Urgent car purchase help active chap 13

[dmc-2008]

Bummer! But I think a used car is the only way to go for me fr now on anyway. I hate driving off the kit and it immed depreciating! Find a good barely used one if you can. When this is over for u use it as a trade in. Good luck

[justbroke]

Honestly, the high payments has always been the reason why we have leased the last few years. My last financed car was my 04 Maxima which I paid $425 a month. That's the highest amount I have ever paid. My 2 leases now are $348 and 230. Of course, I am now learning about the mistakes of leasing. New car every 3 years but never ending car payments which now I see it as a big waste. Had my cars been financed or paid off, all would be Ok.

I hope you find a good solution to this transportation problem. I am starting to hate car payments myself!

[max2k10]

I think I found a lender willing to provide financing for a used car. My question for everyone is will my attorney need to file again with court to incur debt. I was already approved back on 9/11 but the letter has Capital One on it. (Cap 1 needed my discharge which I still have till 2017). Or can my attorney just get approval letter from trustee only? The motion to incur new debt took almost 2 months and I would hate to have go thru that again. Plus my lease goes back in December so I'm starting to run out of time. Attorney has been almost impossible to get a hold of so let's see what I find out tomorrow. I know somehow I will get thru this but it's been a long stressful process.

[LadyInTheRed]

Whether you need a new order probably depends on the exact wording of the order you have. Does it say that the specific loan is approved or that a loan under the specific terms is approved?

I just went the 401k loan route. I'd rather pay interest to myself and it didn't require court approval. But, it's not the right decision for everybody. My job is very stable and I am certain I will not lose it. I also know that the unexpected happens. I have a large CD I was able to exempt that I can use to pay off most of the 401k loan if I do lose my job. I already have one 401K loan and was also making contributions in about the same amount as the loan payments on both the old and the new loan. I will have to stop the contributions for about a year until the first loan is paid off. I'm doing pretty well with retirement savings and am young enough to take the hit of a year without making contributions.

[max2k10]

I actually spoke to my 401k rep yesterday and it's very tempting. Interest in the 401k is only 4.25% which a lot better than the 20% Santander was trying to charge me. Currently if all goes well, possibly get 10.32 from first investors financial. Here is the exact wording.
This matter having come before the court upon the debtor's notice of motion for court approval of debtor's car financing agreement, and court having examined the evidence presented, and for good cause shown,
ORDERED that the car financing agreement between the debtor and Capital one auto finance is approved.

[Mayo]

I had a wreck in the middle of my 13 and totaled my car. I took the money and couple thousand more from my tax refund and bought a nice used car for around 12K. I am still driving that same car 4 years later.

[LadyInTheRed]

I actually spoke to my 401k rep yesterday and it's very tempting. Interest in the 401k is only 4.25% which a lot better than the 20% Santander was trying to charge me. Currently if all goes well, possibly get 10.32 from first investors financial. Here is the exact wording.
This matter having come before the court upon the debtor's notice of motion for court approval of debtor's car financing agreement, and court having examined the evidence presented, and for good cause shown,
ORDERED that the car financing agreement between the debtor and Capital one auto finance is approved.

Sounds pretty specific to that agreement. I hope you hear back from your attorney soon.

[max2k10]

I did speak to attorney today. Unfortunately in order to get that letter again with the new bank, I will have to go thru this whole process again which can take 30 to 45 days. That means the dealer will have to reapply for finance all over again since the approval from bank is only good for 30 days. Right now the set rate is 10.32 but that can possibly change or bank can come back and just not approve me which would really suck. This whole process stinks. I'm so tempted to borrow from 401k and purchase car for like 10-15k. Attorney said I would not need approval to borrow from 401k since it's already my money as long as BK payments are not affected. I still have 20+ yrs before retirement and that's if I even get there.

[max2k10]

Went to my attorney today and dropped off the dealer sales order. She has already filed with court. Possible court date is 11/12. Now I wait and see and hope they are not wasting my time since their approval is only for 30 days. New finance application will need to be resubmitted. Not sure what will happen with our 10.32 approval rate.