Chapter 13 bankruptcy makes it more challenging to secure auto financing, and most dealerships won’t work with you during a Chapter 13 bankruptcy. Prestige Motor Works will work with you to purchase and finance cars while going through Chapter 13 Bankruptcy. We can make it happen.

Financing considerations during Chapter 13 bankruptcy:

  1. You must demonstrate the need for additional debt and that it will not cause you to default on your Chapter 13 repayment plan. For example, a judge may require you to show that you need a car, truck, or SUV to get to work every day.
  2. Consider a “reasonable and reliable” vehicle. For example, if you are choosing between a Porsche and a Toyota, the bankruptcy judge may only grant permission to purchase the Toyota. We have several reasonably priced options available in CPO inventory
  3. Contact a member of our staff to help you fill out a financing application and select a vehicle.
  4. Our dealership will issue a ‘Full Approval Letter’ outlining your terms and conditions, including interest rate, down payment, and monthly payment.
  5. If you wish to proceed with Prestige Motor Works, you may place a deposit to hold your vehicle before taking delivery.
  6. Prestige Motor Works will prepare the documents for you to take to your lawyer/bankruptcy trustee so that a judge can approve the vehicle purchase and new debt.
  7. Contact your lawyer or bankruptcy trustee and notify them that you want to purchase a vehicle, present them with the bankruptcy loan documents prepared by Prestige Motor Works.
  8. Hurry up and wait! Your lawyer or bankruptcy trustee will need to go before a judge with the Prestige Motor Works loan documents, and request that you be allowed to take on the additional debt. This process typically takes 5-10 business days in most counties in Illinois.
  9. The judge will approve your request and issue a written bankruptcy trustee letter allowing you to finance your vehicle. Present the trustee letter to Prestige Motor Works, and take your car home the same day!
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