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Approved to Incur Debt for Auto - Terms Modifiable?

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    Approved to Incur Debt for Auto - Terms Modifiable?

    I have received approval from the judge to incur debt for a vehicle. It includes the amount to be financed, the interest rate, the term, and the interest rate.

    Is it acceptable to get a better interest rate and finance a larger amount? My success with my plan is primarily determined by making the monthly payments for the duration of the loan. Are the other factors variable, within reason?

    #2
    Terms in Order to Incur Debt Cannot be Exceeded

    I'll post a reply in the event someone else has same question down the line. The dealer I was concerned about went out of business (a former Saturn dealer).

    Per my lawyer, the terms in the Order to Incur Debt cannot be exceeded. In my case the vehicle and financing company were qualified to be "or similar". The other terms such as the amount to be financed, term, rate, and monthly payment cannot be more than what is stated in the order.

    If the final deal ends up having a better interest rate, the amount financed cannot be increased to maintain same payment. The payment will decrease. If it decreases significantly and is not comparable to the prior car payment in your plan, the Trustee may request an increase in payments because disposable income has increased.

    A revised motion to incur debt can be filed if you have the time to wait.

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