New Car? Timeline

[dogbone33]

I know you are worried as are we. We still have our vehicle though and they want us to keep it but haven't signed anything and we were discharged a month ago and haven't made a payment since November. We owed 18 on it they will give it to us for 9. We did get approved at 4 different places for a vehicle, only thing is we need a truck and a down payment. We could get a car for no down payment but that won't help us. We had credit scores of 760 before we filed. After our discharge we were at 630. They don't care if you have a bk on file. All you can do is try or try to negotiate keeping your current vehicle at a lower price.

[BrokeAzzez]

We ended up getting approved for a loan in April thourgh Drive Financial. Interest rate sucks ass but we can refi after awhile.

[BradyFL]

How long before repo after filing

I am in the same boat, I just filed on monday. My lawyer told me to surrender my vehicle also and I am just trying to figure out how many days I have before Wachovia comes and takes the vehicle. I owe about 17.5k and its worth is about 10k or less. I took the advice from my lawyer to stop paying it and so far its been not even a month yet. I hope to keep it at least 60 days.

It is my understanding that since the new laws took effect in 2005 the stay is lifted 30 days after your 341 meeting...

When the stay is lifted it means that your secured property..ie auto...can be repod without a hearing or request to trustee..

[BradyFL]

We are in day 48 of our bk...and will need to buy a new car shortly. On the advice of our attorney we are surrendering our current vehicle. We have saved some money down to purchase a new car, but when is an ideal time frame to do this? Are we looking at another 6 months? Just curious?

did they send you a reaffirmation? How long before they picked up..Any calls or feelings that they were coming for it? What lender? Big Bank or small town?

[ela805]

@ around a week before my discharge I applied and was granted a 722 Redemption loan thru US Bank. I got an 06 Chevy Malibu- mint condition, low mileage. It was less than $10,000 and my payments are over $100 less than the car that was repoed shortly before I filed. My insurance went down and it gets better gas mileage than my other car. The interest rate is atrocious, but what can I expect @ this point in my journey? My plan is to pay flawlessly for a year and then refinance.

It worked for me and I am thrilled with my new/used car. I know that no car payment at all is best, but if you can't swing it, you just can't. I had no car @ all & I was borrowing a friend's car. It fits very comfortably into my new budget and it is allowing me to establish some new positive credit and my car is beautiful.