Situation: I need a car. I’m going to be filing for BK and have been letting my payments on my investments go for some time now and my credit is shot. My new job requires LOTs of driving but pays well and so I need a decent car to drive. I can’t seem to get financed with good reason based on my credit. In my state there is a $5k exemption on a car. Can I get a loan from a private party and record it with the county or whatever and will this still offset the equity in the vehicle just the same as if I got a loan through a national lender? I figured my in-laws could draw up a long at 10% and make more in their money and then hold the title and I make set payments just like with a lending institution which would offset the equity in a newer/nicer vehicle.
If there is a $5k exemption for car and $5k exemption for cash and I only have say $2k in cash can I actually use the other $3k cash exemption towards a vehicle and own a vehicle worth $8k w/o penalty?
Thanks!