I was reading the threads on buying a car after bankruptcy and the more I thought about it my personal experience might be of some help to folks who need a car but may find themselves a some later point filing for bankruptcy.
It was about 6 months before I actually filed that it was apparent that my 10 year old Jeep was about shot. It had a 150,000 miles on it and a lot of expensive work was about to be required.
I didn`t know if I would have to file because I was able to stay current and had some extra money each month to use for a car payment. So to make a long story short I took advantage of my good credit and bouught a great Honda car with 2.9% financing.
Several months later my credit card debt repayments went up dramatically when the payback amounts rose because of the change in law and the banks raising their minimum pay backs.
Anyway I was able to keep the car and stay current on my payments and it turned out to be the best thing I did during those difficult times. A car salesman told me recently(friend) that if I had waited till after the bankruptcy the interest rate would have been about 16%. That is scary.
I guess what I am trying to say is if you need a new car get it before the bankruptcy not after. Afterwards the whole process is a real nightmare.
Good luck
It was about 6 months before I actually filed that it was apparent that my 10 year old Jeep was about shot. It had a 150,000 miles on it and a lot of expensive work was about to be required.
I didn`t know if I would have to file because I was able to stay current and had some extra money each month to use for a car payment. So to make a long story short I took advantage of my good credit and bouught a great Honda car with 2.9% financing.
Several months later my credit card debt repayments went up dramatically when the payback amounts rose because of the change in law and the banks raising their minimum pay backs.
Anyway I was able to keep the car and stay current on my payments and it turned out to be the best thing I did during those difficult times. A car salesman told me recently(friend) that if I had waited till after the bankruptcy the interest rate would have been about 16%. That is scary.
I guess what I am trying to say is if you need a new car get it before the bankruptcy not after. Afterwards the whole process is a real nightmare.
Good luck