Car Question

[Badgerz]

Staci, you've created a new fan. Thanks for all you do to help.

Thanks to all of you on these boards who give your time helping.

[SinkingFast]

Sinking, what's your opinion of the loans? Just curious.

Let's just say I about fainted when I saw the interest rate.

But, I logically knew it was coming. A girlfriend and her Hubby filed BK long, long ago, in a galaxy far, far away.

She and her Hubby did not play the Credit Reestablishment games. They didn't know that borrowing a little at high interest would help rebuild their credit sooner. They just saw the interest rates and pass, or got "No" for an answer from more traditional lenders. They just gutted it out. They reaffirmed the car they already owned during the BK. Got lucky to make friends with a mechanic, an independent, who would trade favors with them on the labor and only charge for parts and outa pocket expenses. GF's Hubby is a computer guru and a licensed electrician so he did work on their home for the mechanic in trade for work on the car. The mechanic also let them pay on time when they didn't have all the money up front the parts. GF said it took them. If she remembered correctly, it was about 5 years before anyone would loan them money at a decent interest rate.

Redemption loans won't help me anyway. We have the opposite problem. We have equity in a vehicle that we cannot tap to pay taxes we owe this year. If we could renegotiate the loan on the truck and get cash back, we'd have zero equity in the car, it would be a non asset in the BK, and we'd be able to pay our taxes. Guess we are gonna have to sell it or let the Trustee sell it. Which ever seems the least fraudulent, based on advice from an attny.

[Badgerz]

WOW! Was I ever off the mark. The numbers I used must have came to me in a dream or something. We owe about $13000 on a vehicle that's worth about $6000. Earlier i said we owed about $2000 more than the vehicle was worth. What the hell was I smokin'?