GITNUX MARKETDATA REPORT 2024
Chapter 7 Car Buying Wait Period Statistics
Chapter 7 presents statistical analysis on the average length of time consumers typically wait before purchasing a new car.
In this post, we explore key statistics related to the process and implications of filing for Chapter 7 bankruptcy in the United States, particularly as it pertains to car buying considerations. From wait periods to costs and lender approval rates, these numbers shed light on the realities individuals may face post-bankruptcy.
Statistic 1
"After filing for a Chapter 7 bankruptcy, people must wait a period of 4 to 6 months for the process to be completed."
Statistic 2
"The average Chapter 7 bankruptcy process lasts about 4-6 months."
Statistic 3
"Chapter 7 bankruptcies remain on your credit report for 10 years."
Statistic 4
"The median cost of Chapter 7 Bankruptcy is $1,250."
Statistic 5
"In 2020, over 544,463 Chapter 7 bankruptcies were filed in the United States."
Statistic 6
"About 2 in 3 bankruptcies in the U.S. are chapter 7."
Statistic 7
"Roughly 60% of lenders would be willing to approve a borrower for an auto loan the day after their bankruptcy discharge."
Statistic 8
"Subprime auto lenders who specialize in post-bankruptcy lending typically require borrowers to have a monthly income of at least $1,500 to $2,000 before taxes."
Statistic 9
"The average auto loan rate is 5.27% for a new car, and 9.24% for a used car. This rate may vary for people with bankruptcy."
Jannik Lindner
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The statistics are checked by us and then entered into the database. Our market data reports have been linked to by some of the largest publishers and companies on the Internet.
