Forum Rules (Everyone Must Read!!!) (updated: 04/28/2015)

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Someone please explain this BS to me?!

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  • Someone please explain this BS to me?!

    We filed chapter 13/ 3.5 years ago. It is not discharged yet obviously.
    My husband needs a car like REAL soon. He owns a 20 yr old truck with over 300,000 miles on it. He’s saved money for a down payment. We picked up the form from the trustee
    ”permission to incur debt.”

    This is the problem. The car payment must be less than $400 a month, great we don’t want to pay that. The interest rate needs to be below 18%. We went to a dealership , got approved with a high interest rate 20% So they have to fill out the form and we give it to trustee. This goes to court for permission. This process takes minimum of 2 weeks up to 2 months! The dealership Does NOT hold a cars for so many weeks. Unless it’s a new car and that way we could just pick out a car when the form is approved. We got a used 2013 car like $13k
    payments would be $495 a month!! That’s with my husband giving $4,000 down.

    How do courts expect a dealership to to hold a car while the court decides ?? That’s impossible.

    Not that the reason for our chapter 13 reason matters but my husband was gravely I’ll a few years ago, almost died. In and out of hosipital for 9 months. Unable to work so everything was a horrible domino effect
    He has recovered thank God but we are dealing with this mess
    since then. Any advice ??
    worse case scenario he will have to save a little more and buy a car cash. We are afraid to buy by owner but see no other choice at this point

  • #2
    Is there anyway he can get his truck to last until you are done with the Chap 13? You will get a much better interest rate after discharge, so in the long run the car will cost you a lot less. It may be worth putting some money into the old truck to keep it going for another year and half.

    I don't have any experience getting authorization to incur debt, so I don't have any other suggestions.
    LadyInTheRed is in the black!
    Filed Chap 13 April 2010. Discharged May 2015.
    $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!


    • #3
      $4000 can buy a pretty decent used car, or even a truck from a private seller. Then you won't have to worry about any monthly payments, interest, etc.


      • #4
        You have to make sure the wording on the form is correct. Instead of a particular truck, have the dealership write is as Truck (or similar). That way if the vehicle you want is sold while you are waiting for the court, a similar vehicle can be selected at the later date.

        I am not sure the truestee is going to approve the higher interest rate and payment than what was proscribed in the forms?

        I am following this thread because I will also need to purchase a new vehicle during my bankruptcy and it scares me out of my mind! A 20% interest rate just rocks my little bubble! My car has 150,000 miles on it and I have 2.5 years to go. Yea...I'm scared because and a 20% interest rate is robbery. We're already down for the struggle to 'fix' our debts and 20% just blows me away. I will have to look to some way of adjusting to that concept.

        Thank you for posting your concerns, the answers here will help me too.


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