Buying car after bk with trade in? [Archive]



	Bankruptcy Forum > After the Discharge > Buying a car after BK > Buying car after bk with trade in? PDA Buying car after bk with trade in? AMISLANDER 12-22-2006, 01:00 PM How does this work, if the vehicle I'm trading in is paid off? How bad will and/or might my interest rate be if it's been a year since discharge? Help! FilingOnMyOwn 12-23-2006, 01:21 AM How will it work, if your trade in is paid off? LOL. I'm pretty sure they do something really super complicated, like deduct the value of your trade in from the price of the new car :) lrprn 12-23-2006, 11:23 AM How does this work, if the vehicle I'm trading in is paid off? How bad will and/or might my interest rate be if it's been a year since discharge? Help! Amis, in Florida do you need to have the 4Runner's title in your possession in order to use the car as a trade-in? What are your current FICO scores? Having bad credit (FICO below 670) may qualify you for an interest rate around 9 or 10 percent. However, if you have very bad credit (FICO below 600), the interest rate may climb to around 18 percent. It's possible to refinance for a better rate once your credit improves, but counting on that is like having a house mortgage ARM and hoping you will get a raise to cover the increase in mortgage payments - it's risky. Best to shop around for the loan - the dealership is not likely to be the lowest APR you can get. Be sure to keep us posted on your progress! AMISLANDER 12-26-2006, 10:22 AM How will it work, if your trade in is paid off? LOL. I'm pretty sure they do something really super complicated, like deduct the value of your trade in from the price of the new car :) HO HO ho!....:blush2: AMISLANDER 12-26-2006, 10:26 AM Amis, in Florida do you need to have the 4Runner's title in your possession in order to use the car as a trade-in? What are your current FICO scores? Having bad credit (FICO below 670) may qualify you for an interest rate around 9 or 10 percent. However, if you have very bad credit (FICO below 600), the interest rate may climb to around 18 percent. It's possible to refinance for a better rate once your credit improves, but counting on that is like having a house mortgage ARM and hoping you will get a raise to cover the increase in mortgage payments - it's risky. Best to shop around for the loan - the dealership is not likely to be the lowest APR you can get. Be sure to keep us posted on your progress! Yes, I do know that I need the title for the trade in, which I have. I've gone over my credit "reports"...the free ones...but I have no idea what my scores are. I have to pay the trustee the $1,500.00 to keep the 4Runner by the 20th of January, which, unfortunately, does not go on my credit report...too bad...I got my Hooter's card in October and have paid in full every balance to date. My line of credit on the card was $1K, which I thought was pretty good, all things considered. Just not sure at this point, how much to tell a dealer of my situation... BK'd-Betty 12-26-2006, 12:32 PM Yeah, that's where they get ya - with the evil pencil! LOL :tongue: How will it work, if your trade in is paid off? LOL. I'm pretty sure they do something really super complicated, like deduct the value of your trade in from the price of the new car :) JollyGG 12-26-2006, 06:47 PM Let us know what sort of rate you got once you buy something. We aren't even close to discharge yet but are already planning our next car purchase as our old S10 is ready to die. We have come up with some interm solutions to get us out at least a year post BK to taking on payments. So it sounds like your situation is almost exactly what ours will be in a year. I'm really wondering what sort of rates we will see on a good used car one year post BK with some money down and/or a trade in. I look forward to seeing what sort of deal you get. Keep us posted