I have found myself needing a car during my chapter 13. I wanted to outline the process I have gone through in getting a car.
I first talked to my attorney and we looked at my budget along with priority debts and non-priority debts and came up with a monthly payment that would be feasible. She gave me a document to fill out once I had found a car, the document is "Motion To Incur Additional Debt". I was told to find a car, keep it under our payment amount, fill the form out and return it to here along with the dealer quote.
My first shopping experience was a bust. I found a car that would fit my payment amount limit, but the dealership was horrible to work with and offered me an interest rate of nearly 19%. They would not budge off of the sticker price and kept adding unusual fees in. I know I have an open bankruptcy and deserve a higher rate, but that seemed outrageous. I found another dealership, and the salesman had just completed a 13 with my trustee, he understood how the process worked. They were polite, nice, and seemed to go above and beyond everything to help me. I was approved at this dealership for 13.71%.
At this point, I have forwarded to my attorney the buyers order from the dealership and the form she gave me. I will update once I hear something back from her, and I actually get the motion on the docket. It was a painless process once I found a dealer that was not trying to take advantage of me.
I first talked to my attorney and we looked at my budget along with priority debts and non-priority debts and came up with a monthly payment that would be feasible. She gave me a document to fill out once I had found a car, the document is "Motion To Incur Additional Debt". I was told to find a car, keep it under our payment amount, fill the form out and return it to here along with the dealer quote.
My first shopping experience was a bust. I found a car that would fit my payment amount limit, but the dealership was horrible to work with and offered me an interest rate of nearly 19%. They would not budge off of the sticker price and kept adding unusual fees in. I know I have an open bankruptcy and deserve a higher rate, but that seemed outrageous. I found another dealership, and the salesman had just completed a 13 with my trustee, he understood how the process worked. They were polite, nice, and seemed to go above and beyond everything to help me. I was approved at this dealership for 13.71%.
At this point, I have forwarded to my attorney the buyers order from the dealership and the form she gave me. I will update once I hear something back from her, and I actually get the motion on the docket. It was a painless process once I found a dealer that was not trying to take advantage of me.
Bankruptcy Wizard
Comment