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Chapt 7 and buying a car?

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r0cdyqh

Member
What is the name of your state?What is the name of your state? Ohio.
I just file for Chapter 7 . Initially I wanter to reaffirm both vehicles. Now I'm undecided . One of my vehicles is a 2000 Dodge Caravan that I owe 10,000 on and its worth is approx. 9,800. I still have 3 years left on this loan at 6.25 %. The car has 75,000 miles and it has a rack & pinion oil leak. Should I dump the car. I never have been late on either payment. I have beeen getting several offers to buy vehicles from local dealerships claiming they can finance me even before the 341 meeting. Do I have to wait until discharge before purchasing a car to replace an existing car?

Please advise. Thanks in advance.
 


If you owe more than the car is worth have you thought about redeeming the vehicle instead? This way you would only pay what the actual value is.

As for purchasing a new car, I'd guess that you can, But, you will be paying much, much higher interest than your 6%. I'd venture that you'd probably have to pay 18% and upwards.
 

rachelsfx

Member
Car loans

Ihatearizona is probably right. I doubt many usual loan companies would touch the loan so the dealer will probably finance (or send it to a company that is far more trouble that you are in now). A friend, just bad credit, bought a car and they bug her every month before the payment is due.

My advice - keep the auto, fix it, and be careful about car salesmen. Polls show Americans consider them about as trustworthy as a snake. Only politicians did they trust worse.

As always, ask your lawyer.
 

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