Post discharge auto finance. How soon?

Kahn2814 · 04-18-2007, 07:56 PM

First time posting here. I've read many other posts and have found them quite usefull, but I do have a question that I'm hoping you guys can help me with.

My wife and I will be discharged from our Ch 7 April 27th. Unforeseen circumstances involving the birth and hospitilaztion of our child landed us in BK, however, we are now on much more stable financial ground. Unfortunately though, we need to purchase a new vehicle ASAP. I know it's a good policy to wait as long as you can after discharge to look for financing, but how soon after discharge can you attempt it with a reasonable chance for success? Do you need to wait until you actually receive your discharge letter? Will the lender require this?

Thanks for your time and support!

SinkingFast · 04-18-2007, 08:01 PM

Discharges are, in many Courts, automatically generated. Your Court could be set up to generate the day of Discharge. Our Court generated our Discharge letter a week after our "Last day for Objections and Extensions".

You're best off to wait until you have the Discharge letter in hand. Just in case.

Walnut · 04-19-2007, 04:13 PM

If you are looking to buy new, start looking now and find a car you want, then start talking to Special Financing at the dealer. They will monitor your situation on PACER and will submit the app to their lenders once you are discharged (don't need papers in hand). You can walk oout of there with a car as soon as discharge, BUT...

be prepared to pay an interest rate of up to 18%. Which you can refinance after 12-15 months. Yes, it sucks, but yes you are also bankrupt.

FilingOnMyOwn · 04-19-2007, 04:57 PM

Quote:

Originally Posted by Walnut

be prepared to pay an interest rate of up to 18%. Which you can refinance after 12-15 months. Yes, it sucks, but yes you are also bankrupt.

Absolutely DO NOT do pay that. You should be able to find decent financing immediately after discharge with a bk friendly lender like ford motor credit, on any of their 7 brands, or through something like capital one blank check, which will let you buy from anyone.

CATCHMEIFYOUCAN · 04-20-2007, 02:27 AM

Took this quote from this dude off www.lawyers.com:

HOPE IT HELPS !

Figure out what kind of car you want and how much it will cost. Figure out how much down and how much monthly you can handle.

Here's a loan calculator that will help you figure out loan payment based on interest rate, and duration of loan.

www.ray.met.fsu.edu/~bret/amortize.html

Then start with banks and credit unions to see what you can qualify for. Do that before you go to the dealer cause the dealer will lie to you and try to stick you with high interest rates.

Also before you go to the dealer check out the following websites:

www.carbuyingtips.com/scams.htm

http://www.edmunds.com/advice/buying...g.feature..3.*

www.beatthecarsalesman.com/index.html

www.stopautofraud.com/

CatchMeIfYouCan

04-18-2007, 07:56 PM	#1
Kahn2814 Registered User Join Date: Apr 2007 Posts: 2	Post discharge auto finance. How soon? First time posting here. I've read many other posts and have found them quite usefull, but I do have a question that I'm hoping you guys can help me with. My wife and I will be discharged from our Ch 7 April 27th. Unforeseen circumstances involving the birth and hospitilaztion of our child landed us in BK, however, we are now on much more stable financial ground. Unfortunately though, we need to purchase a new vehicle ASAP. I know it's a good policy to wait as long as you can after discharge to look for financing, but how soon after discharge can you attempt it with a reasonable chance for success? Do you need to wait until you actually receive your discharge letter? Will the lender require this? Thanks for your time and support!
Kahn2814 Registered User Join Date: Apr 2007 Posts: 2

04-18-2007, 08:01 PM	#2
SinkingFast Registered User B/F Guru Join Date: Jan 2006 Posts: 6,857	Discharges are, in many Courts, automatically generated. Your Court could be set up to generate the day of Discharge. Our Court generated our Discharge letter a week after our "Last day for Objections and Extensions". You're best off to wait until you have the Discharge letter in hand. Just in case.
	Filed Ch 7 - 09/06 Discharged - 12/2006 Officially Declared No Asset - 03/2007 Closed - 04/2007 I am not an attorney. My comments are based on personal experience and research. Always consult an attorney in your area to address concerns related to your particular situation. Another good thing about being poor is that when you are seventy your children will not have declared you legally insane in order to gain control of your estate. - Woody Allen...

04-20-2007, 02:27 AM	#5
CATCHMEIFYOUCAN Registered User B/F Guru Join Date: Sep 2006 Location: Falls Church, Virginia Posts: 1,619	Get That Car ! Took this quote from this dude off www.lawyers.com: HOPE IT HELPS ! Figure out what kind of car you want and how much it will cost. Figure out how much down and how much monthly you can handle. Here's a loan calculator that will help you figure out loan payment based on interest rate, and duration of loan. www.ray.met.fsu.edu/~bret/amortize.html Then start with banks and credit unions to see what you can qualify for. Do that before you go to the dealer cause the dealer will lie to you and try to stick you with high interest rates. Also before you go to the dealer check out the following websites: www.carbuyingtips.com/scams.htm http://www.edmunds.com/advice/buying...g.feature..3.* www.beatthecarsalesman.com/index.html www.stopautofraud.com/ CatchMeIfYouCan
	July 2006: Filed Ch13 Oct 2006: Converted to Ch7 Jan 2007: DISCHARGED Nov 2007: CLOSED

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04-19-2007, 04:13 PM	#3
Walnut Registered User B/F Newbie Join Date: Nov 2006 Posts: 111	If you are looking to buy new, start looking now and find a car you want, then start talking to Special Financing at the dealer. They will monitor your situation on PACER and will submit the app to their lenders once you are discharged (don't need papers in hand). You can walk oout of there with a car as soon as discharge, BUT... be prepared to pay an interest rate of up to 18%. Which you can refinance after 12-15 months. Yes, it sucks, but yes you are also bankrupt.