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Best method of purchasing a car after BK filed.

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Reading here I see many advise not to use Santander or get a buy here pay here car so what do you all suggest?

 

Filing in a couple of days and we are surrendering the car we have to the loan company.

 

Thank you!

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Wait till you have the ischarge papers in hand if not reporting discharged on your credit files(s).

Sent from my SM-P580 using Tapatalk

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10 hours ago, Chris90 said:

Reading here I see many advise not to use Santander or get a buy here pay here car so what do you all suggest?

 

Filing in a couple of days and we are surrendering the car we have to the loan company.

 

Thank you!

 

Chris:  I did not mean to come across as harsh in my reply to you.   I am now recently retired from the auto business which I first joined in 1972.  In all those years I never managed to get one person financed who was in a bankruptcy proceeding.  The terms offered by those type of lenders is so onerous to both the consumer and the dealership that I would never sign a dealer agreement with any of them.  Nor would I ever recommend them to my superiors early on in my career.  Beware of a franchised dealership that promises to help you in this case and feel free to ask any questions you wish.

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Usually you can keep possession and use of the car until the BK discharge.  The creditor would have to seek and get court approval to take it earlier.

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4 hours ago, MarvBear said:

Chris:  I did not mean to come across as harsh in my reply to you.   I am now recently retired from the auto business which I first joined in 1972.  In all those years I never managed to get one person financed who was in a bankruptcy proceeding.  The terms offered by those type of lenders is so onerous to both the consumer and the dealership that I would never sign a dealer agreement with any of them.  Nor would I ever recommend them to my superiors early on in my career.  Beware of a franchised dealership that promises to help you in this case and feel free to ask any questions you wish.

 

Congrats on your retirement. So what do you suggest as we are surrendering the car. Not harsh at all. Experience in the industry gives you perspective on this issue.

 

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1 hour ago, mk_378 said:

Usually you can keep possession and use of the car until the BK discharge.  The creditor would have to seek and get court approval to take it earlier.

Attorney advised against this.

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15 hours ago, MarvBear said:

Wait till you have the ischarge papers in hand if not reporting discharged on your credit files(s).

Sent from my SM-P580 using Tapatalk
 

Attorney said that could take 3 months.

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I always had a Pacer account.   I could get the discharge documents before the attorney even told the consumer.   I'd usually print it out and call me customer to come in and pick it up and they would have it when the bank so stipulated.

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Assuming you are in a Chapter 7 and do not reaffirm the car loan, I have never known of a bank to come after the vehicle whiles it was still being paid for, BK or no. 

 

But I'm not a BK attorney, I am just giving you real life observations from my time in the industry.

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4 hours ago, MarvBear said:

Assuming you are in a Chapter 7 and do not reaffirm the car loan, I have never know of a bank to come after the vehicle whiles it was still being paid for, BK or no. 

 

But I'm not a BK attorney, I am just giving you real life observations from my time in the industry.

 

Thank you for your awesome input.

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In my bankruptcy I had about 6 different autos (all business owned, things like service trucks and other company vehicles - all PG'd) and not one lender (Toyota, NFCU, Ford, US Bank) would come get them before discharge. I tried because they were all parked at my house and I wasn't going to insure them or pay registrations. Not a single one would pick up before discharge.

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On 5/14/2020 at 4:55 PM, tomforr said:

In my bankruptcy I had about 6 different autos (all business owned, things like service trucks and other company vehicles - all PG'd) and not one lender (Toyota, NFCU, Ford, US Bank) would come get them before discharge. I tried because they were all parked at my house and I wasn't going to insure them or pay registrations. Not a single one would pick up before discharge.

 

I thought they would come the day they found out.  Issue would be if they are not insured and something happens to them would you have been responsible?

 

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If you included them in the Bankruptcy and ceased to operate them such that they shall need insurance, then I would assume no worries.   Again ask you attorney.

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