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Re: BK and car loan...

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Posted by observer ( on September 08, 2002 at 22:28:08:

In Reply to: BK and car loan... posted by Koolkat on September 08, 2002 at 20:43:01:

If you're going to run out and buy a brand new car after surrending the present one, you'll be upside down by $7000 in a year.
I'd personally suggest surrending the car and buy something 2 or 3 years old where the previous owner has taken the first 30% or so depreciation. You surely don't want to reaffirm. Suppose you do and thecar is totaled and the insurance company just pays off at book less deductible. You're on the hook for the balance.
With a decent downpayment and a cosigner with good credit, you ought to be able to get conventional rates.

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