Wanting vehicle

[Maquitagirl]

So do you have to wait till your discharged to get a car loan?

I found this 2004 XC90 for 10000. It has a 3rd row seat so it will work very well for my family. I filed chapter 7 June 25th and my 341 was July 28th.

Has anyone on here gotten a loan before they were discharged? If so, who was it through and what interest?

[sah2]

I tried to but had a bad experience. I applied on the Internet for one of those so called guaranteed bankruptcy loans (which I found out later is just a sales lead generator for dealerships). A dealership contacted me and told me I was approved but obviously she had not done a thorough credit check, because when I came in and actually tried to apply for a specific car they suddenly noticed the BK was not discharged and the bank of course would not accept it. Huge waste of time and an additional hit on my credit report because they did a hard inquiry. I had to wait until discharge and got a loan (through a different dealership).

[AngelinaCatHub]

You are not supposed to incur new debt during bk. You own nothing legally as all you own belongs to the Trustee. If your Trustee gives you permission and sometimes he has to get the Judges approval, in certain conditions, he may allow you new debt for a very valid reason. The idea is to give you a new start, not new debt and settle the best the Trustee can do for the creditors. The Trustee works for the creditors. Not all of them though are unreasonable with debtors. 'Hub

[Maquitagirl]

That makes sense. I will just wait till I'm discharged and see. I don't want to occur new debt but I do need a reliable vehicle and my current vehicle will probably be taken back by September sometime.

[mikemike]

let us know when u do apply and the process and experience. Would love to hear about it..wish u luck..

[ohbrother]

My attorney said I did not have to wait until discharge. I was approved for a loan at Hendrick Honda a few weeks ago (many locations around the U.S. - google them) at 18% and they had the car I wanted (honda certified and all). However I have decided to wait until now (1 week after discharge) in the hopes of getting a lower interest rate. We will see how that goes, as I am hoping to apply next week.

By the way, depending on what bank owns your car loan, they may take a long time to come pick it up. They haven't come to get mine yet, and I haven't paid them in 6 months...

[sunydoesitbe]

I was told the same that I didn't need to wait for discharge to get a loan. But I couldn't find a halfway decent car dealership that would touch it with the BK not being discharged. I'm hoping that will happen next week.

[Maquitagirl]

Thank you for the replys. I decided I'm just gonna wait. I feel that I will be better off if I'm discharged and maybe get a better rate.

My father said he would co-sign with me but I would really like having the loan in just my name.

[LSUTiger32]

Wow, 18% on a car. Insanity.

[mikemike]

whats ur credit score and dp?