Chapter 7 will remain on your credit reports for 10 years, and it’s much more difficult to obtain an auto loan while going through an existing Chapter 7 credit lapse. Unless otherwise noted, all vehicles shown on. TrueCar does not broker, sell, or lease motor vehicles. If you need help finding a dealership that can work with your bankruptcy, look no further. Certified Dealers are contractually obligated by TrueCar to meet certain customer service requirements and complete the TrueCar Dealer Certification Program. You’ll typically be able to keep your home and assets when you undergo this type of bankruptcy, and this will affect your credit score for around seven years however, when you file for Chapter 13 you’ll still have many options available to you in terms of taking out an auto loan.Ĭhapter 7 is much different in that it’s a liquidation bankruptcy, which essentially means that you won’t be paying any money back and your property/personal assets can be sold to help you with your debts. For questions about the TrueCar Auto Buying Service please call 1-88. Many dealers have relationships with third-party lenders. Dealerships often only want to sell you a car. They also look at your credit report and whether you have ever been in bankruptcy. You’ll be making payments to a trustee that takes control over your case, and they’ll help you by portioning out your payments to your creditors. FREE CONSULTATION Schedule your free consultation with David Bhaerman today to see if Chapter 7 or Chapter 13 bankruptcy can help you. The auto lender approves or denies you a loan for a vehicle. When you file for Chapter 13 bankruptcy, the amount of money you ultimately owe will be reduced by your creditors. There are two kinds of bankruptcy: Chapter 13 and Chapter 7, and they both have significantly different impacts on a car buyer’s ability to be approved for an auto loan.
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