Will we have problems financing vehicle after Ch 13 discharge???

[lilrosy4]

We will be getting discharged from our Ch. 13 in a few months...We r hoping to get a newer vehicle.....Just curious how much of a problem we will have trying to get financed....We actually had a stellar credit history up until the 3-4 months before we filed CH 13..( my hubbys hours were cut drastically from work) So we still have quite a few (36 i believe)good accounts reporting on our credit report and the ones included in Bankruptcy ( 13)reporting as bad....Through our ch 13 we have been making our house and one vehicle payment on time every month...( vehicle will be paid off this month) Been trying to save to have a down payment for vehicle plus our trade...Was planning on getting pre approved through our credit union..( we have our house and most of our past vehicles through them) Do any of you forsee problems??? Any input is appreciated!

[Anonymous]

You will have challenges. You do have some current accounts but you did do BK. I would not even attempt it with less then 20% down and probably more like 30-40.

[RESSECUP]

Hello, I was able to finance about a month before  discharge of my chapter 13 with no money down, however the interest rate is high.  If you have money to put down that would be great. 

[lilrosy4]

Ressecup....Did you have to get in touch with your attorney to be able to finance before discharge? just curious....the vehicle we have currently have has TONS of miles on it and seems I hear a new knock or sputter everyday....lol Just hoping it will last until our discharge and to beable to get something newer ASAP!!

[RESSECUP]

Ok let me backtrack I purchased the car within the month of my discarge, and i cannot remember if the finance company ever contacted the trustee of my account for a letter of approval this was 2007.   If you can hold out on purchasing a car until your discharge.

[lilrosy4]

Thank you for clarifying... We should be able to make it til our discharge date..If not Im sure we will figure something out.....

[Anonymous]

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@lilrosy4 wrote:

Thank you for clarifying... We should be able to make it til our discharge date..If not Im sure we will figure something out.....

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As a general caution

NO ONE SHOULD BE ASKING FOR/TAKING LEGAL ADVICE-AND ACTING ON IT, FROM THIS OR ANY OTHER FORUM UNLESS IT IS FROM A LAWYER IN YOUR STATE. And even then that is suspect.

Call/email your attorney/trustee now and ask what the protocols and procedures are prior to you needing the loan. Thats their job.

Screwing up in the process of your BK can have serious repercussions.

[lilrosy4]

Usmc...Thank you for your concern I was just asking Reesecup basically what his experience was and how he had to deal with his situation...I know every state is different...I have went to my attorney with any real questions that I have concerning our case..My Honest plan is to get to our discharge and as soon as we have our discharge papers in hand. ( weather it is weeks or months) go and get a newer vehicle with a trade in and some money down...