Purchase a car before filing?

[BKINVA]

I will be filing within the next 60 days and my current vehicle (2003 Mini Cooper) has 104k miles and I'm concerned it won't last through 5yrs under CH13...should I trade it in now or tough it out? On a side note - I'm about $5k upside down as well. Your thoughts?

[debtmonster]

I was told by a dealer that it's not a good idea to buy a car right after BK. If you're $5k upside down, I would give that thing back and try to buy something else after the BK. That's my humble opinion.

There are so many cars on the market for under $4-5k with under 50,000 miles on them on Auto Trader. You just have to weed through the crappy ones to find the cars that are not wrecked.

[mynameainttracy]

There are a million threads on here about this. Just do a search to find them. You need to get a car before you file. We bought a brand new car 2 weeks before we filed. Obviously it shouldn't be extravagant, but it needs to be able to live through a 5 year bk.

[inpain66]

I will be filing within the next 60 days and my current vehicle (2003 Mini Cooper) has 104k miles and I'm concerned it won't last through 5yrs under CH13...should I trade it in now or tough it out? On a side note - I'm about $5k upside down as well. Your thoughts?

I may be losing my MINI when I file since I am with a credit union. Breaks my heart because I love my car.

[debtmonster]

I may be losing my MINI when I file since I am with a credit union. Breaks my heart because I love my car.

That thing is old now. You can always buy another one. I've had well over 25 cars. It's no big deal. No need to be attached.

[liz417]

Hi,

Yes, you should buy a car now that will last through you ch 13 repayment plan. How's your credit right now? We purchase a new car (used '07) on the advice of our attorney and before our credit took a hit. My truck was a '95 and had over 240k miles on it.

Good Luck!

[debtmonster]

Just try to purchase cars that have timing chains instead of belts so it's less to repair.

[debter08]

I may be losing my MINI when I file since I am with a credit union. Breaks my heart because I love my car.

Our car is through a credit union. Do credit unions not reaffirm?

[gettingby2008]

Try and buy a new car without trading in the old one or at least you do not want to rollover negative equity from the mini and you can always add the mini to your filing. We were in a lease, purchased a new car and then did a voluntary surrender of our leased car. The creditor will just be added to our matrix and get almost nothing.

[StartingOver08]

Our car is through a credit union. Do credit unions not reaffirm?

Credit Unions reaffirm. I just got a reaffirmation from mine on a car. Was able to renegotiate the rate, balance, term, payment. Took off the cross-collateralization too.

[debtmonster]

Will GMAC reaffirm? I don't want to do it. I want to do a 722 Redemption and wipe out the negative equity. Do you think this can be done or would I be better off buying a new car? I just don't know how I can come up with $3500 cash between the time I file and the time GMAC will come and snatch the car.