Permission to assume new debt during 13

[kklblue]

What is the name of your state (only U.S. law)? MN.

I filed a Chapter 13 in January 2008. Included in my 13 was my Dodge Caravan car loan. At the time I was a couple of years into the car loan but the "declared" amount that Capital One claimed in my 13 was much more then the van was worth.

Fast foward to today and the van which is nearly 10 years old and has significant repairs that are not worth fixing. I have petitioned the Trustee to assume new debt and haven't heard back. I just did it today.

My question is, what happens to the van. The trustee says I contact my lawyer and they haven't responded back yet.

Any ideas?

Thanks very much!

 

[larocque1]

What is the name of your state (only U.S. law)? MN.

I filed a Chapter 13 in January 2008. Included in my 13 was my Dodge Caravan car loan. At the time I was a couple of years into the car loan but the "declared" amount that Capital One claimed in my 13 was much more then the van was worth.

Fast foward to today and the van which is nearly 10 years old and has significant repairs that are not worth fixing. I have petitioned the Trustee to assume new debt and haven't heard back. I just did it today.

My question is, what happens to the van. The trustee says I contact my lawyer and they haven't responded back yet.

Any ideas?

Thanks very much!

Yes...wait for a response. You just sent out your question....wait for a response. Your attorney and the Trustee assigned to your case have a lot on their plates; you are not their only cases. Be patient and wait for them to respond.

 

[OHRoadwarrior]

I can't imagine how it would be logical to take another loan. A new vehicle will run well over 10k. What mileage is on the van? What repairs does it need? If you change the oil and tranny fluid, those vans are usually good for 200k.

 

[kklblue]

I am waiting for both the attorney and trustee to contact me back. I just was curious as to the disposition of the van.

Taking out a loan on a car is just 1 option I am looking at. The van I have apparently is notorious for having transmission trouble. I wasn't aware of that when I purchased it or I would have not bought this brand. As it is I am being told to remove and replace the transmission is going to cost me $1500.00. Hardly worth it for a van that has a blue book of 2600.

I was hoping to get something with a warranty.

 

[Mass_Shyster]

As it is I am being told to remove and replace the transmission is going to cost me $1500.00. Hardly worth it for a van that has a blue book of 2600.

Actually, it probably is worth it. Right now, your van is worth around $300 for scrap value. If you spend $1500 on the transmission, you will have a van worth around $2600. You'll increase the value of your van by $2300 by spending $1500.

 

[OHRoadwarrior]

Better yet, get the transmission fluid and filter changed when recommended. It amazes me how many people change their motor oil religiously and never change their tranny fluid/filter. A $1500 repair is well worth it, if the engine and other primary components are in good condition. You have a scrap van, worth 500 with a bad tranny. This means you have a $2000 investment in the vehicle. If it runs another 50k, your cost p/mile is less than 4 cents. If you buy a new car the cost will be 3 to 4 times that.