Car Loan During Chapter 13

[becky0907]

Hi! I have been in a Chapter 13 plan since September of 2010. I am now in need of a newer car since mine is 7 years old and has 140000+ miles. I have applied to a few places for financing and gotten denied. Any suggestions on financing companies that work with people in chapter 13? Thanks for the feedback!!

[forgotten]

Hi! I have been in a Chapter 13 plan since September of 2010. I am now in need of a newer car since mine is 7 years old and has 140000+ miles. I have applied to a few places for financing and gotten denied. Any suggestions on financing companies that work with people in chapter 13? Thanks for the feedback!!

Try small Buy Here Pay Here type places. You can call around and tell them about your situation before applying as well, they will have an idea if they (or work with a place that will) finance you while in a bankruptcy.

Keep in mind you need permission from the trustee before you start applying for loans. Good luck!

[Flamingo]

While in a Chapter 13, no dealership will touch you without permission from your Trustee to purchase a vehicle. Your options will also be limited since you are in BK but give your attorney a call to start the permission process. Best of luck to you...

[spidge]

Our Attorney new of many dealers and lenders who would work with us, so check with yours first.

[jetsfan2010]

the buy here pay here lots will likely be your friend in this situation

[getback]

try carmax. They will deal with you.

[MOMof3]

Find out from your attorney. Ours new EXACTLY what our trustee would accept in terms of monthly payment. You will have to aquire an order to incur debt from trustee that financing company will need. Good Luck, interest rates were HORRIBLE for us, so we opted to buy a vehicle with cash.

[tammygirl1]

I am so bummed! We were approved with a CU that we weren't yet members for 5.55%! One of my husbands scores are crazy good in the 800s and that's the one they pulled. Unfortunately the trustee needed a more detailed letter from the CU to determine if we could afford it. The CU then had to contact corp. to see if they could give trustee the details. They came back and said they don't fund loans during open 13's....funny how I let the lady who called to tell us we were pre-approved about our situation and she said 'well..you were approved so..you are good'. Local CU knew all about it since they wrote the original letter (that wasn't good enough). I found the car and trustee is good just needs to know its under the 400/20k limit....We had found a new car that was 2k off MSRP bringing it under invoice and within trustees requirements. :-( Terrible feeling this all is. I am now looking to see if there are any other lenders that will finance at this particular dealership and still be within everyone's requirements.