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Old 06-27-2012, 08:02 PM
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Help Me Decide! Please!

OK, I am filing bankruptcy and can keep my truck or let it go. I have a 2006 F-350 Crew Cab king Ranch Dually 4x4 with 126000 miles on it. I can let it go and get a new truck after BK but will pay 24% interest. I currently have a 5% interest rate but still owe $26,000.00. I love my truck but I am scared of it breaking down. I have deleted the EGR but have not done head studs and can't afford to right now. I have replaced the same injector twice at $725.00 each time. Will my truck last without head studs or is it a must. Since I owe so much should I let it go or keep it? So, if I keep my truck will it last without head studs and should I keep it at all? THanks for any response you may leave.
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Old 06-27-2012, 08:29 PM
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It sounds like its been pretty good, you should keep it!

Get a monitoring system. I use the edge insight and it works great. If you are going through injectors you should monitor your FICM, maybe blue spring upgrade? Use the search tool on this site.

New diesel trucks are like 50-60k, soooo @ a 24% interest...You may file BK again? jk
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Old 06-27-2012, 09:21 PM
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Originally Posted by lethald View Post
It sounds like its been pretty good, you should keep it!

Get a monitoring system. I use the edge insight and it works great. If you are going through injectors you should monitor your FICM, maybe blue spring upgrade? Use the search tool on this site.

New diesel trucks are like 50-60k, soooo @ a 24% interest...You may file BK again? jk





Keep the 6.0 and enjoy it!
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Old 06-27-2012, 10:26 PM
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I going against the grain here but if you are in a position where you have to file for bankruptcy, as much as you may like your truck it might be in your best interest to get something cheaper to own and operate until you are back on your feet.
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Old 06-27-2012, 11:01 PM
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Originally Posted by PGreenSVT View Post
I going against the grain here but if you are in a position where you have to file for bankruptcy, as much as you may like your truck it might be in your best interest to get something cheaper to own and operate until you are back on your feet.
Great point.

I guess it could depend on what you pay now for the truck you have(which is entirely your business).

Even if you bought or financed something cheaper...say 10,000$, 24% 36 months, you could be possibly looking @400$ payments. That to me would be hard to justify for something you need to settle for.
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Old 06-27-2012, 11:27 PM
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keep it.there are 06's around here selling for the same price that you owe. At a low interest rate with long term payments, I am sure your current payments are lower then a high interest short term loan on a cheaper car will be. I have done the whole bankruptsy thing before and trust me, you will be glad you saved that long lasting truck with low interest.The few times it will be need repairs will be outweigh'd by the quality and longevity of the truck and the smaller payment.If not, you will be paying the same or more(probably more) to drive a 200,000 mile generic rental car with 24+ interest rate. By the time you are done paying for your 200,000 mile impala,cavalier, aveo you will have paid double what it was worth when you bought it and the value at the time is is paid off will be a fraction of the value when you bought it. You will probably pay close to $26k for a much cheaper car once the high interest is added plus other fees included depending on the lender.Trust me.If you plan to finance another car and let it go you will regret it. If you must let it go, buy a cheap car/truck cash, but the cheap car/truck will more then likely be higher maintinance then your truck as it will be run down.just keep it... Good luck to you.

Last edited by UrbanAssaultVan; 06-27-2012 at 11:42 PM.
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Old 06-28-2012, 03:17 AM
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Originally Posted by PGreenSVT View Post
I going against the grain here but if you are in a position where you have to file for bankruptcy, as much as you may like your truck it might be in your best interest to get something cheaper to own and operate until you are back on your feet.
I agree, I have three vehicles, one is an old 91 honda accord daily driver I have been driving for four years I got for $500. The others are 96 7.3, and 04 6.0. The 6.0 is the only one thats broke down. Lol. I'm gonna fix it later.

Sent from my SCH-I500
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Old 06-28-2012, 08:30 AM
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Originally Posted by UrbanAssaultVan View Post
keep it.there are 06's around here selling for the same price that you owe. At a low interest rate with long term payments, I am sure your current payments are lower then a high interest short term loan on a cheaper car will be. I have done the whole bankruptsy thing before and trust me, you will be glad you saved that long lasting truck with low interest.The few times it will be need repairs will be outweigh'd by the quality and longevity of the truck and the smaller payment.If not, you will be paying the same or more(probably more) to drive a 200,000 mile generic rental car with 24+ interest rate. By the time you are done paying for your 200,000 mile impala,cavalier, aveo you will have paid double what it was worth when you bought it and the value at the time is is paid off will be a fraction of the value when you bought it. You will probably pay close to $26k for a much cheaper car once the high interest is added plus other fees included depending on the lender.Trust me.If you plan to finance another car and let it go you will regret it. If you must let it go, buy a cheap car/truck cash, but the cheap car/truck will more then likely be higher maintinance then your truck as it will be run down.just keep it... Good luck to you.
Thank you all for your input. I agree that it makes since to keep it. I only pay $489. mo. and I will be driving a compact car at the same payment at the higher interest. I am new to this site and not sure I would get any response but you guys are great.
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Old 06-28-2012, 08:45 AM
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If you can keep up the payments, re-affirm your loan, it may cost you a few dollars with your atty - but I think it is worth it in the end - Good Luck!
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Old 06-28-2012, 09:19 AM
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Sell your truck and pay cash for a vehicle. You're going through a bankruptcy. You can't afford a $500 monthly payment. I'm not trying to be mean and certainly not disrespectful, I am just being real with you. You can put a bandaid on the problem and keep your truck, or you can grow up, throw your pride out the window, and do what needs to be done to get yourself back on your feet and eventually into another powerstroke when you can afford it and enjoy it. Good luck to you.
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