Buying a car during chpt 13...question about income section on application

[jherron]

3 years into our Chpt 13 we have to buy a car. I spoke with my attorney and before he can do anything we have to submit a purchase order stating amount we're approved for, mthly payment, etc.

I have a question about the income section on the application. This may be a stupid question, but bare with me. Since my bk payment is coming out of my check, do i use the bring home pay before or after the bk payment?

[HHM]

What does the application ask for, exactly?

If it asks for gross income, put gross.

As an alternative, I would put gross minus trustee payment, at least that presents the most accurate picture of your income.

If the application asks for net (take home), then put that.

[sthrnbelle]

Who did you find to finance it? I am having a hard time.

[jherron]

sthrnbelle....we were able to get financing through Carmax. The interest rate is 15.92% which isn't that bad considering my financial situation. I am currently in the process of trying to put together my letter to incur debt for my trustee. I just hope he approves it. I'm not sure how much longer my current vehicle will hold out...definitely not for another 3 years.

[sthrnbelle]

Thank you! My car was recently totaled, so I have no choice. I don't live in an area with public transportation so my own vehicle is our only option. Our trustee has pretty much told us he would approve, we just have to find a lender.