Cars and a proposal
I am in a position that will very likely mean I need to do a consumer proposal in the next couple of months. My income is now a quarter of what it was so my 2 cars are far too expensive to keep but we do very much need two vehicles. My parents will give me some down payment money for a couple of cheap used vehicles. My plan would then be to get rid of the 2 vehicles costing me $2,500 a month in my proposal for the 2 vehicles costing me maybe 300-400 a month. Will this be a problem? I would not use existing credit sources to get any of the down payment money.
In the end I have 2 vehicles that I must get rid of and I need 2 cheaper ones while I’m paying out my proposal
Posted from: Ontario
From the sound of it your plan makes a great deal of sense. I would recommend that you consult with a local trustee prior to doing anything, that way you can ensure that everything is situated properly, but overall it sounds like you are on the right track with the consumer proposal.