QUESTION
After the 314 hearing, can we go ahead and try to get a car loan?
Asked on Jun 07th, 2016 on Bankruptcy - Colorado
More details to this question:
My husband and I are currently in the process of filing bankruptcy and we go next week for our 314 hearing with the trustee. We are letting both of our vehicles go back and we will need a vehicle to get to and from work.
6 ANSWERS
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Discuss this with your lawyer (and you would benefit by retaining one). If you are Ina chapter 7, you might be able to hold off surrendering at least one car, and after the discharge seek a car loan. If you are in a chapter 13, you'll need to discuss it with the ch. 13 Trustee.
Answered on Jul 12th, 2016 at 4:38 AM
You can try for a loan, but most dealers will not finance you until your discharge is issued, approximately 60 days from your hearing date. You might have to rent cars in the meantime or work out a delayed surrender with your car lenders.
Answered on Jul 11th, 2016 at 5:39 PM
The only thing that could prevent you from buying another car is having the financial resources to do so. Many lenders will not be willing to extend credit to you to finance the purchase of another vehicle until your discharge comes through. Those lenders willing to lend you money now will want a lot more in interest than those willing to lend you later. Are you aware of the options of redemption financing, which might let you keep your current vehicle for less money?
Answered on Jul 11th, 2016 at 12:14 PM
2 Awards
Certainly entitled to try. You may find it difficult to finance a new vehicle until you receive your discharge order. I recommend trying Carmax.
Answered on Jul 11th, 2016 at 12:08 PM