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Car Loan while in open Ch. 7

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    #1

    Car Loan while in open Ch. 7

    Just wanted to you guys know....i just got financed through a local dealer...haley Toyota....2004 SUV-Hilander.....50k miles. Im in open ch. 7...better interest rate than the 722 is offering..im glad i held out and waited until after my 341 was completed....im off to a new start.....thank goodness
    Filed BK on 10/19...
    341 Meeting Scheduled 11/26 @ 10am
    Discharged 1/30/2008
    Tags: None
    #2
    Enjoy the new ride!
    Chapter 13 Filed "Old Law"
    Filed: 6/2003 Confirmed: 3/2004
    Early pay off sent: 10/05/2007 - 9 months early
    11/16/2007 - Discharged!

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      #3
      You guys make it sound so easy to get another car after a bankruptcy. Does not seem like it would be to me, but then if you found somebody to give you a car...then I guess it is that easy.

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        #4
        I don't think it would be that hard. I mean, Without the BK, you would have been unable to pay for it, now that you have had the BK, you probably have a better debt to income ratio.
        Not all those who wander are lost....

        --J. R. R. Tolkien

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          #5
          How ironic that when faced with increasing loses in this economy, people that are post-BK may become some of the banks' best bets, since we can't do it again anytime soon.

          I believe better offers will come to post-BK people in the coming year or two by lenders who are forced to become more competitive.


          Chapter 7 Filed - 11/27/07
          Discharged - 2/29/08
          Unsecured Debt Discharged - $162k +/- (small business, personally guaranteed)
          Finally Closed - 3/1/09

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            #6
            10% interest rate compared to the 24% that 722 was offering..and im now enrolled in the rate reduction program...which reduces the rate .5% every 3 months(if you pay ontime and keep up your insurance). Prior to BK...i was never late....just decided to surrender the vehicle..because i was extremely upside down on it. This Fresh Start feels really good....
            Filed BK on 10/19...
            341 Meeting Scheduled 11/26 @ 10am
            Discharged 1/30/2008

            Comment

              #7
              Originally posted by tiredofdebt1 View Post
              10% interest rate compared to the 24% that 722 was offering..and im now enrolled in the rate reduction program...which reduces the rate .5% every 3 months(if you pay ontime and keep up your insurance). Prior to BK...i was never late....just decided to surrender the vehicle..because i was extremely upside down on it. This Fresh Start feels really good....
              That is great news. I didn't know we could look for a new vehicle while in an open BK.

              We have 2 vehicles and have never missed a payment. I want to get rid of the gas guzzling SUV for something better on gas. I hope I am able to find something.

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