Question about buying a car with a bankruptcy

Question

My wife and I are in the process of a chapter 13. We have an expensive monthly car lease. Our lawyer said we need to give back the car and get an alternate vehicle. We have no money to buy outright, how would we qualify for a car loan?

Answer 1

A car dealer will finance you but your intrest will be very high

Answer 2

Auto finance is what I do for a living and there are several lenders that are willing to work with people in chapter 13 bankruptcy's.

Your trustee will have to sign off on the new debt but as long as you new payment is lower then your old one that should not be a problem.

Find a large dealer that advertises Special Finance and go talk to the Manager they will be able to help you.

Answer 3

Before you actually petition the court for the chapter 13 , go to a lot and buy one with credit if you still can. They have some high interest loans for poor credit customers. Get something that runs and will get you from point a to point b for about a year. Get through the bankruptcy and get your finances back in order. Learn from your past behaviour in the financial mode and stay from old habits. Live within your budget. You will see how much you have recovered in about 6 months. I wish you luck.

Answer 4

You don't. You're filing bankruptcy because you have no money. So you'll just have to live within your means. If a cash purchase is not feasible right now, you'll have to do what millions do....invest in a bus pass until you can.