car loan approval venting..

[getback]

My attroney filed submitted a draft motion to the Trustee's attorney for an amended plan to include a car loan.

It has been almost two weeks since the attorney submitted this draft. THere has been on reponse from the trustee's attorney..

So needless to say, I am getting a bit worried.. The car dealership knows the situation..

in addition I might have get more info the car dealership. Apparently, the dealership ran a credit check that resulted in an assummed rate of 14.9%.

But my attorney is telling me that the trustee is going to need more info. The dealership identified the terms: monthly payment, rate, and period. Apparently, my attorney thinks they are too generic.

I feel this is a long and struggling process to get anything done...

[Flamingo]

Any process during a Chapter 13 takes time and filing a Motion is one of them. Your attorney should have advised you that this motion can take several weeks depending on how backed up the trustee is. This is a matter that you have to work with with your attorney and if any further information is needed, I would provide it as soon as possible so as not to delay the process more.

[getback]

Any process during a Chapter 13 takes time and filing a Motion is one of them. Your attorney should have advised you that this motion can take several weeks depending on how backed up the trustee is. This is a matter that you have to work with with your attorney and if any further information is needed, I would provide it as soon as possible so as not to delay the process more.

thanks.

How much more loan info do they really need?\

for some reason the dealer has not run the credit application. He is waiting until I am ready to sign. Is this normal?

[SMinGA]

If they gave you a rate are you SURE they have not run credit?

Where are you in the 13 process? Confirmed? Will you need to reduce your plan payment for the new loan or is it replacing one just finished?

Your trustee may need the buyer's order showing year, model, price, etc. Check to see if the trustee has a website and if it indicates what is needed. Then you can make sure your atty follows the proper steps.

[getback]

If they gave you a rate are you SURE they have not run credit?

Where are you in the 13 process? Confirmed? Will you need to reduce your plan payment for the new loan or is it replacing one just finished?

Your trustee may need the buyer's order showing year, model, price, etc. Check to see if the trustee has a website and if it indicates what is needed. Then you can make sure your atty follows the proper steps.

I am two years into my 13 plan. My draft motion has been modified to account my new income the the car's monthly payment.

I forwarded a copy of the buyer's order identifying the car's info. The dealer ran a pre-approved type application. They inquiry was under their name. They claim that they have local banks that will work with my issue.

[Flamingo]

The dealership you are working with should be familiar with the Chapter 13 process of having to have trustee approval to finance a car. If all informatoin was provided to the Trustee, the only thing you can do is bug your attorney to try to get it moving. You cannot sign any credit or loan papers for the vehicle until you have your Trustee's approval. The dealership should know that.

[getback]

The dealership you are working with should be familiar with the Chapter 13 process of having to have trustee approval to finance a car. If all informatoin was provided to the Trustee, the only thing you can do is bug your attorney to try to get it moving. You cannot sign any credit or loan papers for the vehicle until you have your Trustee's approval. The dealership should know that.

Thanks Flamingo.
Apparently the dealership caters to bad credit, but they appear like they have no knowledge of bankruptcy procedures...

Well it has been two weeks since my attorney submitted a draft motion. I have been bothering my attorney every two days or so... I feel like a pest..He claims the trustee attorney is really busy because he sees her in court 3 days a week...

[jamesalip]

All I can say is hang in there. I have been working on an auto loan for about 3 months now. The dealerships say that they know how to deal with people in chapter 13, but none of them really do. I finally got a deal worked up and submitted to the trustee on March 30th and the judge is supposed to sign it tomorrow. And that's after the time it took to get a dealership to agree to do a buyer's order. The unfortunate thing is we are not on our own timeline, we are at the mercy of the judge and trustee. I actually had an approval expire because of the time it has taken them to get me a letter. It has been frustrating. Just hang in there, it'll happen.

[Flamingo]

Thanks Flamingo.
Apparently the dealership caters to bad credit, but they appear like they have no knowledge of bankruptcy procedures...

Well it has been two weeks since my attorney submitted a draft motion. I have been bothering my attorney every two days or so... I feel like a pest..He claims the trustee attorney is really busy because he sees her in court 3 days a week...

When we refinanced during our plan, our motion paperwork was submitted in early December...the motion was not granted until the end of the next month - January. Eliminate two weeks for possible vacation issues as to the holiday season in December and it took at least six weeks and filings were not high when we filed the motioin in 2005. Unfortunately, that is bankruptcy and Chapter 13 and with all the filings now, attorneys and trustees are very busy.

[getback]

All I can say is hang in there. I have been working on an auto loan for about 3 months now. The dealerships say that they know how to deal with people in chapter 13, but none of them really do. I finally got a deal worked up and submitted to the trustee on March 30th and the judge is supposed to sign it tomorrow. And that's after the time it took to get a dealership to agree to do a buyer's order. The unfortunate thing is we are not on our own timeline, we are at the mercy of the judge and trustee. I actually had an approval expire because of the time it has taken them to get me a letter. It has been frustrating. Just hang in there, it'll happen.

thanks.

One clarification. When you submitted the purchace order, how much loan paper work did you have to submit? Did you have to submit every detail of the loan in addition to the amount, interest, and term?

I have learned that this is a slow process. I first contacted my attorney on 3/11 asking for him to get permission...

I hope this will not drag that much longer... One can hope.
I am thankful that my current car is still running.. So it can be worse. I would not know what to do if I got into an accident...

[jamesalip]

I had to submit everything, purchase amount, year, make and model of car, interest rate, term and payment. This has been a very frustrating process. Now my wife's job is transferring and we are going to put our house up for sale and try to rent or buy one in Florida where we are going...AAAGGGGHHHH! How long am I expecting to wait? maybe 5 or six months for them to do anything. Oh well, we're in bk; what do I expect?

[getback]

I had to submit everything, purchase amount, year, make and model of car, interest rate, term and payment. This has been a very frustrating process. Now my wife's job is transferring and we are going to put our house up for sale and try to rent or buy one in Florida where we are going...AAAGGGGHHHH! How long am I expecting to wait? maybe 5 or six months for them to do anything. Oh well, we're in bk; what do I expect?

yikes! Good luck. Sounds like you are up against the wall.

I cannot wait to get done with this chapter of my life...

[jamesalip]

yikes! Good luck. Sounds like you are up against the wall.

I cannot wait to get done with this chapter of my life...

I'm with you, I'm over it. Honestly, I do not need to bk anymore. However, we made the decision and now we have to live with it. It'll all work out I guess, I just need to learn to some patience. That's the hardest thing for me.

[getback]

just got an email from my attorney.. trustee is ok with the terms. Just need to get additional finiancing details.

So hopefully the dealer will run the credit application. I wonder why the dealer is waiting to run the application until I am ready to sign?