Comments on: Buy Now Pay Later Car Loan

By: Steve Cypher

Steve Cypher — Wed, 29 Sep 2010 19:59:48 +0000

Diane,

An open chapter 13 is a challenge for most lenders. Very few banks are willing to extend an auto loan to someone under these circumstances. Those that do require a letter from the trustee stating what kind of payment you should be able to budget for (according to the courts) and possibly stipulations to any loan they may let you have. Based on those requirements, the bank may or may not extend credit. If they do you are going to pay a higher interest rate and also are going to need money down. We may have some options for you but those options are quite limited.

By: diane edwards

diane edwards — Wed, 29 Sep 2010 02:02:57 +0000

I have a year left on my chapter 13. I do not have a vehicle and it has become a struggle everyday to make it without one. I have always purchased my vehicles in the past from tote the note lots and the only time that I have ever purchased anything on credit was other than my home was co-signing for a relative that burned me by not making the notes. I worked 2 jobs to pay for her vehicle and mine for a year and a half. Now, my vehicle has been totoaled in an accident and I need something now that is dependable and has low milage and gets good gas milage. Can you help me get a loan?

By: Steve Cypher

Steve Cypher — Tue, 14 Sep 2010 15:48:43 +0000

Cindy,

I have been unable to locate a subprime lender that will finance a vehicle that you are currently leasing while you’re currently in a Chapter 13. With 8 months to go in your Chapter 13, is there any possibility of getting Chrysler Credit to extend the lease until your bankruptcy is discharged? Even though you may still find it difficult to find a subprime lender to loan you money to purchase your current vehicle at that time, it will be much easier finding a subprime lender willing to approve any loan request you make once your Chapter 13 is discharged. Also, concerning the $2,500 credit from Chrysler, is that a credit towards the purchase or lease of another Chrysler vehicle (or any other type of vehicle) through Chrysler Credit or just what is it?

By: Cindy

Cindy — Mon, 30 Aug 2010 00:25:54 +0000

I have 8 months to go on a Chapter 13 BK. We have to turn in our leased vehicle in November and I cannot find someone to lend the money to purchase this vehicle. We would also get a $2500 credit from Chrysler for another vehicle which would help reduce payment also. Can you help us?

By: Steve Cypher

Steve Cypher — Mon, 15 Jun 2009 19:03:14 +0000

Shanel,
In order to take on additional debt during a Chapter 13, you need to contact the trustee, explain your situation. If the trustee agrees that you can apply for this debt, he/she will petition the court for an “order to incur additional debt.” You will need to find out what your budget is from the trustee, then find a dealer who has a lender that will work with people who are currently in bankruptcy. By filling out the application at http://www.autocreditexpress.com, we can help you find that dealer – but remember, you first need to contact the trustee to see of buying a car at this time is even possible for you.

By: shanel

shanel — Mon, 15 Jun 2009 13:38:06 +0000

My car is under Chatper 13 currently, and its recenttly started giving alot of problems that I can not pay for, my question is while on chatper 13 will I be able trade in my current vehcile for a more reliable vehcile.

By: Daniel Van Auken

Daniel Van Auken — Fri, 13 Jun 2008 22:21:26 +0000

Hi,
I went threw a volunter repo about 2 years ago and on my credit it shows i owe nothing but i also have a few other loose ends out there. I probally owe about 4000 dollars in other misc stuff on my credit. I have a new job i started about 5 months ago and my monthly gross income is 1900-2300 dollars. My vehicle now is getting ready to go belly up. I need a car loan could you help. And i also live in grandrapids MI.
Thanks