Car totalled in accident Friday, not yet discharged, will I be able to get financing?

[Anonymous]

Hi all!  Long story short, Friday I was rear ended on highway, flipped my car a couple of times.  Car is totaled, luckily walked away sore but uninjured.  I owned car outright, no collision coverage had planned to hold onto for a while until I was discharged and had my reports cleaned up to get a newer car.  This car was 12 years old and had 200k miles.  Book value will only be a few thousand dollars if I am lucky.  Girl that hit me was ticketed so I assume her coverage will have to pay me value of car even though I did not have collision.  I have a normal discharge pending date of 8/10/15 but there is an additional date of 10/10/15 to allow proof of government claim since I had some IRS and state taxes listed on my bankruptcy.  My first question, that I probably need to address to my attorney,  is the 10/10/15 date (or around there) when my case will actually discharge or will it still discharge around 8/10/15.  Second question, will anyone finance me with a pending discharge?  I was really hoping to wait for a few months but I am not going to have a choice at this point. Any insight that anyone could provide would be awesome!  Thanks so much!! 

[TRC_WA]

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@Anonymous wrote:

My first question, that I probably need to address to my attorney,  is the 10/10/15 date (or around there) when my case will actually discharge or will it still discharge around 8/10/15.  Second question, will anyone finance me with a pending discharge?  I was really hoping to wait for a few months but I am not going to have a choice at this point. Any insight that anyone could provide would be awesome!  Thanks so much!! 

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You'll need to ask your attorney or someone with Ch 7 experience on the first question.

Regarding the second question... probably not.  I can tell you that when I was discharged in 2013 I went car shopping 2 days later and ALL of the approvals I got were conditional on me providing proof of discharge because my reports hadn't yet updated.

You may slip through the cracks at a buy here pay here car dealer that will punish you with interest... but any major bank is going to want to see those discharge papers.

[Anonymous]

I'd buy whatever I could for cash with the insurance check for now. Get discharged, clean the reports, build new credit and wait 6-12 months before attempting financing.

[StartingOver10]

Both of the above are right. ^^^

You will need your discharge.

Get a cash vehicle for now. I waited two years to buy something with payments because I wanted to get a decent loan. The loans are better now after discharge, but you still have to go through the clean up process afterward.

Jumping back into a high interest auto loan after your discharge is a terrible way to start your new financial life.

[Anonymous]

There is a finance company called Prestige Finance that will finance you for a car. You will need to call around to local dealers to find out who works with them. I filed ch.7 on 3/18/15 and bought a new car on 3/28/15. The interest is high, but I can refinance in September to a lower rate with my credit union. The biggest thing I would tell you is to make sure you can afford this new debt...also speak to your lawyer make sure it's ok for you to buy.