Oh, My and What the Heck Advice.

[IvoryAngel]

We filed Chapter 7 it's straight to the point case and I've been waiting for this moment for years, I guess it was all about timing really. Our meeting is February 2nd, not expecting any hiccups fingers crossed.

No Mortgage, the biggest debt we had was our upside down vehicle it's listed as 32,000 and is a Kia Soul (insert sarcasm here) clearly, it's upside down. I'm annoyed about that but anywho it's gonna go on down the road now.It's financed via Capital One Auto and we haven't made a payment since March 2016.

Per attorney's office, they are incredibly slow to pick up or arrange pickup which was great we needed a vehicle until the end of March BUT they called the attorney's office and wanted our number and verified address for pickup so I'm guessing it would be sooner than later at this point.

We weren't going to purchase a car until likely six months or so down the road we live in an area that you can easily get around without a vehicle so we were going to use that time to build our credit and save money, as we'd like to purchase an RV Vehicle instead.

It looks like that's not going to happen we have to be able to travel through March, I can't find an alternative transportation in our area but will still keep looking.

Someone recommended Prestige Auto Loans, any thoughts on them? and would you opt for something cheap just to get you through and then trade in perhaps? I'm not sure how to handle that as I really do not want a temp car and I really don't want a long term car so I have to choose one or the other I suppose.

Maybe someone has a similar experience if so how'd you handle things?

[leonel9]

I don't know about the company you referenced, but I can tell you that after filing a little over a month ago, I get almost daily letters from dealers and lenders offering auto loans.

It may be too late for this, but have you considered getting a redemption loan? If you're happy with your current vehicle, you can get a lender to lend the amount the car is worth and buy it out from Capital One, effectively eliminating the negative equity. Depending on when you filed this may no longer be an option.

I would also consider how easy it is to get an RV loan after filing bankruptcy. For many lenders, RV loans are priced higher and/or more difficult to get than an auto loan. Then there's a bankruptcy on top of that. Before applying, I would make sure you are working with a bankruptcy-friendly RV lender.

[IvoryAngel]

We do not want to keep the vehicle we have there's no reason we owe way more than it's worth and there's no route to correct it to our favor, we were highly suggested to release it.

The RV aid some months off far enough that credit will hold its own with down payment on its own. Again not something applicable today just mentioned it because we wanted to hold off biuying a car to save for the RV.

We indeed have received a few offers via mail but they so far seem scammy spam offers, nothing I'd give my personal information for as of yet.

[justbroke]

We do not want to keep the vehicle we have there's no reason we owe way more than it's worth and there's no route to correct it to our favor, we were highly suggested to release it.

A redemption loan allows you to "redeem" your vehicle for the current market value.

[IvoryAngel]

Ah, Thanks for clarifying that information!