Totalled car update!

[tiredgrandma]

Im new and sorry if Im hijacking this....But we are going through the same thing..just not totaled car, Our car is about ready to die and we have 1 year left on 13, our trustee approved us and now waiting for judge to sign off on it..We have called everywhere we live and not one person will help us..They say that we can convert into a 7 and they would lose we win, We tell them we cant to much equity in our home and my husband is still at the same job for over 15 years.
He works an 1 1/2 away and no carpooling or train..we need a car. So if you happen to get lucky or anyone else knows how to get one, please let us know....Good Luck with your search if we get lucky I let ya know...Thanks

[justbroke]

Who is going to finance us? I've been in the car business for 16 years and I know how hard it is to get approved for a car loan with choppy credit much less in a chapter 13.

If you're in a Chapter 13, you can ask your attorney about a Motion to Substitute Collateral. Not all of them know about that, or will even want to do one (without charging you). It basically allows you to use the proceeds from the insurance payoff to purchasre a new car, and then allow the lienholder of the original car, to re-lien the new car. Yes, it's complex, but it is done in some Districts.

Usually though, the creditor holding the lien on the original car, complains, and the insurance proceeds go to THEM as loss payee... less your exemption amount.

It's worth asking.