Q: I cannot get approved for a new car loan because my old was listed in a bankruptcy
I cannot get approved for a new car loan because my old car loan was reported in a bankruptcy. We didn’t pursue it because no collections came forward. That was four years ago. I recently went to a car dealer a very well known dealer and they told me my car was listed in a bankruptcy. They said no payments were being reported to any bureaus like TransUnion or Equifax. There’s no history of me making any payments at all. The dealer sold me a new car but told me they wouldn’t take the old one. I was told I was basically clear of this car because it showed and the original bank said it was included in a bankruptcy. I’m confused and now I’m stuck with two cars. What do I do now. I can’t afford two car loans but needed the new one because the old one is about to die on me.
A: Unless you signed a reaffirmation agreement or you have equity in the old car, Return the old car to the bank and stop paying on it.
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