Just Discharged - Auto Loan Advice Needed!

My Chapt. 7 Discharge was official on 2/2/06. At the same time, the case was closed.


I have 3 vehicles, all older than 10 years. One I claimed as exempt on my petition, the others the Trustee did not take/want.

Here's the deal:

Last month I needed to purchase a different vehicle due to repairs needed on the vehicles I allready owned. So as not to cause any potential issues with my BK prior to the discharge, the vehicle was bought under my parents name and they have a loan on it, which I currently indirectly paying.

Now that I have my discharge, how soon can I transfer the vehicle and the loan into just my name?

I'd like to begin re-building my credit ASAP, and a vehicle loan in my name through my bank seems to be a good start. I just don't want to raise any red flags and have my BK re-opened.

Any thoughts on this?


Thanks!

Case is closed? Do whatever you want.

You will probably not be able to get a great loan right now-perhaps work on cleanup for a few months before trying. You may want to start with a secured card, so that by the time you try for an auto loan, you already have some positive history after the BK.

It's not as easy as transferring the loan to your name. You have to qualify for a loan. StaciMM's advice is good. If you try to apply now, you'll pay a really high interest rate if you can get a loan. I don't know what your parent's credit looks like, but if it's good, a payment on a loan in your name will be a lot higher than it is now.

Thanks for the reply's!

To clarify things a bit:

I am discharged from my Chapt. 7 and the case is closed.

I pulled my CR from all 3 agencies in december of 05 and they were all reporting my BK correctly.

I have allready recieved several new Un-secured CC Offers with limits upwards of $5,000 with 14.9 Fixed being the usual APR, as well as a few 12.9 Variable, all with no annual fees. I also recieved today an offer from Orchard Bank for a CC with a 9.9& Variable APR & a $59 Annual Fee.

I've allready recieved pre-approved status on many cars with no Annual Fee's, so it's likely that I will elect one of those cards when I decide to get a CC Again.

My Credit was near 700 on FICO when I filed in Oct. 2005. I had always been current with my payments.

I currently have a Auto CC that reports through Good Year, that has a 0 balance, and was not closed during my BK. I have had this card for over years.

I have not pulled my CR this year yet, as the Agencies were all reporting correctly in December. I have not yet pulled my FICO Score now that I am discharged either to see how much of a hit it took. (I'd like to know a good place to do that too.)


Just offering some clarity to aid in any further advice.


Thanks Again!

You can only get FICO scores for all 3 major CRA's at www.myfico.com