Car Loan before Discharge?

[teddy26]

Is it possible to get a car loan before I am discharged? Will lenders only want to see my discharge or are there any out there that don't? Any advice appreciated..

[WantToBeDebtFre]

There a some who don't care. I filed for Chap 7 and haven't been discharged and I'm getting mail everyday wanting me to buy a car and they say right on the mailings that my bankruptcy doesn't have to be discharged.

[lrprn]

Is it possible to get a car loan before I am discharged?

Yes.

Will lenders only want to see my discharge or are there any out there that don't?

There are lenders who will loan to you while in an active Ch 7, but the reaming you are going to get on the financing is considerable. Expect interest rates in the upper teens to lower 20s.....gulp!

If you can wait six months after discharge after some credit repair and on-time payments, your terms will be much more favorable.

Another option you might consider is a 722 redemption loan. Search the forums here - there are multiple threads explaining how it works - or visit http://www.goarticles.com/cgi-bin/showa.cgi?C=234795

What's creating the rush to get another car now?

[teddy26]

Going to surrender the car. We are a 1 car family. We know once we are discharged (hopefully, Dec 31st), it is free grabs for them to come any time to get it. Until then, we know they have to file a "motion to relief of automatic stay".......then we have a court deadline to "give the car back". Also, the registration just came due, and don't know if we should pay if 1 week later (or so to speak), we don't have the car. Need to get all our "cards" in order....