One week later

[Anonymous]

One week post filing and my scores which dropped lower than I've ever seen have started to rebound.  The car dealership letters are filling up my mailbox already. I called one of them and just inquired what the apr would be for a 2015 Kia.  He told me 19%.  Need less to say I will be waiting to purchase a car.  That is just crazy. I enjoy all the advice on this forum and appreciate all who contribute.

[TRC_WA]

I wouldn't apply for any new credit... be it cards or auto loans until you have discharge in hand.

Others may say "it's ok to start rebuilding after your 341 meeting yada yada yada" but I wouldn't risk the potential trouble with the trustee... who isn't your friend and is only looking out for the best interests of your creditors.

My free advice for the day.

Regarding the auto loan, I can tell you I applied for a car loan a couple days after my Ch 13 discharge in 2013... and ALL of the approvals I got said the same thing... "approval conditional upon proof of discharge" due to the fact my CRs hadn't updated yet.

All the more reason to wait. 

[pizza1]

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@TRC_WA wrote:

I wouldn't apply for any new credit... be it cards or auto loans until you have discharge in hand.

Others may say "it's ok to start rebuilding after your 341 meeting yada yada yada" but I wouldn't risk the potential trouble with the trustee... who isn't your friend and is only looking out for the best interests of your creditors.

My free advice for the day.

Regarding the auto loan, I can tell you I applied for a car loan a couple days after my Ch 13 discharge in 2013... and ALL of the approvals I got said the same thing... "approval conditional upon proof of discharge" due to the fact my CRs hadn't updated yet.

All the more reason to wait. 

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+1 !!!

TRC took the words out of my mouth. 

[jim44]

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@pizza1 wrote:

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@TRC_WA wrote:

I wouldn't apply for any new credit... be it cards or auto loans until you have discharge in hand.

Others may say "it's ok to start rebuilding after your 341 meeting yada yada yada" but I wouldn't risk the potential trouble with the trustee... who isn't your friend and is only looking out for the best interests of your creditors.

My free advice for the day.

Regarding the auto loan, I can tell you I applied for a car loan a couple days after my Ch 13 discharge in 2013... and ALL of the approvals I got said the same thing... "approval conditional upon proof of discharge" due to the fact my CRs hadn't updated yet.

All the more reason to wait. 

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+1 !!!

TRC took the words out of my mouth. 

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+1 too.  TRC_WA nailed it!   The farther away you are from your discharge if you do it right, the better the APR for any car loan!  The best of luck with your journey! 

[ezdriver]

I did an auto loan refi 10 months after ch7 discharge and the rate went from 22% to 5%. It's worth the wait ... closer to 12 months post DISCHARGE.