Buying Car Before Discharged

[Mysocalledlyf]

It seems like several people are in this situation, Does anyone know if it's okay to try to get financed for a car during BK or before being discharged, maybe a month before? Because I am giving up my very expensive, can no longer afford, car in the BK. But if Im doing that, is it okay to try to get financed from another bank, I think they are called 2nd tier lenders, to get into a less expensive car? Am I supposed to notify the trustee, or is this a big NO-NO? it makes sense to me that it's okay because I would be going to from a nice car to a cheap car. Will they understand that I need wheels, I have a little daughter, Im single, and I need a car. I am riding out this car right now for as long as I can, they haven't come for it yet, but I know it's going to be around the corner since I am behind on it.

Oh Yeah, I forgot, what I was doing was that I wan't reaffirming my current car, but I was told I could keep it if I kept the payments current. That is what I wanted to do in the beginning, then I figured, I probably need to get into a cheaper car, because it's 400 wasted every month when there are cheaper cars, plus I wouldnt get credit for paying every month anymore because I would be discharged of it. But my first question was above, my second is if anyone knows when a lender will repossess a car during the BK? does it depend on the value of the car, or how much is owed?? to determine how long they let it ride out? Because from reading what everyone has written, some say lenders filed a petition to get it before the meeting or after the meeting, and even after they were discharged, that's like 3 months of not paying them. Im actually going on 4 months behind, and Jan, when Im discharged will be 6 months.

Thanks!

[pink_amulet]

I heard no new credit or loans until you are discharged. We were in the same situtaion. We had a nice van but 1. we were upside down in the loan, and 2. it needed alot of work. So we decided to give it up. Since we knew were going to give it up and file, we use the car payement towards the down payment on another van. It is a used cheap one. We did all this before we filed.
Now I wanted to get rid of this one cause I can tell it's going to start having problems. so I want at the earliest oppuertunity to trade it in for something more reliable. But we need to wait..1. for discahrge and 2. for money.

We also take a loan (against our tax refund) out every year for christmas , but we can't this year because we won't be discharged yet. ..we are freaking out, no money for christmas we live paycheck to paycheck!!!! So I hope someone has some good advice that would be help for us too.

pink-amulet

[StaciMM]

The lender can't repo while the BK is going on, unless they file a motion w/ the court for relief from the stay. (And then a hearing would be scheduled so you would have a few weeks notice.)

Most likely, they'll just wait til after discharge. For now save the $$ you would have paid in payments and use that after discharge to buy a used car.

[Minnymouth]

You cannot buy or sell anything during the BK process unless approved by the Trustee....
More than likely they will not come get the vehicle until after discharge (otherwise they have to file a petition with the court to lift the stay).
Save you money towards another vehicle till your discharged.

Minny

[sobroke]

I actually went to a car dealership and explained to them that I filed bk and have not yet been discharged. The dealership told me that it wouldn't be worth pulling my cr because they couldn't do anything until discharge. So once I have the discharge papers, I am supposed to go back and they said it should be no problem getting financed with my income. We will see about that. I am scared about not getting another car because of everything I have heard.