Just filed chapter 13 and let one vehichle go back.Now I need to buy another for my wife to have to drive.Will anybody be able to give me a loan or what else can I do.I don't have any money right now ,thats why I am in this mess,so how do I get a vehicle.
2006-11-15 04:17:53 · 6 answers · asked by james c 1 in Business & Finance ➔ Credit
WE did keep one vehicle in the bankruptcy,but the other was too much owed and the loan not old enough,it han't been repoed yet but will be going back after the creditor meeting sometime within the next month.
2006-11-15 04:47:31 · update #1
If you choose to finance another car you will need to get permission from your trustee. If you dont and he/she finds out about it, your case can be discharged. You may try going to a buy here/pay here place. They wont run your credit but the interest will be high. Sometimes they have decent cars but get ready to pay a high monthly payment.
2006-11-15 04:58:38 · answer #1 · answered by da_red12 2 · 0⤊ 0⤋
Chapter 13 - You can use it to stop a house foreclosure, catch up on mortgage payments. You can actually lower your car payment and pay it off over the course of the plan. You can payoff your back taxes and stop interest from accruing on your debts.
The filing of the bankruptcy automatically stops all creditors in their tracks. This is because from the moment you file, the court extends its arms around you and protects your creditors. This protection is called the 'automatic stay.' Creditors cannot legally garnish your wages or your bank account. They cannot repossess your car, house, or other property. They cannot cut off your utility service or welfare benefits.
*** If your car has been repossessed, the filing of a Chapter 13 within 10 days will get the car back from the repo man***
Chapter 13 can be used to buy necessary time. Perhaps you know you can't catch up your mortgage payments, but you need some time to sell your home. Chapter 13 can be a good way to buy the necessary time.
Sounds like you need to focus on getting the original car back from whoever reposessed it - instead of buying another one.
2006-11-15 04:22:29 · answer #2 · answered by tampico 6 · 0⤊ 0⤋
You can still get a car after filing bankruptcy. You will probably have to go to a "Joe Shmo" car lot, and pay a higher interest rate, but it is possible. You can still get credit cards, loans, etc. after filing bankruptcy b/c lenders know that you can't file again for seven years (or something like that). If you default on a loan, etc. you will be taken to court by the lender.
2006-11-15 04:28:20 · answer #3 · answered by Anonymous · 0⤊ 0⤋
You may be able to get a car loan but your interest will be very high. Probably around 30%. Another option would be to buy a vehicle from a private party if you can afford to pay cash for a used one.
2006-11-15 04:32:36 · answer #4 · answered by fat_albert_999 5 · 0⤊ 0⤋
I had an open repo and terrible credit and was able to get a loan. The interest rate is awful but I needed a car, and I got one, and it is a pretty decent car too.
Email me and I'll tell you where - I can't advertise on here.
2006-11-15 04:26:28 · answer #5 · answered by LisaT 5 · 0⤊ 0⤋
You can have your wife apply for the car loan. If this is not possible, you can still apply for a loan under your name..only thing is that the APR will be high.
2006-11-15 04:27:34 · answer #6 · answered by Halo 5 · 0⤊ 0⤋