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Chap 13 car purchase

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tam69
New Member

Chap 13 car purchase

Just a little info to help others. My wife and I filed Chapter 13 in Oct of 08 and will be receiving our discharge papers this week. In Jan. of 2013 I reached out to a local credit union in which we had a car loan that was included in our bankruptcy with and asked them to help clean up that account on my report. They did so by deleting the entire account. Not what was expected but o.k. none the less. A few weeks ago my car engine blew and since we have not received discharge we thought we were in trouble. Ian spoke with my attorney and she got us approval to seek financing on a vehicle. This is the reason for this post. My wife and I went down to a local car lot and applied for a car. The vehicle we chose was listed at just over 20k. We were told that we would have no problem being approved but our interest rate would probably be in the teens somewhere...Ouch...We had the dealership call our credit union and they agreed to finance us at 6.49%. I know everyone has different experiences but I feel because I started talking to the loan officers way in advance and made an effort to show we cared about our future credit, they where willing to help. 1 week until discharge and purchasing and amazing new SUV with a more than fair interest rate makes me very excited for the future.
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ezdriver
Senior Contributor

Re: Chap 13 car purchase

Congratulations and thank you for sharing your story. As many of my posts have shown, I am a huge proponent for suppoting local credit unions. Mine just refi a 21% auto loan at 5.5% and they are helping me rebuild my credit too. Build those face-to-face relationships proactively and you will reap the benefits for a long time to come. All the best with your new vehicle.

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