If the vehicle isn’t worth the amount owed.
No longer suits the needs of the family.
The monthly payment is too high.
The bankruptcy attorney may discuss re-affirming the car note, however, this may NOT be the best option in the long run.
Along with not getting a bill every month, and having limited affect on the credit report as a rebuilding tool, the overall cost of care and repair could make the continued payment on the existing vehicle a bad financial decision.
CREATIVE FINANCING for AUTO LOANS in CHAPTER 13
Offering the car loan company a 722 redemption option is one alternative, however, another option is a bank that will offer a new loan, approved by the bankruptcy trustee or judge, on a new(er) vehicle. The new loan, approved by the courts can be on a new car or used automobile, including a warranty and lower down payment. The interest rate is fixed on the car loan and the client starts rebuilding credit immediately.
Las Vegas residents have had limited opportunity to finance a new or pre-owned car with an open Bankruptcy 13 until now, meanwhile they have been the hardest hit economically and the most challenged credit-wise. Locally-owned and operated Rightsize Funding has embraced the work of MYCARLADY in finding and assisting consumers with open Bankruptcy 13 and newly discharged Chapter 7’s in need of car loans and car-buying assistance.
If you have questions concerning your current car loan, recently repossessed vehicle or financing second chance options on a new or used car involving credit re-establishment and bankruptcy; contact Sarah Lee at
sarahlee@mycarlady.com,mvides422@gmail.com,carlady@cox.net or call 702-521-7546 today.]]>