Car Loan B4 Discharge - need help!!!!

[leslie465]

CH7 meeting of creditors was (2) days ago.

I will be returning my 2005 Jetta that I owe $32K on (figure that one out!!!) in (1) week to the bank.

I am in desperate need of a "pre-discharge loan company" as I need to keep my job.

Any suggestions out there? Already tried Drivetime / RoadLoans - they cant touch it b4 discharge.

Can't help to think there are thousands of people in my shoes - there has to be a market for these loans.

Thanks,

C

[NoMoreCards]

I hate to say this, but I don't see a possibility of getting financing for a car before discharge.

So while you continue to search for that, also consider other options.

Can you get $$ from family to buy a car? Possible "buy here pay here" type places? Can you borrow a car until discharge? Public transportation for a short time? Ride share with a co-worker?

I am just trying to throw some ideas at you. I wish you luck finding pre-discharge financing, but don't count on it and make other arrangements.

[SMinGA]

722 Redemption used to do them - I don't remember the details, but the supply of vehicles is limited to what they offer.

[dumpinmydebt]

722 redemption still does them.

They will finance you a newer car while you are in bankruptcy, must be before discharge.

Your interest rate will probably be around 23% though.

You'll be paying pretty much the same interest at a buy here pay here place so you might as well get a loan that will rebuild your credit.

I know how you feel. The closet public transit to me is 5 miles away and they don't even go by my work. I have no one to car pool with and no one in my family has an extra car that I could borrow nor money I could borrow.

[StartingOver08]

Another idea: buy a beater for cash. You only need to get through to your discharge. Don't put yourself back in a 23% loan for a vehicle.

Once you are discharged, you will get many offers to purchase a vehicle. If you have something that is driveable (the beater mentioned above), you will be able to make a reasoned decision rather than rushing to buy something with a large payment. Who knows....you may even like driving something without payments. I know I do. I was only going to have mine 'a little while' and I'm still driving it since Jan 2009 and I love having no payments. I'm saving funds to buy a nicer beater but it will be cash too.

[mermaids614]

CH7 meeting of creditors was (2) days ago.

I will be returning my 2005 Jetta that I owe $32K on (figure that one out!!!) in (1) week to the bank.

I am in desperate need of a "pre-discharge loan company" as I need to keep my job.

Any suggestions out there? Already tried Drivetime / RoadLoans - they cant touch it b4 discharge.

Can't help to think there are thousands of people in my shoes - there has to be a market for these loans.

Thanks,

C

I went to DriveTime about 2 weeks ago, and DriveTime approved me. My Discharge won't be for at least another 2 weeks. But the terms were horrible. They wouldn't give me much information, but it appears that they base the payments and down payment solely on your income. They told me I would have to pay about $219.00 every two weeks with 900 down and the first payment would be 2 weeks after you take the car home. He made sure to tell me that I won't be able to find anyone to finance me after discharge. People are so negative when you are in a tight situation. I even went to JDByrider and they gave me a hard time about my student loans.........They said that I have to provide verification of how much my student loan payments would be and when they will be due. I don't have that information and cant get it. The guarantor of the loans won't even talk to me about anything while I'm still in bankruptcy. JDByrider also makes you fill out all this paperwork, fill out names number and addresses of 10 different references (which is insane), then you have to meet with another guy who does a "budget" with you. He said theres no grace period and even if you are a day late, they will come pick up the car. So don't know why they put you through such hassle to get a car. How do you know they will even want the Jetta back before your discharge? They may not. My attorney told me on the date of my 341 that I probably wouldn't have the vehicle but another 2 weeks. I still have it as of today.

[dumpinmydebt]

I don't have money laying around for a "beater" car, which is why I'm doing a ride through. I had considered 722, but for me, a ride through is just better that way I can save a buy a used hybrid later and ditch this thing I have now.