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Long Time No See

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Re: Long Time No See

You are going to run into quite a few issues:

 

VERY FEW lender's will touch an open Chapter 7, in addition those that do specialize in open Ch7 Auto lending are going to have an issue with your income because I would think you are a 1099 employee through the ride share companies. In which case most will want a tax return to prove income, if you have filed taxes on your income in the past. They will look at your 1040 schedule C, typically line 31 to calculate your income. Other lender's will use 3 to 6 month's of bank statement's to calculate income, where they will take your deposits and add them together then divide by number of month's of bank statements to calculate monthly income.

 

Another huge issue you will run into, is the fact that your vehicle is being used for ride share services. Most all indirect lender's (indirect lender's are lender's that dealership's use) will absolutely not finance a vehicle that is going to be used for ride share services as it results in faster depreciation of their collateral.

 

In addition, unless you have terrific credit history pre BK filing and you are placed in a high tier, most likely you will need at the very least $1,000 cash or equity down, or 10% of the sales price depending on the bank/and tiering.

 

CPS (consumer portfolio services) is a lender who will finance someone in an open Ch7 provided you have had your meeting with creditor's already, and they will finance 1099 employee's with documentation as stated above, but they will not finance vehicles intended for ride share services.

 

My advice: Buy a car for cash to get you by until you are discharged from your bankruptcy, and able to rebuild your credit to get a better approval (less money down, lower APR, etc) and find a different job that isn't so reliant on your vehicle situation. Once you are in a better spot, then start doing ride shares on the side again or start doing that full time once you've obtained a decent vehicle and established an emergency fund.

 

One last note, I would also look at a more practical car if your doing ride share services, a nice 2013+ Honda civic/accord with decently low miles would be a much better fit for that type of work.

 

Good luck.

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Message 11 of 14
Established Contributor

Re: Long Time No See

 Where is this mystery cash I'm suppose to save going to come from?

 

 I just spend $45 on a rental car I can't use because my phone won't stay charged for more than 21%. I attempted to buy another phone but it was getting late and I needed to make sure my father got something to eat. He no longer prepares is own food, I have to do it.

 

 So I can't work and I didn't buy another phone. Even if I did it's 9:49 PM PST it's now pass the prime earning hours for Postmates. 

 

 I am going to be out about $52 and didn't earn a penny today. This happens way too often.

 

 July - Money spent $2334, Money made $2149 ($185 negative)

 May - Money spent $3728, Money made $3542 ($186 negative)

 April - Money spent $2663, Money made $3046 ($383 positive)

 

 I can go back further but you get the point, at least I hope you do.

 

 The plan is to have around $1000 by my 341 meeting. In the meantime I will negotiate the price on a new Fiesta ST, CPO Focus ST or CPO Fiesta ST. I will let the dealer who submits the best price figure out how to get me bought. Loan amount will be $20,000 max and I'll even buy out of state to avoid rolling taxes into the loan if necessary. 

 

 If I can't get something done by July 8th, I'll just muddle through and I should be released in August. 

Message 12 of 14
Established Contributor

Re: Long Time No See

 Slight update

 

 341 meeting went off without a hitch.  Next up meeting with creditors.

 

  Dealers are fairly agreessive, nothing unsual about that. '19 Fiest ST MRSP hovers around $23K give or take options. Got that down to $19,665 with Moonroof, which is $17,165 after rebate. That beats the previous best deal by about $650; I think I go a bit further no haggling just dealers matching or beating each other.

 

 The CPO cars I was looking at both sold over the holiday weekend.

 

 Not many CPO's out there.

 

 Also looking at CPO, both cars I had my eye were sold over the holiday weekend. Those were the lowest priced CPO's for 500 miles....

 

 One dealer got rude when I asked them to not just price match the car sold but to beat it.

Message 13 of 14
Established Contributor

Re: Long Time No See

No luck. CPS, Roadloans, even United said no.

Most said open bankruptcy. One refused based on gig economy income. Max loan amount went down to $11k and still no luck.

Going to wait until I'm discharged. Spending $30-$40 a day to keep working, oh well.
Message 14 of 14
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