Getting an Auto Loan after Chapter 13..Help

[JTDiggity]

So our Chapter 13 was confirmed in February (we live in Ohio) and we only have one vehicle. We need a second vehicle for regular use (school, work, etc). My lawyer said to obtain financing and find a vehicle, then they will review the terms and submit those to the Trustee for approval. We aren't looking for much, a car that is $10,000 or less, around $200-$250 a month.

My issue is finding financing. The quick places online are throwing 24+ interest rates at me and my lawyer said that anything higher than 18% will not even be considered. Does anyone have any advice on this? Suggestions on companies that specialize in such loans? This is completely new to us and I feel like there has to be those with experience in this that can provide some good advice.

Thanks,

J

[DUMBAGAIN]

What part of Ohio are you in? In central OHIO there are lots of car places with ads on the TV/Radio that say they will finance Chapter 13, I've not had to look into this, but if your near Central Ohio, I would suggest looking at some of the bigger dealerships and see what you get. Good Luck!

[ShouldWeFile]

IMHO, borrowing to purchase an auto while still in a ch13 would be highly unlikely. Not impossible, but highly unlikely. If there is a relative who can help you, perhaps they can do a straw purchase for you (you would essentially be driving their car and paying for it), that might be an option. Otherwise, might I recommend a car for $2-3k cash?

[BuckeyeGuy13]

I'm in Central OH and have been looking. There are several large dealerships that will work with you. The requirements I've received are: Trustee approval and 2-3 months past confirmation of plan. The terms disclosed were 12%-16% and $500 down.

Feel free to PM me and I'll provide the dealerships.

[JTDiggity]

Thanks for the replies. I do live in Central Ohio and I tried **** initially. Haven't heard back from them but I know they are working on it. Thanks!

[Nicollette]

JT, I'm in OH also. My case was filed in the Southern District BK Court. The court allowed me to incur debt to finance a car, but I had to surrender my current vehicle. A finance company called **** will finance someone in an open 13. I got an 06 Hyundai Sonata, with 16.9% interest. My payments are $264 a month. The fact that I surrendered my old vehicle, lowered my 13 payments to the Trustee because my new vehicle will be paid outside the plan. If you would like more info, send me a PM.

[jibb3r]

So our Chapter 13 was confirmed in February (we live in Ohio) and we only have one vehicle. We need a second vehicle for regular use (school, work, etc). My lawyer said to obtain financing and find a vehicle, then they will review the terms and submit those to the Trustee for approval. We aren't looking for much, a car that is $10,000 or less, around $200-$250 a month.

My issue is finding financing. The quick places online are throwing 24+ interest rates at me and my lawyer said that anything higher than 18% will not even be considered. Does anyone have any advice on this? Suggestions on companies that specialize in such loans? This is completely new to us and I feel like there has to be those with experience in this that can provide some good advice.

Thanks,

J

I'm in the same boat, in Ohio as well. I've tried several places online, as well as dealers around my area, they shoot me down. I've received one single offer from a dealer, for 24.99%. Hoping that's a last resort, but the way things are looking, it may be the only resort.