Is there a lite?

[PlayRPay]

My husband and I found ourselves filing for Chapter 13 in 2002, after we both were laid-off from the IT/Telecom Industry. Today both of our cars, a 1997 and 1989 are both on their last legs -- The 1997 is in the plan. We would really like to know if we have any hope of obtaining a auto loan while still in Chapter 13? We understand that we must receive approval from the trustee and are willing (kicking and screaming) in the process of requesting approval to incur debt from our Trustee. BUT are there lenders out there that will extend credit to us? I would really like to limit the inquiries onto my credit; my current 8/1/06 Experian Score is 639. And are the chances better if we go to local dealers or use some of the online sub-prime lending sites? Who should we stay away from?

We are 48 Months and counting down to 60! And in desperate need of wheels and a good deal. Please anyone help!!!

[Prodigus]

Congratulations on makking it this far. I'm sure it's seemed like forever. I'm fairly new here but it looks like there's a board dedicated to all things Auto (after Bk) Look here:

http://www.bankruptcyforum.com/f20-buying-a-car-after-bk.html

Good Luck, I hope you find the answers you're looking for...


Also, your attorney may know some local Bk friendly dealerships if you ask them.. Worth a shot if you want to stay local.

[Minnymouth]

Yes you can purchase a vehicle while in Chapter 13, but has to be approved by the Trustee and cannot exceed a certain dollar amount.

Even now some of the new car dealers (Ford) are getting BK friendly if you have never filed against them...

Check out the section of this forum regarding buying vehicles after bankruptcy....

[downthetube]

[downthetube]

Sorry, forgot #6

6) Most likely, the car will be a New car. Reason: The cash back incentives are used as the downpayment for the loan. Example $4500 cash back on Ford Supercab). So you will most likely not get the dream care you want, but a car that is slowest moving thus having the largest rebate.

Hope this make sense.

[PlayRPay]

This is very good to know. I can see a some light in the darkness, so thank you for responding.

My husband and I have contacted our lawyer's office on Monday with no return call and honestly I'm just not very surprised. I had thought that maybe I should contact the Trustee directly, but I had not been sure that I could.

Downthetube, good information and I'll post a private message to you to recieve the Ford SM contact information.