Testing the credit waters

[Strapped4Csh]

My wife and I filed chapter 7 on 9/30. Our 341 is scheduled for 11/3 and the phone has finally quieted down a bit. Now that we've had some time to think, we're wondering if we should keep our current vehicle, which has a fairly high payment (but very manageable with all our other debt being discharged) of $640 a month. The car is reliable, with about 65k worth of warranty left on it, but if we could lower the payment a bit we'd love to.

Basically, is there a way we can find out if we would potentially get approved to buy another vehicle? If we could downsize a bit and get something cheaper, I'd love to do that, but I don't want to surrender our present vehicle and THEN learn we can't get a loan. We've checked with 722 redemption, but they're looking for both of us to be on our present jobs for at least a year....

[jribe]

Honestly- most places won't touch you until you've been discharged.

You might have some luck at one of the "bad credit" or 'buy here pay here" places. But not at an authorized dealer (Honda, Toyota, etc) as far as i've heard.

Before we filed- we got rid of two higher payment cars, bought a new car at a lower payment and have just 1 car currently. We are planning on buying something else after discharge (probably feb-mar).

If we could get financed right now- there's some good deals. But i haven't found anyone that will work with you pre-discharge.

My wife and I filed chapter 7 on 9/30. Our 341 is scheduled for 11/3 and the phone has finally quieted down a bit. Now that we've had some time to think, we're wondering if we should keep our current vehicle, which has a fairly high payment (but very manageable with all our other debt being discharged) of $640 a month. The car is reliable, with about 65k worth of warranty left on it, but if we could lower the payment a bit we'd love to.

Basically, is there a way we can find out if we would potentially get approved to buy another vehicle? If we could downsize a bit and get something cheaper, I'd love to do that, but I don't want to surrender our present vehicle and THEN learn we can't get a loan. We've checked with 722 redemption, but they're looking for both of us to be on our present jobs for at least a year....

[StartingOver08]

OP, did you reaffirm your vehicle?

I hope not - but you may want to call the BK dept and see if they will negtiate a lower payment with you on the same vehicle. Sometimes this works, but you have to reaffirm with the NEW terms in order to make it stick. If they will not cooperate, then surrender the vehicle in your Statement of Intentions or just ride thru. If you do a ride thru you can keep paying until you get on your feet to buy something with a lesser payment.

[Strapped4Csh]

OP, did you reaffirm your vehicle?

I hope not - but you may want to call the BK dept and see if they will negtiate a lower payment with you on the same vehicle. Sometimes this works, but you have to reaffirm with the NEW terms in order to make it stick. If they will not cooperate, then surrender the vehicle in your Statement of Intentions or just ride thru. If you do a ride thru you can keep paying until you get on your feet to buy something with a lesser payment.

No, we did not reaffirm yet. That is our intent, but we haven't received any paperwork to do that yet. The ride through may be an option.

I know no one will touch us right now given we haven't even had our 341 meeting yet. What I was trying to find was someone that would be able to say now that we do/do not qualify for a loan after we're discharged.