Does CU usually agree on new car pmt amt?

I filed Chapter 13 on Oct. 22... In the figures that my attorney put in it is showing my NEW car pmt (which will be paid thru the plan) as $ 208.00. The original loan was for $ 309.00 a mth. Which means they are speading my 3 yrs left on the loan to the 5 yr plan timeframe. When I questioned the paralegal asking if she thought this would be a problem she said no.. I dont believe it after reading all the threads on credit unions & dealings in bankruptcy. Anyone have any experiences with this ????

Yeah, it's perfectly acceptable to spread payments out further in a chapter 13. That's one of the primary reasons for its use. Be aware though that you're going to be paying the Till rate of interest -- here it's 7 percent plus a trustee's commission which is 10%. So, in effect, you have a high interest rate.

The only avenue the CU can have for an objection in a case like that is if your proposed payment plan doesn't provide "adequate protection". For instance, if the car is depriciating faster than you are reducing the principal balance, you may have to make additional payments. You'll also be required to keep the car insured under a comprehensive policy.

Thanks MSbklawyer. Lucky for me my trustee fee is only 3%.. I just hate the thoughts of spreading it out 5 yrs. Its a 2004 Jeep Liberty so all in all my car wont be paid off until its 10 yrs old. UGHHHH.. It has very low mileage and hopefully no large repair bills in its future..It helps that I love my Jeep and had no plans of getting rid of it until it was costing more to operate then worth. Actually, I had a great rate on the original loan of 5% but the lawyer said the new rate is 6%....