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    #1

    Private Party Auto Loan

    Here's my situation. Filed chapter 7 in January 2012, discharged in April 2012. I am currently in the market for a new vehicle, which just happens to be my brother's used truck, and am having difficulty getting a loan this soon through local banks. I've done a few credit apps online, but they all end up sending me to a dealer. Does anybody know of a lender that will do a private party auto loan instead of sending me to their "pre-approved" dealer? Any help is greatly appreciated!
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    #2
    Would your brother be willing to accept payments from you? Or is he in need of a larger amount of cash than you can provide at one time? Or are you attempting to take over his payments?

    Welcome to the forum, BTW
    "To go bravely forward is to invite a miracle."

    "Worry is the darkroom where negatives are formed."

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      #3
      He does not want to do that. He just had a baby, and would like the full amount to pay off credit cards to free up some cash flow.

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        #4
        I can understand fully. Congrats on the new family member.
        "To go bravely forward is to invite a miracle."

        "Worry is the darkroom where negatives are formed."

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          #5
          For a private party you are going to have more luck with a local bank/credit union branch. Basically any one else is worried about some kind of fraud and figure that the dealership shields them from that to some degree. But with a local bank branch you can actually bring the vehicle in and have them inspect it prior to granting the loan ( I have done this a few times in the past). Now as far as who would work with you given the closeness to BK I dont know, but to go private party used you are likely looking at using something with a local branch...

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            #6
            Originally posted by goon View Post
            For a private party you are going to have more luck with a local bank/credit union branch. Basically any one else is worried about some kind of fraud and figure that the dealership shields them from that to some degree. But with a local bank branch you can actually bring the vehicle in and have them inspect it prior to granting the loan ( I have done this a few times in the past). Now as far as who would work with you given the closeness to BK I dont know, but to go private party used you are likely looking at using something with a local branch...
            I'm in the same boat. I bank at BofA and I found a vehicle for sake through private party in another state. You think it would help to try to deal with the local BofA branch in the sellers home town so that they can see the vehicle and observe the transaction? I think I will try that. If not with BofA, then some other bank.

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              #7
              Which online creditors approved you?
              Filed Chapter 13 - 7/10/07 - 5 year plan with 2 cars and 10% unsecured payback,
              Last Payment 7/12, DISCHARGED 11/26/12 CLOSED 12/18/12

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