I am awaiting discharge but i need a car

[Anonymous]

Hi guys. I have a current auto loan that is included in bankruptcy and did not reaffirm. They will take the car soon and i need to get a replacement. I wanted to get a $20-$25k CPO BMW through BMW FInancial. Does anyone know if they are bk friendly? I did not burn them and i have had a loan with them previously, never late. Anyone have experience getting an approval from them soon after filing bk?

[Anonymous]

I would wait and work out a deal with your current lender to rewrite the loan for the current loan value on the car and give you a lower APR if it's worth keeping. I would not reaffirm the car loan, but contact them as soon as you have a DC and inquire.

I would not buy a car while having an open BK, and I would not buy a 20k+ car right out of BK as your APR would be sky high. Honestly get something more practical than a BMW (bring money with you) - that you can easily refi if needed to get a lower APR later. Make sure that your loan if you take one is no more than 120% of the car value.

[Anonymous]

My current lender has no intention whatsoever of trying to rewrite the loan. They said as long as make the same monthly payments they will not take the car. However they said if i am 60 days past due i will be put on the repo list. I'm 43 days past due now and my discharge is in 45 days or so...