Purchasing Car After 341 Meeting

[zmoney]

I suggest that anybody who must buy a car wait until after discharge if at all possible. Many report getting much better rates than that immediately after discharge. I would even risk repo. You can buy a car pretty quickly if you need to. But I understand that some circumstances make the risk of repo intolerable/

Definitely refi that loan! You will pay $25,563 if you take all 72 months to pay it.

I just bought a car after my 341 meeting, before my discharge. My rate was 8.99% on roughly $8400 loan. I put down $6500. I think the down payment drove down the interest rate. My credit score is about 500. By the way, I used Carvana to buy my car. Great experience with the loan process, imho.

Question though: I shouldn't have any problems from the Chapter 7 trustee since I have bought the vehicle after the 341 meeting, right? I've read mixed reactions to this, but haven't talked to anyone who has done this. My lawyer seemed to think I would be ok.

PS. Sorry, I know this is an older thread, but it had good info on it that some other threads I've been on

[justbroke]

(I moved your post since it is really a new question.)

I don't think it's a major concern unless you used non-exempt property to make this purchase. I prefer to wait until the discharge to make sure that everything has been abandoned by the Trustee or that there are no property exemption issues. You typically need to wait at least 10 days after the 341 Meeting to be clear, at least, of objections to exemptions.

Again, should not be an issue if you used exempt money.

[zmoney]

(I moved your post since it is really a new question.)

I don't think it's a major concern unless you used non-exempt property to make this purchase. I prefer to wait until the discharge to make sure that everything has been abandoned by the Trustee or that there are no property exemption issues. You typically need to wait at least 10 days after the 341 Meeting to be clear, at least, of objections to exemptions.

Again, should not be an issue if you used exempt money.

Thanks for the response. My state has a $10k exemption, and I used $6500 for my down payment. I literally had no other assets than what was in my bank account, because I had liquidated anything that was of any value before filing. At the time of filing, I only had around $3K but saved an additional $4500 between filing and buying the vehicle after the 341 meeting. My case was a no physical assets case, just the cash in bank and some household items worth less than $1K.

Feels good to now not have an upside down vehicle which will be paid off in about 4 months, because I am making large principal only payments.

Next, is saving to buy to house in two years.

[justbroke]

Keep up the good work with saving. It's an important part of your financial health!