charmgoodcredit Posted September 19, 2008 Report Share Posted September 19, 2008 Husband and I just filed chapt 7 and we are trying to get another vehicle before our current bank comes after the vehicle we have. Is it even going to be possible to obtain financing for another vehicle before our 341 hearing? Also, how long before our current auto loan company USAA, comes and retrieves their vehicle. I've tried a couple of different dealerships and it's the same thing either after discharge which I think is 60 days after the 341 hearing, or after the 341 hearing it appears that no one wants to assist me until then. Now, my bank knows about me filing, and our 341 hearing is October 30, do you think we have enough time to play with, or are we going to be a couple of weeks without a vehicle? Thanks any assistance would be appreciated. Link to comment Share on other sites More sharing options...
willingtocope Posted September 19, 2008 Report Share Posted September 19, 2008 Assuming you still have income, then after discharge, you will get offers to buy another car...the rates will be high, but they'll start coming quickly.In the meantime, its hard to predict how soon the folks holding the current loan will wait. If you're not too far behind, you might call them and see what you can work out...they may let you make up some payments, and keep the car you have....its does cost them money to repo a car.On the other hand, if you're into them for like 6 months or so...they might not be willing to talk. Link to comment Share on other sites More sharing options...
Methuss Posted September 20, 2008 Report Share Posted September 20, 2008 If you know you are loosing the vehicle you have in bankruptcy, then just stop paying on it. They cannot take the vehicle until after the discharge injunction, unless they spend the time and money to file an adversarial complaint. If you are upside-down that is unlikely as it will only compound their losses.Redirect what you would be spending on the car you are loosing to a cash-envelope. Use that as a cash payment towards a used vehicle you can offord to buy outright. You can buy a lot of car for a couple grand -cash- in a private sale. I strongly suggest you not go into a car loan at punitive rates after your bankruptcy. After all, the BK is supposed to be teaching you something about not borrowing like that. Link to comment Share on other sites More sharing options...
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