Car loan while still in Chap7?

[nutshell143]

I keep seeing some ads in car magazines stating that open bankruptcies are ok. Some even say 0 down.

Has anyone had any experience with this? We filed 7/12/07 our first 341 is on 8/20/07 with no assets it should be pretty a pretty easy case.

But I keep seeing these darn ads saying just filed ok, no discharge ok and so on. We really have to get another car. Our suburban was repod in November 06. We have a mustang but with our large family us + 4 kids still at home, the mustang just does not cut it when we need to go somewhere as a family.

We also have another problem and that is that my husband is on SSD due to a massive cardiac arrest last year and is no longer able to work. I work on commission and I just got paid today for the first time since December 06! I do receive a decent amount of child support each month and that is our only stable income, his SSD & my child support. Before we had no problem with qualifying in the income department it was always the credit that was an issue. All I know is that we have to buy a bigger car and one that is reliable. I do not want something to old with high mileage that I am going to have to dump money in.

Any advice out there??????????????????????????????

[lrprn]

I keep seeing some ads in car magazines stating that open bankruptcies are ok. Some even say 0 down.

Since you have a simple Ch 7 that should be discharged and closed quickly, you need to wait until your case is officially over. No matter what these guys say, you aren't going to get a good deal. There's always a catch when the deal seems too good to be true.

[BassBoy]

My dear friend tried this route because he was going to have his car repo'd before his discharge and when he got to the dealership that said open BK was no problem, he got a very rude awakening. IT COULDN'T BE DONE. Take lrprn's advice and hold out until after your BK is over.

[sickandtired8]

I keep seeing some ads in car magazines stating that open bankruptcies are ok. Some even say 0 down.

Has anyone had any experience with this? We filed 7/12/07 our first 341 is on 8/20/07 with no assets it should be pretty a pretty easy case.

But I keep seeing these darn ads saying just filed ok, no discharge ok and so on. We really have to get another car. Our suburban was repod in November 06. We have a mustang but with our large family us + 4 kids still at home, the mustang just does not cut it when we need to go somewhere as a family.

We also have another problem and that is that my husband is on SSD due to a massive cardiac arrest last year and is no longer able to work. I work on commission and I just got paid today for the first time since December 06! I do receive a decent amount of child support each month and that is our only stable income, his SSD & my child support. Before we had no problem with qualifying in the income department it was always the credit that was an issue. All I know is that we have to buy a bigger car and one that is reliable. I do not want something to old with high mileage that I am going to have to dump money in.

Any advice out there??????????????????????????????

We had our 341 meeting Aug 3 and just bought a 2006 Trailblazer for $425 month with 8000 miles on it today at 12.5% interest and no money down. My husband is also on SSD and we bought a program vehicle. S&T

[nutshell143]

We got a car



Well, it was really funny. Last weekend we were going to go look at cars and got sidetracked at the mall looking for clothes for a formal engagement that we are part of in October. We had all of our paperwork with us and we were going to drive 60 miles to this one place that offered "open chap 7 ok" I had called and left the finance manager a message and we were waiting to hear from her.

So anyway, we decided to stop home first and I went to check the mail. There was a offer from a dealership 15 miles from my house with open chap 7 no money down. We decided what the heck lets just go and look.

Go there showed them the letter, let them pull our credit, came back and told us that we actually got approved at a couple of banks. HA, I haven't heard that in a while.

Here was the deal:

We had to buy a newer car, under so many miles and that was it.

We bought a 2007 Jeep Liberty (silver & black GO RAIDERS)
18k miles on it
bumper to bumper warranty to something like 38k miles
we ended up putting down $500.00
Interest rate 14.2% ( I haven't had that low of one in a LONG time).

The salespeople where we went were awesome and worked with us. We are going to keep this for 8 months to a year and then trade it in for what I want since it is a little smaller than what I really wanted but we didn't qualify for that price range yet.

They told us as long as we make the payments on time every month during that 8-12 month period and keep our credit clean after the discharge we will have no problem getting a better car and rate that soon after!

Our 341 isn't even until the 20th of this month and the bank still had no problem with this. We have had the car a little over a week now and the bank called at the end of last week and went through everything with us. So I guess we are good to go.

There is hope

[freshstart06]

jWe just got our car the weekend after the 341 meeting. No down payment only $430 a month which is only $50 more then what we were paying for a 1997 van (147K miles) on it last legs but we still have over a year of payments.

There was no catch, they follow the strict guidelines of bk and only allowed to offer cars with no down and under a certain price and loan term. It is a BK replacement loan and it is legal.

I can say we just did it. My mid score is 437 and my husbands is 390 and the loan funded so the car is ours. NO catches.