Car disaster that may be good!

[DeadManCrawling]

I have a non-exempt BMW Z-3 convertible. Neat little car.

KBB Private party value is 4-5k. Florida allows ONE k exemption.

The transmission blew on the thing a few weeks ago. It is currently sitting at the dealership and needs major repairs.

A new transmission will cost $6,000.00.

Unreal.

I figured the trustee would take this anyway, but now I don't know.

In addition to the 6k repair bill, there is 500 for the work done to determine the problem, and a 400 dollar towing bill.

I am torn. On one hand, I hope trustee DOES take the thing. One less thing for me to worry about. He may be able to get a couple grand out of it after expenses, and sell it at auction or to a replacement parts center.

On the other hand, if he abandons, we have to pay the money to get it towed home and wait until we have 6k to repair it, or have the repair done (cheaper, potentially) by a non-BMW mechanic.

Thoughts? Anyone with experience on similar situations?

[LimpDisc]

You're thinking about putting $6k into a car that's only valued at $4-$5k? Seems like you could buy a nice used car for that price.

[OhioFiler]

That car is certainly exempt now. See if the repair guy wants to buy it from you.

[kenshirley]

Let it go my friend.

[BKOnce]

Disect/disambly the car into many parts and sell on eBay for spare parts.. Lots of guys have those toy cars that also want their cheap missing parts, i.e., head lamps, brake, lights, wheels, engine, body, doors, chairs, etc.. etc...

After sold, you will get back your investment somehow... and buy a new car before file BK!

[DeadManCrawling]

I wasn't entirely clear.

The car needs 6 k in repairs if it is done by the dealership.

Done by any other mechanic, the repair bill might run 1500.

However, owners of these sports cars typically won't buy a car that has non-dealer work performed on it.

I would never spend 6k to repair something worth 4-5k.

Not sure whether the trustee will take it, but either way is fine. Was just curious if anyone had similar experience.

[lookingforward]

Yes, my husband's truck motor blew up literally seconds after we signed the reaffirm papers. We owe about 5K, replacing his entire motor would be about 3K, the truck is worth about 4K. So, needless to say, we did not send the papers back to the lawyer.

We were very lucky that it happened when it did, and not after the papers were filed, although I think you still have 30 or 60 days or so to change your mind.

We have now missed 2 or 3 payments on it and it is still sitting here.

I wish we could settle for a lot less, since it can't be driven, then maybe we would pay to have it fixed.

Right now we have a (free from my uncle) 1996 Ford Aerostar and a 1990 something Nissan tiny little truck that my husband picked up for 1200.00
And we still have my 2004 Malibu that is almost paid for that we did reaffirm.

My children (15 and 11) are about to die when I pull up to get them in the Aerostar.
They were used to the Buick Rendezvous. I just explain that this is what we have now and I am very thankful for it. I have a 17 year old and he drives the Malibu to college because it is dependable.

OK, got off track there didn't I? Anyway, as much as I'd like to keep the truck, it just doesn't make sense keep it and pay as much to fix it as it would cost to buy a decent little truck, and after that still have a note to pay.
Good luck!