Chapter 13 bankruptcy makes it challenging to secure auto financing, and most dealerships won’t work with you during a Chapter 13 bankruptcy. Prestige Motor Works will do everything we can to help you during Chapter 13 Bankruptcy.
Financing considerations during Chapter 13 bankruptcy:
- You must show the need for additional debt and that it will not cause you to default on your Chapter 13 repayment plan.
- Consider a “reasonable and reliable” vehicle. We have several reasonably priced options available in CPO inventory.
- Contact a member of our staff to help you fill out a financing application and select a vehicle.
- Our dealership will issue a ‘Full Approval Letter’ outlining your terms and conditions, including interest rate, down payment, and monthly payment.
- If you wish to proceed with Prestige Motor Works, you may place a deposit to hold your vehicle before taking delivery.
- 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.
- Notify your lawyer or bankruptcy trustee that you want to purchase a vehicle. Give them the bankruptcy loan documents prepared by Prestige Motor Works.
- Wait! Your lawyer or bankruptcy trustee will present the Prestige Motor Works loan documents to a judge and request permission for the additional debt. This process typically takes 5-10 business days in most counties in Illinois.
- The judge may approve your request and issue a bankruptcy trustee letter allowing you to finance a vehicle. Present the trustee letter to Prestige Motor Works, and take your car home the same day!