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Will need a car immediately after chapter 7

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    Will need a car immediately after chapter 7

    I will need a mode of transportation immediately after my chapter 7, and maybe before it because they may file for a release of stay. Is it even possible to receive a car loan right out of chapter 7. I keep hearing different things. Some say that you have to wait at least six months to a year, others say that the new car offers come in immediately after they file. I am not trying to get a new BMW, I just want a nice economy car, I am not trying to spend more than 13k on a car. Can anyone here shed any light on the real situation as it is now. I am aware of people getting a little keyboard bravado and embellishing the situation. Just want to hear the cold hard facts.

    #2
    Many people have reported financing cars immediately after BK. Others get turned down. It will depend on your overall financial and credit picture and the lender.
    LadyInTheRed is in the black!
    Filed Chap 13 April 2010. Discharged May 2015.
    $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!

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      #3
      I think the most important issue with financing a car after discharge, is your pre-filing handling of automobile loans. If you have lots of late pays and repossessions, your auto-FICO score (auto-enhanced FICO score) would be heavily impacted. When I was discharged, my auto-FICO score was over 690 (if I'm recalling correctly). I was shocked. I was able to get a decent loan from Navy Federal 6 months after discharge.
      Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
      Status: (Auto) Discharged and Closed! 5/10
      Visit My BKForum Blog: justbroke's Blog

      Any advice provided is not legal advice, but simply the musings of a fellow bankrupt.

      Comment

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