When can we car shop!!!!!

[joekel]

We made our final payment in July. We are waiting for our discharge. We are in need of a new car (14yr old van that is limping along). Question is can we go to a dealer and begin looking or do we need discharge in hand. Thanks joekel

[andy158]

We are in the same situation. Our 2004 Malibu has over 200k on it and is nickel/diming us to death. Can't wait another 2 years for the bk to be off credit reports. I would take your official discharge paper with you when car shopping.

Hope we can get decent interest rates!

[moorman]

i would pay cash for a car if you can. why go BACK into debt?

[LadyInTheRed]

i would pay cash for a car if you can. why go BACK into debt?

Most people don't have enough cash to buy a car after 3-5 years in a Chap 13. If somebody needs to replace a 17 year old car that is limping along, incurring secured debt for a modest vehicle is not a terrible thing.

joekel, I think you need trustee and/or court approval to incur debt until your case is closed. Check with your attorney to be sure.

[andy158]

Most people don't have enough cash to buy a car after 3-5 years in a Chap 13.

I second that. After 5 years in a 13 our savings will not allow purchasing a decent car for cash. It would take 2 years to save for a decent used car and we are running on borrowed time on a car with 200k on it.

[moorman]

Most people don't have enough cash to buy a car after 3-5 years in a Chap 13. If somebody needs to replace a 17 year old car that is limping along, incurring secured debt for a modest vehicle is not a terrible thing.

joekel, I think you need trustee and/or court approval to incur debt until your case is closed. Check with your attorney to be sure.

i understand that. but, if you coming out of a chapter 13 or chapter 7, you gonna have a high down payment and high interest rate. i would take that high down payment, and pay cash for a car IF POSSIBLE, then, rebuild credit thru cheaper means. only if possible. thats all im saying.

[switch625]

I second that. After 5 years in a 13 our savings will not allow purchasing a decent car for cash. It would take 2 years to save for a decent used car and we are running on borrowed time on a car with 200k on it.

I third that. My car (which was paid off long ago) has now hit the 202K mark and when our other car is paid off this time next year, I'll be calling my atty to file the Motion To Incur Debt on the replacement for my car. Or I may drop a new engine and trans instead.

[coronaglen]

I think the answer to the original question is as soon as you get your official discharge paperwork from the court. My last payment was in May and I just heard today that my 13 is finally discharged and I should get the papers in the mail. I have a friend that does finance for a dealership and he can get me financed the day I get my paperwork.

Or maybe a cosigner?

But financing an inexpensive honda or whatever isn't impossible. the difference on a 10k car financed at 10% or 25% for 3 years is 80 dollars a month.

Also, check your credit score.

[Sammie]

Our Attorney said that we were allowed $7,500 to purchase a car. We decided to wait & just keep the car maintained. 2002 and 140,000, hoping if we take good care of it, it will last one more year. We, also will not have enough saved up for an outright purchase. sammie