Car purchase in Chapter 13

[mountanddo]

I will be filed in the next couple of weeks. I haven't checked my credit scores but I am guessing they are pretty low as I filed Chapter 7 seven years ago and I stopped paying on my credit cards a year ago.

What happens to your credit while you are in an active Chapter 13? Do you get a big hit when you file and then it just stays there until you are discharged?

If my DMI supports a car loan do you think there would be somewhere that would be willing to finance a car for me? I've never defaulted on a car loan. It would be something very cheap ($5000 or less) until I am discharged and can finance something more expensive.

Would I be able to get a loan with a co-signer while in Chapter 13?

[eltaur2000]

I thinks it's way to late. If you have filled I don't think they will modify for you to get car. Your not suppose to incur any more debt was my understanding.

If you want I can text my lawyer to ask him but he is going to think I'm crazy. I told him I just bought a brand new car.

[mountanddo]

Well, my attorney said I could use any additional DMI to purchase a car so I already know that answer. I was just wondering if anyone actually GOT someone to finance a car for them in a Chapter 13. She probably said it was ok cause she knew there would be no way in hell I'd ever get a loan LOL

[eltaur2000]

Mountanddo were do you live? Chicago has car financing for everybody. There is for good credit and then the most predatory crazy interest financing. Have you filled or not filled? If you have not another poster purchased one month before filling.

My attorney is looking over my assets. He says I have a shot at chapter 7 if I'm willing to give up the watch. The monthly payments will not be a big difference in either scenario so were not sure yet.

Look at it on the bright side Kim Kardashian is getting a divorce and know we got a shot a wedding into a 35 million net worth LOL

[momofthree]

Yes, there are places that will finance you, but I'm a bit confused. I thought you said your dmi was $100 and that was stretching it. Be very very careful that you don't put yourself into a position where you can't fund a feasible plan.

[Nicollette]

Yes there are places that will finance you in an active ch 13, but you must seek approval from the trustee first, before you can incur any new debt.

[mountanddo]

Yes, there are places that will finance you, but I'm a bit confused. I thought you said your dmi was $100 and that was stretching it. Be very very careful that you don't put yourself into a position where you can't fund a feasible plan.

I'm not planning on buying anything for at least a year of two. My DMI is $100 right now but they give pretty good raises where I work so I am hoping to be able to afford something in a couple of years. I am hoping though that I can save enough over a couple of years to get at least a interim replacement should something happen to my car. I am probably worrying a lot more than I should but my car is 15 years old and everytime I get in it I think something is going to break. It's very stressful as I don't really know anyone that fixes cars. It's possible that I can bandage it though for the next three years with just repairs so I will try to do that before I incur any monthly payment. I do know that I need trustee approval before I do anything but my attorney didn't think that would be a problem if my finances changed. I was just wondering there were places out there that would finance me in an active 13.

I live in MN and the winters here are pretty tough on cars. The only thing that might save me is that I take the bus to work during the week and I have underground heated parking where I live so I'm not keeping the car outside. There is a tires plus a block away from my house so if anything should happen at least the repair place is close!