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Bought 2 vehicles within 6 months - Red Flag?

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    Bought 2 vehicles within 6 months - Red Flag?

    SO, in the latest edition of "There is nothing I can do about it except be truthful, but I feel better typing it out here and getting input from others here" saga....

    BACKGROUND

    SOMEHOW, I went into a car dealership on 12-28-2010 thinking I was going to get my GF a used car for Christmas (and truly thought my income would get better and I would be able to afford it), and left later that day with TWO CARS, one 2010 used, and one 2011 Leased and traded in my 2006 Taurus. Why they did this is an entire saga into itself, but basically my credit was good at that time...but maxed to the point that noone wanted to approve a SECOND car for me (Debt to income issues). Understandable, but I promised her I would try...so the dealer (who really must have needed to sell some cars before the end of the year!) figured out a way to submit two loans to two different lenders at the same time and with a little cash (1K) down payment on one car, and a little equity on the trade in (about 1K) they somehow made this work..I guess it appeared on one loan I was doing a trade in, and on the other it looked like I had no vehicle anymore at all.....

    YES I KNOW - stupid stupid stupid! But, I was trying to reconcile with my GF at the time, and this seemed like a plan.....I actually cant believe the dealership got away with this - and Im not normally litigous, but this transaction was what put me over the top expense wise, which caused me to try and gamble my way out (after not gambling for 8 years!) and put me in the state where I ve filed the CH7 last week and at times I think they did something really unacceptable and there might be a cause of action. However, then in the end I realize that I could have, and should have said no myself...and its noone's fault but my own.

    But, through it all, I kept thinking my income would continue to get better, she and I would reconcile and she would help with the money (which of course didnt happen) etc.....I truly intended to make this all work out somehow....but even though my income increased....I was in way over my head and soon it was just overwhelming....I reverted to gambling to try and fix it....and that was that.

    SO, now that I ve vented, here is my question for you folks....I got my letter from my trustee requesting items before my 341 today...to my surprise, taxes only, no bank statements! But I also had to sign a questionnaire and one of the questions was have I purchased a vehicle within the last 6 months, and if so provide details of price, model, etc...

    I realize he is most likely just trying to determine if there are any assets of value in my estate...these vehicles are both horrendously upside down, and as my other posts indicate, one of them I am already surrendering, and the other one is likely to be surrendered in the end (unless Ally wants to make me a heck of a deal!)....

    But is this going to be something that starts making the trustee look at my case more closely than others? My filing says no presumption of abuse on the notice of creditor meeting I got yesterday....?

    Like I said....it is what it is....but I sure like when people here help me maybe know if/what to expect in given situations...

    THANKS!!

    #2
    So, 100+ views but no input huh? Stumped everyone! LOL....thanks.

    Comment


      #3
      First, its not the car dealers fault.

      second, you know it was stupid, just be honest.

      You are surrendering the car, its not like you tried to pull something like running up credit cards you didn't intend to pay back, either you pay for the car, or you give it up, there is no fraud.

      The trustee has seen all kinds of stupid, if everyone is a financial genious many of us would not have gone bankrupt. We make mistakes sometimes, sometimes things just go against us, we get hurt, sick, divorced (or just breakup). Shit happens.

      I doubt this will cause you a problem in a chapter 7

      Comment


        #4
        Thanks Chris,

        Yeah...as admitted stupid. And even if there was some cause of action my guess it would be one of the LENDERS going after the dealer for some not so correct information....I wouldnt really have standing...

        Thanks for your input as it applies to my current case....I was just a little worried because it was two cars, less than 6 months before filing, and they had that specific question about car purchases 6 months before filing on his questionnaire - but again, if I keep in mind his job is to mainly see if there are assets to recover, Im hoping you are correct!

        Again, nothing I can really do but be honest....

        Comment

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