Buying Car Prior to Filing

[Faust]

Who here has purchases a "newer" car prior to filing?

I know I already started a thread on this chap 13 but I wanted to add a poll. Please merge if need be.

Thanks!

[NHC]

*giggle* I'm sorry...I couldn't resist the Broom comment!!! I don't know.....I'm thinking that I should just keep the car I have and finish paying it off....I'm current with it...it's not a bad car...BUT....that devil voice keeps reminding me that the loan payoff amount is more than what the car is worth....it's already 6 years old....and while I have not had any problems with it, potential problems are probably just a few thousand miles away....

[mommy2lulu]

We're planning on filing Ch 7 in January or February, so DH wants to buy a new-ish car ASAP. We have a 2 year old daughter now, and plan to add to the family again in the next few years, and our sedans (98 Altima which is paid off and worth maybe 2k or 3k & a 04 Altima with 3k in equity and 3k to pay off) won't work with more than one carseat. It feels weird to go out and get a nice-ish car to hold us over for the next 5 years (2005 Acura MDX for less than 20k), but DH says its now or never. We will trade in our 04, and our payments will go up about $100, but the lawyer says that's fine.

I've been lurking for weeks, and have learned TONS! Any tips on buying/trading/selling before a bk would be appreciated!

[AZfarmer]

If I could still get get a car with my destroyed credit I would.

It might be easier after I file. Any thoughts on that?

[zpbk13]

We bought a brand new 2009 before we filed. My only regret is that I was so afraid our credit would tank fast so I literally bought the first thing without thinking. It's a Saturn Aura and it's a wonderful vehicle but so not what I wanted. If I have to make the payments for six years (yes I got suckered into a six year payment instead of a five year payment) then it should be the SUV I really wanted. But Saturn was running a deal and we put practically nothing down, got the extended warranty and the payment is reasonable plus financing was 1.9%.

Now that we are discharged, hubby and I are seriously considering having GMAC pick up the car and getting a used SUV but I keep telling myself that would be nuts to trade in a car with a 1.9% interest rate for something probably ten times higher so I'm trying to count my blessings, be grateful we are discharged and have reliable transportation.

[SteelLiu]

I did not plan on buying a new truck before last month. Unfortunately, my 2006 Honda Pilot was involved in a three car accident, I was the middle, and it took a beating. The body was repaired but now I am having issues with the ABS, electrical system, alarm system, etc... I cannot trust my Pilot to be safe for work anymore. It actually locked me in on Monday! I am looking at a 2009 or 2010 Chevy Silverado 1500 LT. I work in construction as a steel inspector and need space to haul all my equipment.

[Faust]

Going to buy car tomorrow. Very nervous.

Will be late paying on first card Sunday and anticipating a deluge of calls.

[Faust]

We bought a brand new 2009 before we filed. My only regret is that I was so afraid our credit would tank fast so I literally bought the first thing without thinking. It's a Saturn Aura and it's a wonderful vehicle but so not what I wanted. If I have to make the payments for six years (yes I got suckered into a six year payment instead of a five year payment) then it should be the SUV I really wanted. But Saturn was running a deal and we put practically nothing down, got the extended warranty and the payment is reasonable plus financing was 1.9%.

Now that we are discharged, hubby and I are seriously considering having GMAC pick up the car and getting a used SUV but I keep telling myself that would be nuts to trade in a car with a 1.9% interest rate for something probably ten times higher so I'm trying to count my blessings, be grateful we are discharged and have reliable transportation.

By your signature I assume you filed Chapter 7?

[zpbk13]

Yes, we filed chapter 7. My screen name is a result of our consultation with an attorney that told us there was no way we qualified for a 7. The attorney we finally ended up using said the same thing to us at first then after looking at all the numbers she said she thought she could "squeeze" us into a 7. She was absolutely awesome and it didn't hurt that her husband is a trustee so she knew all the ins and outs.