Forum Rules (Everyone Must Read!!!) (updated: 04/28/2015)

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Car loan ending in three months

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  • Nanzee
    started a topic Car loan ending in three months

    Car loan ending in three months

    One of my car loans is ending in three months. I have read several posts here that the trustee increased their payments by that amount when the loan was satisfied. I received my confirmed plan, and there is nothing in there about this car loan. It clearly states we have to turn over our tax-refunds, which I knew, but I read it twice and nothing about my car loan ending. Can I assume this will not happen then? It sure would be nice to know we will have that extra monthly money soon.

    As always thanks for your responses and help!

  • Nanzee
    Thanks for your responses. Since there is nothing in my plan stating a "step-up" I am hopeful we can start socking that money away into our emergency fund. We want to keep our cars as long as possible, basically until they tell us we need a whole new engine, and then will have to take it from there.

    Leave a comment:

  • Dpaul76
    Similar Question

    We purchased a car from a buy here pay here facility and did not go through the trustee, beacuse at that time we werent current with the Chapter 13 thinking we were converting to a Chapter 7. Now our attorney has advised us that we should get current with the 13 and have it reinstated. We are ok witht he payments but dont want to get into trouble for buying a car.

    Leave a comment:

  • debtinohio
    Originally posted by BenzUp View Post
    Nanzee - If your car payments are made directly by you (not paid by the trustee) and you will payoff the loan prior to your 60 months Ch. 13 payment plan, the trustee can insist this extra money be added to the monthly Ch. 13 plan for whatever time remains. In my case, this was already noted in my plan that it will increase by $<my old car pmt> in month 52. For that matter, I will also have to increase my payment to the trustee when I finish paying my 401k Loan in month 46.

    I have this also, but, again - - noted in the plan with step-up payments. I, of-course, tried to not have a step-up and originally tried to keep the whole amount, but the trustee objected and we came to an agreement to increase the payment by around $125. But, this is all spelled out clear in my plan.

    Leave a comment:

  • BenzUp
    Nanzee - If your car payments are made directly by you (not paid by the trustee) and you will payoff the loan prior to your 60 months Ch. 13 payment plan, the trustee can insist this extra money be added to the monthly Ch. 13 plan for whatever time remains. In my case, this was already noted in my plan that it will increase by $<my old car pmt> in month 52. For that matter, I will also have to increase my payment to the trustee when I finish paying my 401k Loan in month 46.

    Leave a comment:

  • newbie2
    Nanzee, we had 2 cars with payments ending within months of our confirmation.

    When our attorney figured out our schedules he took the total dollar amount of payments left, divided by 60 months, and that what was allowed as an expense. (Our vehicles were paid by us, not the trustee). I think because of the way this was figured was the reason why we did not have a "step up" plan as I sometimes see others having.

    Take a look at your schedules and see how your attorney figured your plan as far as the car payments / expenses are concerned. I bet it was the same way and that is why you don't have a step up section on your confirmation order.

    Leave a comment:

  • catleg
    In many cases you are allowed to take "vehicle expense" as an expense even if you don't have a loan, and I would guess, especially if the loan/expense amount is under the IRS limit. So by not getting jammed with a step plan, you essentially have a little bit of a capital budget in your plan to save up for your next car or pay for major repairs.

    So you won in a small way.

    Leave a comment:

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