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Help lease up in Feb 2011 and in a Chapter 13

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    #1

    Help lease up in Feb 2011 and in a Chapter 13

    HI All,

    Never posted on here till now, i was told by my attorny and the trustee at the time of confimation of my current chapter 13 knowing my lease on my 2008 GMC Seirra was up half way thru my BK that getting a loan would not be a problem. But now the economy here in michigan is so bad now I see problems get finance in today climate. Does anyone have some suggestions?
    I need a reliable vehicle for work. I am even willing to keep the lease but with a high interst rate I don't know. My payment on the truck is $489 a month. till Feb 2011.
    Chapter 13: filed 4-21-08, Discharged 11-5-13
    Tags: None
    #2
    You might be able to buy it using a loan from 722 Redemption/USBank. They may give you a loan to buy it out. You should be able to buy it for current market value. The interest rate will be high (high teens to low twenties).
    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

      #3
      I believe 722 Redemption is ONLY for ch. 7's.

      You can try applying online at Roadloans.com and also Capital One has a 'blank check' program. But first contact your attorney and find out the steps to get trustee approval. Your attorney may also know lenders in your area that work with ch. 13's mid-plan.
      Get mortgage modified: DONE! 7 months of back interest payments amortized, payment reduced over $200/mo
      (In the 'planning' stage, to file ch. 13 if/when we have to.)

      Comment

        #4
        Browser reload issue/duplicate post. Sorry!
        Get mortgage modified: DONE! 7 months of back interest payments amortized, payment reduced over $200/mo
        (In the 'planning' stage, to file ch. 13 if/when we have to.)

        Comment

          #5
          Originally posted by SMinGA View Post
          I believe 722 Redemption is ONLY for ch. 7's.
          Redemption is, but both are done by USBank. I'm not suggesting a redemption. However, you'd actually contact their division, 722 Redemption, I believe.
          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

            #6
            Thanks all, I will try Roadloans.com Do I need a Co-signer?
            Chapter 13: filed 4-21-08, Discharged 11-5-13

            Comment

              #7
              Originally posted by madms1 View Post
              Thanks all, I will try Roadloans.com Do I need a Co-signer?
              Can't answer the co-signer part. It depends on how they view your credit situation. It may or may not require a down payment as well.
              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

                #8
                Roadloans will require proof of trustee approval, but I don't know about the cosignor. Since you have some time to work with, you can try applying on your own and see what terms you are offered. If not very good, and you have someone willing/able to cosign - you can go that route to try for a better rate.
                Get mortgage modified: DONE! 7 months of back interest payments amortized, payment reduced over $200/mo
                (In the 'planning' stage, to file ch. 13 if/when we have to.)

                Comment

                  #9
                  Are you sure that you'll need to get a new loan? About 7 years ago my husband leased a truck through Chrysler Financial. When the lease was about up I was freaked out because our credit was trashed. I called them to ask how it woud work for us to purchase the vehicle and they sent us a contract for the loan and I don't think they even pulled our credit.

                  Comment

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