Trade in Auto

[steveok]

HOPEFULLY....good news...

My vehicle is completely paid off but giving me trouble. I talked with the attorney and even the trustees office today.

I have had an offer from a vehicle dealer for $13,000. I am taking $2,000 from my savings, and I spoke with the trustee's office about doing a motion to incur debt along with the motion to sell. She asked how much I was needing and I told her $5,000.00. She said that as long as my Ch 13 payments were current and up to date that there shouldn't be any issue with an amount that small. She ran a quick calculation and said that everything on the payments looked good on their end and they shouldn't have a problem with it.

I am at a 100% payback so I can't see any creditors objecting or giving us trouble...

Atty said they should be able to file the motions end of the week.

Looking forward to getting rid of this clunker and getting something decent!

[SMinGA2]

You may have trouble finding an auto lender willing to lend so little. Unless perhaps you have a local credit union you can use? If the $5k does fall below minimums, see about borrowing $7k and using your savings to pay down the loan once you get the first statement.

[steveok]

Update...Attorney filed Motion to sell current vehicle and incur $6,000 in debt today. Have to wait 24 days to see if anyone objects. The trustee has already said they don't have a problem with it. I'm at 100% payback, so I don't think anyone should have an issue especially with that small of an amount and being the vehicle that I am selling is 100% paid for.

I read online somewhere that 90% of these motions do not have any type of objections.

I have a "pre-approval" pending the court's approval from Drive Financial for the $6,000.00. Already submitted all of the necessary paperwork, just waiting on the court approval to submit to Drive Financial so we can close the deal.