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

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is it OK to buy a car before discharge?

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  • is it OK to buy a car before discharge?

    I filed a non-consumer chapter 7 and we had our 341 a couple of weeks ago but haven't been discharged yet. In our situtation we had a business fail and we are essentially doing Ch 7 to discharge the high business debts. Wife and i had other jobs when we were running the business, and we still have those jobs, so our income is fine and is enough to pay any monthly expenses we have (Mortgage, car payments, food, clothes, etc).

    At the 341, Trustee didn't ask any questions of us, other than the normal (Do you understand what a Ch7, 13, 11 is? We do have assets to be distributed ($3500 cash left in a business checking account.

    I signed the reaffirmation agreement for my car (2008 small SUV with 65k miles) and my wife signed for her car. However, I'm thinking of selling my car and obtaining a new one. (A 3-year old, low mileage, used vehicle that I have been lusting for recently became available). When I checked my credit score last week, it was in the mid 600's.

    Am I free to apply for a vehicle loan at this point? Or do I have to wait for the discharge before I can apply for a loan? Am I forbidden to apply for a vehicle loan until the discharge comes through? Or am I free to carry on normal household business (like buying a car) as I see fit?

    Thanks in advance for your advice.

  • #2
    I believe you must wait. Any credit you obtain before discharge the trustee generally has to know about and approve it. Also, since you're reaffirming your car loans and not doing ride throughs I'm not sure if you have to wait to sell them until the discharge either.... but I could be wrong on that one.
    BK Ch 7 Discharged 09/2009 | Anything I say can and should be used as friendly advice and sharing of experiences with an unbiased viewpoint.
    Scores: EQ 745 EX 704 TU 710 as of 08/15/2012


    • #3
      Thanks Amy26!


      • #4
        Originally posted by Amy26 View Post
        I believe you must wait. Any credit you obtain before discharge the trustee generally has to know about and approve it. Also, since you're reaffirming your car loans and not doing ride throughs I'm not sure if you have to wait to sell them until the discharge either.... but I could be wrong on that one.
        That is only in a Chapter 13 because you are on a "plan", in chapter 7 you can get a car because the 7 is a snapshot of your finances the day that you file. If you notice they don't ask for any bank statements or information about things in the future. I asked my lawyer can I buy a car as my discharge is scheduled for June 20th, and he said I can buy a car anytime I want and don't have to wait.
        Filed Chapter 7: 3/16/11
        341 meeting: 4/20/11
        DISCHARGED!!!!!!!: 07/1/11


        • #5
          Could you buy one.....probably so.
          Should you finance one.....not a great idea.
          Will someone approve you for one......highly unlikely unless it is at 17-25%.
          New Orleans: Home to the World Champion Saints, the biggest enviromental disaster and the biggest natural disaster in the history of this nation. Proud to call it home!


          • #6
            You should wait until discharge to buy a car, and the longer you wait after discharge, the lower your interest rates will be. If you really need a car and can't wait and have to buy one right after discharge, you can always try to get it refinanced in a year or so at a lower rate, but its best to get your discharge, clean up your credit reports, and then apply for financing.
            You can't take a picture of this. It's already gone. ~~Nate, Six Feet Under


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