Comments on: How bankruptcy can affect your auto credit http://www.autocreditexpress.com/blog/2008/05/09/how-bankruptcy-can-affect-your-auto-credit/ How to get an Auto Loan with Bad Credit - Auto Credit Express Sat, 21 Nov 2009 02:56:14 +0000 http://wordpress.org/?v=2.6 By: Steve Cypher http://www.autocreditexpress.com/blog/2008/05/09/how-bankruptcy-can-affect-your-auto-credit/#comment-3574 Steve Cypher Tue, 27 Oct 2009 19:45:52 +0000 http://www.autocreditexpress.com/blog/2008/05/09/how-bankruptcy-can-affect-your-auto-credit/#comment-3574 Don, You can certainly trade your truck in at any time. Whether you will be able to or not is another matter. Even if you have equity in your truck, you may find it difficult to get financed at this point in time, depending on your credit history and your credit score. If your truck is worth less than its trade-in value, it could prove to be an even bigger problem. Don,

You can certainly trade your truck in at any time. Whether you will be able to or not is another matter. Even if you have equity in your truck, you may find it difficult to get financed at this point in time, depending on your credit history and your credit score. If your truck is worth less than its trade-in value, it could prove to be an even bigger problem.

]]> By: Don http://www.autocreditexpress.com/blog/2008/05/09/how-bankruptcy-can-affect-your-auto-credit/#comment-3552 Don Sat, 24 Oct 2009 03:18:48 +0000 http://www.autocreditexpress.com/blog/2008/05/09/how-bankruptcy-can-affect-your-auto-credit/#comment-3552 I have retained a lawyer for chapter 7 in Ca. Can I trade my truck in for a car that has a lower payment before I file? I have retained a lawyer for chapter 7 in Ca. Can I trade my truck in for a car that has a lower payment before I file?

]]> By: Steve Cypher http://www.autocreditexpress.com/blog/2008/05/09/how-bankruptcy-can-affect-your-auto-credit/#comment-3414 Steve Cypher Mon, 14 Sep 2009 19:33:29 +0000 http://www.autocreditexpress.com/blog/2008/05/09/how-bankruptcy-can-affect-your-auto-credit/#comment-3414 Tasha, There are a number of subprime auto lenders that will consider you once the Chapter 7 bankruptcy has been discharged (and a couple lenders may even consider you before it’s discharged). Although your job time is short, your income is certainly sufficient, provided your other monthly expenses are reasonable. If you are planning on purchasing a pre-owned vehicle, you’ll want to make sure that you have at least a 10% (cash plus trade) down payment. As for your previous car payment history, you paid it off eight years ago and it may not be on your credit report (most items fall off the report after 8 years – some sooner). If it’s there, a subprime lender might give you a bit of a break on the interest rate. Tasha,

There are a number of subprime auto lenders that will consider you once the Chapter 7 bankruptcy has been discharged (and a couple lenders may even consider you before it’s discharged). Although your job time is short, your income is certainly sufficient, provided your other monthly expenses are reasonable. If you are planning on purchasing a pre-owned vehicle, you’ll want to make sure that you have at least a 10% (cash plus trade) down payment. As for your previous car payment history, you paid it off eight years ago and it may not be on your credit report (most items fall off the report after 8 years – some sooner). If it’s there, a subprime lender might give you a bit of a break on the interest rate.

]]> By: Tasha http://www.autocreditexpress.com/blog/2008/05/09/how-bankruptcy-can-affect-your-auto-credit/#comment-3401 Tasha Sat, 12 Sep 2009 21:52:44 +0000 http://www.autocreditexpress.com/blog/2008/05/09/how-bankruptcy-can-affect-your-auto-credit/#comment-3401 I am about to file a Chapter 7 Bankruptcy because I was laid off a job two years ago which put me in financial bind with my mortgage and many other bills. I have recently been hired a new job within the past eight months making approximately $40k and I like my job. But I am truly struggling to catch up with over two years of bad debt. I have a car which has been paid off since 2001 and I was NEVER late on the payment because it was automatically withdrawn from my checking account and I have a good standing with that auto finance company. I am going forward the week of October to file chapter 7 to get a fresh start. At this time my car is 15 years old with 287,000 miles (It's a Toyota - a great car) and I need a newer car really bad. My car is starting to give me problems, but it still operates ok. I would like to purchase a pre-owned car after I file Chapter 7. Will I be able to purchase a car after my Chapter 7 has been discharged and will any lender take in consideration that I paid off a car and was in good standing with my previous auto finance comapany? I am about to file a Chapter 7 Bankruptcy because I was laid off a job two years ago which put me in financial bind with my mortgage and many other bills. I have recently been hired a new job within the past eight months making approximately $40k and I like my job. But I am truly struggling to catch up with over two years of bad debt. I have a car which has been paid off since 2001 and I was NEVER late on the payment because it was automatically withdrawn from my checking account and I have a good standing with that auto finance company. I am going forward the week of October to file chapter 7 to get a fresh start. At this time my car is 15 years old with 287,000 miles (It’s a Toyota - a great car) and I need a newer car really bad. My car is starting to give me problems, but it still operates ok. I would like to purchase a pre-owned car after I file Chapter 7. Will I be able to purchase a car after my Chapter 7 has been discharged and will any lender take in consideration that I paid off a car and was in good standing with my previous auto finance comapany?

]]> By: Steve Cypher http://www.autocreditexpress.com/blog/2008/05/09/how-bankruptcy-can-affect-your-auto-credit/#comment-1221 Steve Cypher Wed, 18 Mar 2009 12:58:22 +0000 http://www.autocreditexpress.com/blog/2008/05/09/how-bankruptcy-can-affect-your-auto-credit/#comment-1221 Gina, In order to purchase any big ticket items while you are in a Chapter 13, you will need an order to incur additional debt from the court. Since this is treated in different ways, depending on where you are, the best idea is to contact the trustee to see what the procedure is (an order to incur usually takes 30 days to process). Many trustees will require you to get an actual purchase order from the dealership stating the vehicle cost, monthly payment and interest rate. In other cases, the trustee will obtain the order with a specific dollar amount and then it is your responsibility to find a vehicle that fits within the parameters of the order. In any case, once you know the procedure, go to www.autocreditexpress.com and fill out the application. Once you do this, you will be contacted by someone within 24 hours. Gina,
In order to purchase any big ticket items while you are in a Chapter 13, you will need an order to incur additional debt from the court. Since this is treated in different ways, depending on where you are, the best idea is to contact the trustee to see what the procedure is (an order to incur usually takes 30 days to process). Many trustees will require you to get an actual purchase order from the dealership stating the vehicle cost, monthly payment and interest rate. In other cases, the trustee will obtain the order with a specific dollar amount and then it is your responsibility to find a vehicle that fits within the parameters of the order. In any case, once you know the procedure, go to http://www.autocreditexpress.com and fill out the application. Once you do this, you will be contacted by someone within 24 hours.

]]> By: gina http://www.autocreditexpress.com/blog/2008/05/09/how-bankruptcy-can-affect-your-auto-credit/#comment-1211 gina Tue, 17 Mar 2009 22:18:35 +0000 http://www.autocreditexpress.com/blog/2008/05/09/how-bankruptcy-can-affect-your-auto-credit/#comment-1211 Please help me! I am in a chapter 13 and I need a second car. My husband is biking 13 miles each way a day. I am looking for help with purchasing a car. Please help me! I am in a chapter 13 and I need a second car. My husband is biking 13 miles each way a day. I am looking for help with purchasing a car.

]]>