Question about New Car - filing Nov 15th

[mcjcbk]

I had a pre-approval from my current finance company that I took advantage of so that I could get out of a lease with high mileage. Eventhough the lease would have been included in BK I preferred getting a new car to avoid repairs sooner than later since mileage is high. I will include this new loan in BK and do a "Pay and retain" as the finace company will allow this. They confirmed that they will not repo car as long as payments are made.

Payments went up $100. They asked for $367 down which was actually equivalent to making the current payment due. I ended up with a no payments for 90 Days program.

Since I'm filing Nov 15th, the no pymts for 90 days and $367 down shouldn't affect including this in BK right?

Thanks for your input!

[keepinitreal]

Since I'm filing Nov 15th, the no pymts for 90 days and $367 down shouldn't affect including this in BK right?

You're correct. Since you signed the contract for the new car before you will file bankruptcy, it needs to be included, along with any debt you have for your leased car.

[mommi2many]

I will include this new loan in BK and do a "Pay and retain" as the finace company will allow this. They confirmed that they will not repo car as long as payments are made.

If you don't mind, what finance company is this? I am curious which companies allow a pay and retain. I have Ally and cannot get a straight answer about a pay and retain. Although, I would love to do this.

[NowImDownInIt]

No, I don't think it will negatively affect your BK. Are you saying that your payment will be around $467 a month now?

That could be an issue depending on your district and trustee.