I have been in Chapter 13 BK for a little over a year now?? It is scheduled to discharge in 02/2010. What banks can I get an auto loan through?? I have heard that Credit Acceptance would give me a loan, but I have heard that they rip people off by making you pay over $1000 more than the vehicle is worth plus a high intrest rate. I have a letter from the trustee granting me permission to apply for a auto loan. My current scores are: EQ - 568 EX- 564 TU- 576
i think the big thing is do you have money you can put down? wells fargo financial acceptance is subprime but i don't know if they lend while in Ch13.
Chapter 13 bankruptcies are very difficult to get financing for. From the dealer side of things we hate them because the process takes too long and a lot of times it takes too long for us to get our money on the bank. What I tell my customers is this, I'm going to make up a make-believe car that you might wanna buy if it were real I'm going to the deal together showing the trustee with the structure of the deal looks like. You're going to take the deal structure along with your request for car loan send it off to the trustee for approval. When you have that approval in your hand then I can take the approval and try to get bank to say yes there are very very few banks that will deal with open Chapter 13, there are significantly more banks who will deal with an open Chapter 7 you didn't mention what part of the United States he lived but if you live out west anywhere chances are you may live near a Larry Miller dealership. Larry Miller is a straight shooter who owns his own banks. Bank number one is called prestige auto finance bank number two is called courtesy auto credit. Prestige specializes in open sevens and has been known to take on a good-looking chapter 13 from time to time if the structure is good i.e. if there is equity in the deal which means down payment good job time good residence time and your Bureau doesn't look like you are chronic bad guy or a Cron to someone that something bad happened to. The trustee will severely limit the dealer's ability to make a huge profit on you so know that anything over thousand dollars is just going to be used to pad the profit. I am surprised that the trustee is willing to let you have a car loan only been one year into your bankruptcy normally they like to see you at least halfway and so does the bank if you filed for BK a year ago why would you file a 13? Taxes I guess or to protect your house chapter 13s are the worst. You'll need to find a finance person willing to actually work to make this happen at a real car store watch out for the by here pay your rock lots because you are correct you will get your head handed to you there very rarely do you run out of car payment before you run out of car. Oh and Wells Fargo financial acceptance is a good secondary lender in a run for their lives if they can't of an open Chapter 7 or a Chapter 13 however after you are through with either they may be a good place to go good luck the car guys
