One last car question

[coopersmydog]

I now understand that there is nothing wrong with buying a car before filing. Is there any issue with buying two? Both of our vehicles have 140000 plus miles on them. We're considering replacing both. We'd buy used cars each would cost less than 20,000. In all likelyhood both would be 15,000ish. Is this still okay?

[ccmisery]

I'm curious what is your FICO score, have you tried to qualify for any loans yet? I'm thinking I will have a tough time qualifying since my FICO is now just below 700.

[liz417]

I now understand that there is nothing wrong with buying a car before filing. Is there any issue with buying two? Both of our vehicles have 140000 plus miles on them. We're considering replacing both. We'd buy used cars each would cost less than 20,000. In all likelyhood both would be 15,000ish. Is this still okay?

I think you will be fine, you are allowed two cars and if you can justify the purchases by stating that your other cars were on their last leg(s) and that the maintence would cost lots of $$ over your 3-5 repayment plan (you're ch 13 right?)...then I don't see a problem. We purchased 2 new vehicles within the same year (at different times).
Edit: we were also very careful about what we purchased (no luxury cars), fuel effiecient, cheap, etc.

[liz417]

I'm curious what is your FICO score, have you tried to qualify for any loans yet? I'm thinking I will have a tough time qualifying since my FICO is now just below 700.

I qualified being in the mid 500's, although at the time, I had very been late, etc on CCs payments (but maxed out). So a loan is do-able.

[catleg]

My score was 582, wifey was 682, we got a loan from a GM dealer for a used car at around 11.5% APR and then got another used car thru Toyota Motor Credit at under 10%. Be aware the dealer can sometimes "buy down" the rate...ask them. OK I'll admit it ... 2 Lexuses. Had enough of eating depreciation on new American cars.

This was right before we stopped paying all cards, but very ugly total debt, utilization, and debt to income ratios.
Also this was early Nov before any of the bailouts happened. Otherwise I might have considered the GM 0% offer
since I had some bucks on GM card.

[ccmisery]

I think the low APRs are hard to get unless you have 725 or higher? Maybe GM will barter?

[catleg]

GM took a lot of crap in the media when GMAC got TARP money and they announced they would extend the 0% APR down to about 625 scores.

Hell at least they're willing to lend. Might as well put the cars with somebody who might pay rather than just sit there.