? about non-emergency debt.

[DQ1976]

Hi everyone. My husband and I filed chapter 13 last July. We have since added a third child to our family and my 17 year old stepson has come to live with us. We have a cavalier that is on its last leg (115K miles and overheats) and is nowhere near big enough to accommodate six people (three carseats). I also operate a home daycare and need a larger vehicle to take children to various activities. We have found someone who will finance us (with my parents as co-signors). My question is this: Is it difficult to obtain the trustee's approval? Are there criteria like for example maximum loan amounts or interest rates? Does it take forever? Any information would be greatly appreciated.

[13inOR]

I will tell you what I know from my experience. We were going to try to purchase a vehicle during our chapter 13, (later decided against it and just limped the old one along a while longer) and what our trustee required was
a loan not over 10,000, couldnt be a truck, suv, or sports car and not over
100 or maybe it was 125K miles. The interest rate couldnt be over I think 24%, but the clincher was, you had to find the vehicle you wanted, submit it with all the details to the trustee, wait a week or maybe more for his decision, and hope the whole time that the dealership is willing to hold the vehicle for you.
It can be done, but it is kind of a hassle. I would think though, that having a cosigner would help a lot, you have that in your favor for sure. Of course I am sure each trustee has his own requirements, but I imagine they are pretty similar to ours. I hope it works out for you!!