Just Need To Vent

[Rozi]

I filed bankruptcy on 9/13 had my 341 on 10/14 and I was hoping to be discharged this month. I am giving up my car in this bankruptcy and I am positive they are coming to get it soon. How in the eff can a person buy another car in an open bankrptcy?? It tickes me off because I need a car to get to work and now it looks like I might have to rent one or God forbid go to a buy here pay here place. Ughhhhh I am just so angry! If I had to do this again I wouldnt! I would have let the car be repoed!!! It would have gone faster than this....

[IamOld]

Rozi don't panick yet!!!!

US Bank makes what is called "722" loans referring to the part of the BK code that allows you to "redeem" your vehicle at its appropriate price AND they loan to people in active BK - (mods I hope it's ok to put the URL here) http://www.722redemption.com/home.php

Check with your atty but this may be a way out for you = higher interest BUT less than the buy here/pay here places if you need to finance a car.

[justbroke]

Also, if you needed your car, you could have reaffirmed the debt. However, if the car is worth significantly less... the redemption option (mentioned above), may be a better value.

Also, a little known thing is that USBank's 722 Redemption program allows you to buy a "replacement" car under another part of their bankruptcy program.

I'm surprised that your attorney didn't review some of these options with you. Please know that the 722 Redemption Loan (and other Replacement Loan) programs don't have "low" APRs. They are usually in the high teens to 24%. If you keep your credit CLEAN -- like I did -- you can easily refinance within 6 months to a lower interest loan!

[ValleYum]

Why didn't you go ahead and line up with a 722 Redemption loan that you said you were approved for here? http://www.bkforum.com/showthread.ph...l=1#post543247

I can understand that you wanted to perhaps have a few more options or see if you got better interest rates but at some point you have to decide it is time to do something.

You are already 60 days past your 341 and will likely be notified of your discharge at any time. Save yourself more stress and make sure your car has no personal belongings in it as I doubt the auto finance company will wait very long to repossess your current vehicle after they are notified of your discharge.

I hope you can make a decision soon and relieve some of your stress.

[Exployer1234]

Do you have an auto auction near you? They do public sales that you can find cheap cars from. You want to see if you can find GSA cars, which are government owned vehicles and normally are low miles and maintained. The auction can tell you places that will work with you on financing. There are some nice cars that run through, that are low miles, and well maintained.

Also on a different note after seeing some things at my work I can never go to a dealer again and purchase a vehicle. They are charging people an arm and a leg. Normal profit is anywhere from 3-5K on a used vehicle. They will tell you that they are giving you rock bottom prices, but in all reality they are buying some cars for 3K and reselling them for 7.5K or 10K.

[IBroke]

They will tell you that they are giving you rock bottom prices, but in all reality they are buying some cars for 3K and reselling them for 7.5K or 10K.

Especially at buy here, pay here dealers. Been there, done that..

[Rozi]

Thanks for the advice y'all! I was going to take the US Bank deal but my dad said I would be stupid to do it and that he would buy me a car and then I could refinance it in my name. Now that my discharge hasn't happened yet he doesn't want to help me and now I feel screwed. I am trying to be patient but I can not be without a car. I went to a normal dealorship and they said my credit score is high enough to get a car but they can't touch me without a discharge. It's funny though but I am getting offers saying congrats on your discharge. So I don't know what is going on. Oh and I talked to my lawyer and the car had too much mileage and too much upside down to reaffirm. She said to give it back and go to a buy here pay here... Thanks for letting me vent!

[ValleYum]

Have you checked on PACER to see if you are discharged? The discharge you print out on there would work for the dealerships.

The folks that mass mail you usually are right on when they start sending out the 'Congrats you are discharged' stuff! I think they stake out PACER for discharge notices! LOL

[Rozi]

I checked Pacer but it says nothing. You are right about the mass mail! They must stalk Pacer!! Lol

[AngelinaCatHub]

Thanks for the advice y'all! I was going to take the US Bank deal but my dad said I would be stupid to do it and that he would buy me a car and then I could refinance it in my name. Now that my discharge hasn't happened yet he doesn't want to help me and now I feel screwed. I am trying to be patient but I can not be without a car. I went to a normal dealorship and they said my credit score is high enough to get a car but they can't touch me without a discharge. It's funny though but I am getting offers saying congrats on your discharge. So I don't know what is going on. Oh and I talked to my lawyer and the car had too much mileage and too much upside down to reaffirm. She said to give it back and go to a buy here pay here... Thanks for letting me vent!

You could have "paid through" on your present car. How behind are you? Attempt to negotiate a continuance and pay for the car. If your lawyer thinks that your current car is worth less than a buy here pay here car (which usually are junkers) then your present car must be a mess. Your Dad is right about not getting a car until discharge. Shop now for one and the day you get your letter or PACER letter, ask Dad to help then. You have many ways of getting a car. I purchased a low millage ten year old car for 800 bucks, put 300 into it and wife drove it for four years till we gave it away to a friend. She over filled the car with oil and blew the engine in a day. Pretty miffed about that deal. 'Hub

[ValleYum]

Morning 'Hub!!

I believe the OP mentioned an issue with the catalytic converter in her current vehicle which was why she did not want to keep it.

[Freddy03]

http://www.bkforum.com/showthread.php?69192-Bought-from-722-Redemption-%28US-Bank%29-Before-341-Hearing&p=543247&viewfull=1#post543247

FYI: I've been discharged since Oct and have yet to receive one credit or car offer in the mail so I wouldn't count on getting any deals right away.

[justme555]

Don't loose hope. If you need to buy a car and can afford the payments, it is possible. I'm awaiting my discharge any day now. However, I was able to buy a new 2012 vehicle and surrender the old car to the bank. My interest rate is 14% through Capital One. Not great, but not 24% either. I got this thru the dealer, was declined by Cap One online. I never thought they would touch an open bk. Go to a dealer who specializes in BK they can help.

[Rozi]

Thanks y'all! Would love to keep my old car but the catalytic converters are both bad so it would cost me 2 k to fix. I tried calling my bank but they are not willing to help me. I use to pay 600 a month. They either want the money or the car so they can take the car. I have one car offer already but I have not contacted them. Not worried about getting a credit card. I just want a car to go to work in. I thought they would get the car after my 341 meeting.

[Nicollette]

Don't loose hope. If you need to buy a car and can afford the payments, it is possible. I'm awaiting my discharge any day now. However, I was able to buy a new 2012 vehicle and surrender the old car to the bank. My interest rate is 14% through Capital One. Not great, but not 24% either. I got this thru the dealer, was declined by Cap One online. I never thought they would touch an open bk. Go to a dealer who specializes in BK they can help.

Wow, I didn't think an approval could be done with an open Ch 7?