Do I really have to wait 60 days after filing to buy a car or until actual discharge?

[debtmonster]

I found a car I want to buy, but how can I buy it before the discharge and not have to tell the UST? Can I legally buy one once I pass the filing date in Florida or do I have to wait until the loan is completely discharged?

Also, no conventional bank will loan me money with 2 outstanding cars on my credit report and going through a bankruptcy. Where can I get a high risk loan that I can pay back in 4 to 7 months? I don't mind the high interest since I am paying it back in a short duration. I only want to borrow $7,000. That's not a lot of money. The car is being sold from a private person, so it's not like a car dealer that has all of the hookups with banks.

[jadams]

How much is the car worth? You're probably not going to be able to do a 100% LTV.

Post-discharge if you have provable income to support it and your debt to income isn't too high (i.e. large mortgage you're keeping), you could probably swing a loan with a loan-to-value of about 80% but crazy high interest. Local credit unions usually offer good used car loans, and usually have a loan officer you can actually meet with. Gives you more option to talk your way into an approval than the large banks and captive finance companies with automated underwriting.

I think it's possible for someplace like 722 Redemption to finance while in active bankruptcy. They have something called Chapter 7 Replacement Program on their website. Looks kind of like what you want.

I'd call the 722 Redemption and see what further information they can give you about your options.

[debtmonster]

I am looking to finance only 50% of the car's value. It's a $13,000 dollar car and I want to put $6,000 to $8,000 down and finance the rest just for a few months. The redemption people won't finance until discharge. This car will be gone. It took me 3 months of searching to find this particular car the way I want with the options I want. All of the other people are selling the stripped, base model with no options for the same or much higher. This car new with all options was almost $19,000-20,000 paid by the original owner. The car has less than 10,000 miles on it.

[jadams]

The redemption people won't finance until discharge.

They said that when you called?

Everything I've read about 722 Redemption and the other companies like Fresh Start Loan Corporation say they do replacement loans during an active CH 7 bankruptcy. Also Driver Credit Replacement Loans

[debtmonster]

I think I remember them. They want to redeem the car I have now at 24.99%. I want to finance a completely different car and give back the one I have.

[Amy26]

Personally, I think you're rushing things and trying to get ahead of yourself too fast. You are wondering where the credit offers are....wanting to finance a car... and you're not even to your 341 yet.

I would wait till after discharge then you don't have to worry about stuff. I realize you just wanna go go and have been looking for a car, but there will be other ones. :P

[JRScott]

You cannot legally take on new debt without the trustees approval prior to closure of your case.

[AngelinaCatHub]

You cannot legally take on new debt without the trustees approval prior to closure of your case.

You mentioned you had 6K available now for your down payment? This, before your 341? Understand, you will be under oath and the Trustee may ask you what liquid assets do you have? I hope it is exempted monies under your state and district. 'Hub

[bankruptsee]

If you have the means and ability to pay off a $7000 loan within a few months then wouldn't your disposable income be huge?

[AngelinaCatHub]

If you have the means and ability to pay off a $7000 loan within a few months then wouldn't your disposable income be huge?

He stated the car was 13K and he was to put down 6K. This does not sound right at all. He is within days of his 341. I percieve a dangerous situation and I hope DM can clear this up. He's been with us a very long time and has posted many good posts, but this one has me puzzled. 'Hub

[AngelinaCatHub]

I am looking to finance only 50% of the car's value. It's a $13,000 dollar car and I want to put $6,000 to $8,000 down and finance the rest just for a few months. The redemption people won't finance until discharge. This car will be gone. It took me 3 months of searching to find this particular car the way I want with the options I want. All of the other people are selling the stripped, base model with no options for the same or much higher. This car new with all options was almost $19,000-20,000 paid by the original owner. The car has less than 10,000 miles on it.

As I said. What is wrong with this picture?

[nc73]

ugh buy a 6k car! my car is below 2k and it runs just fine! i see another chapter 7 in the future...

[AngelinaCatHub]

ugh buy a 6k car! my car is below 2k and it runs just fine! i see another chapter 7 in the future...

No nc, DM wishes to purchase a 13K car with 6K down and 7K to finance. So, he has available 6K now, but can pay off 7K in several months and filing C7, with a 341 in a few days????????????

This does not equate. On another thread DM asked about what is the funniest thing seen at a 341, I predict it will be he if all he told is true.

Sorry DM but in your own words I am totally confused. Please clear this up a bit as I feel a dismissal in your future. 'Hub

P.S. Trust me, I am on your side.

[downsized]

No nc, DM wishes to purchase a 13K car with 6K down and 7K to finance. So, he has available 6K now, but can pay off 7K in several months and filing C7, with a 341 in a few days????????????

I think nc understands. He/she's just saying that if he's got 6K available then he should buy a car for 6K and not a more expensive one that needs financing.

debtmonster.....I, too, am confused here about how you're getting through a chapter 7 with so much cash at hand and the income to support paying off a 7K loan in only a few months.

[debtmonster]

Remember, I filed on July 31st. I will earn $12,000 in 3 months after that.