Can I buy a car while waiting to be discharged?

[rgalexander]

My 341 meeting was May 17. Since then I have received several offers from car dealerships stating that I can be approved for a car loan even though my bankruptcy hasn't been discharged. My wife and I deperately need a car and can't wait until the discharge. We have $700 that we can use in the purchase of a car. Thanks for any help.

[bull]

We purchased 2 vehicles within a few days after our 341. Our lawyer said that was fine.

From what I understand, you may do a little better after discharge, but you gotta do what you gotta do.

Good luck.

[BrokeCh7]

Nobody would loan me - till after 341 meeting

I needed a car too and did not want a $500.00 car. So i needed a loan and all the dealers i talked to would only talk to me after the 341 meeting.
I was able to keep my old car but had to be current at my 341 meeting and then waited until discharge to get a new to me car.

Please see other post "just got a car 5 days after discharge" on the details. I also posted other things i learned on this.

Good Luck, everbody needs wheels.

[HHM]

Technically, you are not supposed to purchase anything on credit until after discharge.

[tinroofrusted]

I have to ask:
Why then do you get letters from car dealers and other companies stating: "No need to wait until discharge, you only have to be past your 341 meeting,?"

is that legal for them to do that?

[rgalexander]

Thanks for the info. My wife and I will be car shopping this weekend. I know that I am going to get killed with a high rate but we have no choice.

[bull]

We got slammed on one vehicle and not so bad on the other.

Good luck!!

[BrokeCh7]

To Tinroofrusted

You asked "if this is legal?" nobody cares the sooner a car dealer can grab your wallet the sooner a bank can have a good asset on their books.

I was quoted 17.9% to 24.9% the bank is making good money and did not care if it was before discharge. Oh its not the bank that gives this kind of a loan its money sharks or a pawnshop for cars.