buying things after payments are all made

[mb1966]

has anybody on here either themselves or somebody they know that after their 3,4, or 5 years pymt plan was up they tried to go out and buy a house or a new car and what kind of luck did they have?
Im planning on going on the 3 yr plan and i imagine about that time i will be looking to get a newer if not new car. Just wondered if you have a trade and/or sizeable down payment if its really hard to get a new vehicle?

[arkienurse]

Have managed to avoid payments so far . I did total my mom mobile shortly after our bk closed. Dh was able to find me a Jeep that the insurance payout covered with 40 bucks left over. I have moved up to a caddy now, but it is 10 yrs old and paid for by selling another vehicle and putting a little bit from savings with it. Now DH drives the Jeep.
I do not look forward to having payments again, and will fight DH tooth and nail to never have a brand new car again.

But to really answer your question- there have been varying reports here. Some have great luck, others not so much. If you go look in the after bk section, I believe there is an area specific to credit after bk.

[Flamingo]

To answer your question, a lot depends on your credit prior to filing and how you conducted yourself during your Chapter 13 Plan years (i.e., all payments on time, nothing late as to any bills, etc., etc.). We were able to refinance and buy out of our Plan early at a low rate and a non-predatory, fixed rate 30 year mortgage. Two weeks after that we qualified through GMAC on a 4 year, zero interest new car loan (their promotional offer at that time). We were told since we were good past customers of GMAC (former paid off, on time car loans) and also that we had no late payments or other problems during our Plan years, that helped us credit-wise. However, that is just what happened to us; others can have the complete opposite so the best thing to do is be pristine and very careful with your financial affairs during the coming years and also with your Plan and it will work in your favor. Remember, there is no guarantee for any credit when there is a BK on your credit reports.