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Company Loan Type APR Est. Pmt.

Auto loan and Chapter 7

Posted on: 01st Aug, 2013 12:31 am
I am planning to file Chapter 7. I have a auto loan which is double the value of the car now. So, it does not make sense in reaffirming that loan. I have got no other option left but to surrender it. But I need a car to commute to work. When does a lender repo the car after bankruptcy? Will there be any lender that can work with me straight out of bankruptcy and help me buy a car?
Well, the lender may repo the car immediately after you decide not to reaffirm the loan. But again, in many cases, it has been found that it takes quite a long time to complete the repossession process. Also, you should note that immediately after a bankruptcy discharge, no lenders will be ready to give you an auto loan.
Posted on: 01st Aug, 2013 01:06 am
Hi Dang,

Well, it will be the lender's discretion as to when he will repo the car. Also, immediately after a discharge from bankruptcy, you will not be able to qualify for any kind of loan.

Thanks
Posted on: 04th Aug, 2013 09:21 pm
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