaked out if they would have taken it while we were out somewhere. We also didn't want our neighbors to see it get repo'd.
We were fortunate to have been able to finance something only a yr older then the vehicle we surrendered... and the payment is 1/2 what it was on the one we surrendered (2006 with 40K miles). All in all I feel we made the right move.

[doingpoorly]

Which south Florida office was that in the picture? Miami, Lauderdale or WPB

[whipster1]

Had my 341 the same day....2 days down 58 to go till 10/27/09

[BkinTX]

Hey if I could I would! We certainly don't want them! LOL.

[backtoschool]

At 24.99%, I was planning to pay the car off in 8 months or less. I would not want to drag that out.

LOL, I certainly don't blame you on wanting to pay it off quickly, but the longer you have it on your reports as an active, open, positive tradeline, the more it will help your credit score moving forward.

[debtmonster]

I think its a great way to rebuild your credit, and you can refinance it in a year or so to lower the 23% interest. The important part is that it will be reliable transportation and a positive trade line on your credit report.

At 24.99%, I was planning to pay the car off in 8 months or less. I would not want to drag that out.

[debtmonster]

We've been getting car dealership invites for some time now, but since discharge we get like 3 invites a day.

Wow. Tell them to send them over here!!

[backtoschool]

I did apply for that. I had to send in copies of my 2007 and 2008 taxes and copies of my Schedule C's for both of those years for them to determine how much they will loan me. They also told me that it has to be done with them before your discharge. She said it will take several business days before they give me an answer whether they approve me or not. They want a CarFax of the vehicle and everything.

They told me that if you want to keep your car, you have to go through the court and everything gets processed with your attorney.

If you finance a replacement vehicle, then you don't have to go through the court and can just do private financing.

If they will approve me, I will buy the 2008 $12,000 dollar car up the street that has 7,000 miles on it. What do you think about that?

At least it will help me rebuild my credit.

I think its a great way to rebuild your credit, and you can refinance it in a year or so to lower the 23% interest. The important part is that it will be reliable transportation and a positive trade line on your credit report.

[BkinTX]

We've been getting car dealership invites for some time now, but since discharge we get like 3 invites a day.

[debtmonster]

I thought Redemption 722 also financed replacement vehicles. At least it said they do in the brochure they mailed me.

I did apply for that. I had to send in copies of my 2007 and 2008 taxes and copies of my Schedule C's for both of those years for them to determine how much they will loan me. They also told me that it has to be done with them before your discharge. She said it will take several business days before they give me an answer whether they approve me or not. They want a CarFax of the vehicle and everything.

They told me that if you want to keep your car, you have to go through the court and everything gets processed with your attorney.

If you finance a replacement vehicle, then you don't have to go through the court and can just do private financing.

If they will approve me, I will buy the 2008 $12,000 dollar car up the street that has 7,000 miles on it. What do you think about that?

At least it will help me rebuild my credit.

[backtoschool]

They won't do a Redemption on the Saturn because it has almost 80,000 miles for a 2007. They said the maximum miles allowed is 50,000. The judge won't approve a redemption on the BMW because that's an expensive luxury car. Plus, I would not want to spend 24.99% on a $23,000+ loan. That would be INSANE. So I basically have no redemption option other than hope that the bank will deal with me privately after the fact.

I thought Redemption 722 also financed replacement vehicles. At least it said they do in the brochure they mailed me.

[debtmonster]

So, Redemption 722 is not an option for you to keep the cars? If you went with them that would help you rebuild credit quickly too.

They won't do a Redemption on the Saturn because it has almost 80,000 miles for a 2007. They said the maximum miles allowed is 50,000. The judge won't approve a redemption on the BMW because that's an expensive luxury car. Plus, I would not want to spend 24.99% on a $23,000+ loan. That would be INSANE. So I basically have no redemption option other than hope that the bank will deal with me privately after the fact.

[backtoschool]

I have not gotten a single offer for a credit card or car offer. My chances may be slim at financing a car. I am trying to come up with contingency plans in the event they take our cars shortly after discharge if the lawyer can't fight for us to keep them for a great length of time. I'll have to hit up AutoTrader and start low-balling people or try to pay somebody to let me go with them to an auction and take my chances there.

From what I heard, getting a late model, low mileage car is very difficult now. There are too many people there driving up the prices.

So, Redemption 722 is not an option for you to keep the cars? If you went with them that would help you rebuild credit quickly too.

[debtmonster]

Congrats Debtmonster

Your 341 room was definitely fancier then ours was. We were in the basement of the Federal Building in a small room with a large table where the trustee and his assistant were seated and about 15-20 old wooden chairs for us to sit on.

As for car offers... we're 3 wks post 341 and have not received even one offer in the mail. We were 60 days behind on our 07 Dodge that we surrendered. We had 3 auto loans showing as no lates/paid in full showing on our reports. But still no offers. Thankfully we were able to get something decent to drive before filing.

Good luck to ya

ETA: We were told absolutely NO CELL PHONES would be allowed, so ofcourse we left ours in our van.

I'm over 7-months past due on my BMW. I moved and never forward my address. My attorney told me not to give it back and to keep driving it... so we did! 7 months x $740/mo. = $5,180 we saved so far by driving it. Hopefully we'll have it another 2 to 5 months longer. That will REALLY drive that bank insane. That thing is depreciating badly every single month. Expensive cars always do.

Can I get a "YEE HAW!!!!"?

[debtmonster]

I have been getting a lot of car offers since I filed, (I got 5 offers so far and my 341 is Wednesday, so I am no where near discharge yet).

Of course all of them would be at ridiculous interest rates, but they were out there. I just traded in my saab in january for a hyundai as part of my pre bankruptcy planning, so I don't need a car, but I think you will get offers post discharge. I was never late on a car payment, and paid my 2004 saab off in full before I traded it in, so maybe that is why I am getting offers pre-discharge. Who knows.....

I have not gotten a single offer for a credit card or car offer. My chances may be slim at financing a car. I am trying to come up with contingency plans in the event they take our cars shortly after discharge if the lawyer can't fight for us to keep them for a great length of time. I'll have to hit up AutoTrader and start low-balling people or try to pay somebody to let me go with them to an auction and take my chances there.

From what I heard, getting a late model, low mileage car is very difficult now. There are too many people there driving up the prices.