BK7 Newbie: In need of vehicle prior to discharge!!

[Super700]

Newbie here, in need of advice. I filed my Chapter 7 petition 02/19/14 about 80k in the hole. One week prior to filing, my vehicle- a 2000 Eclipse with undisclosed mileage and a 39% interest rate, was repossessed. I'm sure most of you would agree that the tow man did me a favor with an interest rate like that. My original plan was to redeem the car in bankruptcy after I had it appraised at $700 but later decided to allow them to keep it since it was giving me so many problems. (Blown head gasket, panel lights not working, undisclosed mileage not to mention it broke down 2 days after I bought it) My current dilemma is I have no vehicle and have limited transportation to work and school. I have already gotten offers for new car loans, but I know I can get a better rate if I wait until I rec'v my discharge. The problem is, I don't have that kind of time. I just can't bring myself to reaffirming the loan with that kind of interest and I'm terrified to come out of pocket $700 (Given a judge determines that to be the fair value bc the lender definitely won't agree to it) just for the car to put me down all together and I still need a car and be out of a few hundred bucks. The only reason I considered buying it was to get me through to discharge, but the lender won't give it back until then and that just defeats the purpose.

Is it possible for me to get an auto loan now, I would like to do so. If any of you have had any success with this, I would appreciate you sharing your advice.

[0REDSOX7]

There are ways to get loans while in bankruptcy, however, it may be difficult (or expensive) as you've pointed out.

Any family members that could loan you a car? What about owner financed? User EZDriver could explain more about that?

[kd081708]

I was able to get a car while waiting for my discharge because my car died on me too. It was through a program called 721 redemption. The interest rate was %24.99 via Prestige FInancial with no money down.  I have sinced traded the car in for a lower interest rate but it did help me when I really needed it.  I would say try to wait if you can. If not, look into this option.

[ezdriver]

Try and rent a beater until 6 months after your discharge.

[SoulMaster]

Try Enterprize/Hertz/Other montly rental.  You can get cars for ~$350/mo through them (and use your Debit Card).  Use that until your back on your feet.

Also, read the Dave Ramsey car-buying method.  Much better way to go than financing a car.

-SM

[Super700]

Okay, based on the feedback that I've gotten back I think its best for me to redeem the car. I can only hope that the judge honors my professional appraisal or deems the value to be something I can come up with. I'm going to take my chances and find a reasonable mechanic that can keep it running. Thank you all for responding.

[SoulMaster]

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@Super700 wrote:

Okay, based on the feedback that I've gotten back I think its best for me to redeem the car. I can only hope that the judge honors my professional appraisal or deems the value to be something I can come up with. I'm going to take my chances and find a reasonable mechanic that can keep it running. Thank you all for responding.

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Seriously, please go look in to renting something for a month or two... It would be the SAME $700 and you don't have to worry about breakdowns. Or just go buy a $500 car that can "get you by".  It really looks like redeeming the car would be a mistake.

-SM

[ezdriver]

OK then .... so much for our recommendations. lol

[SoulMaster]

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@ezdriver wrote:

OK then .... so much for our recommendations. lol

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<shrug>

HA!

-SM

[triedtogetacardandcouldnt]

I know the OP wasn't listening/interested, but can you really rent a car for $350 a month? That sounds impossible.