Greetings,
I did a Pro Se chapter 7 (no asset) back in August of 2006..since that time I have been riding around in a six-hundred dollar 1992 Taurus wagon..The urge to buy a new car (which I can't believe many do right out of BK!) wasn't a big deal to me. Instead, I decided to save some $$ and work on cleaning up my credit report. Now, about a 15 months post BK, my FICO is right around 670 and I have a clean report and some cash in an Etrade savings account (currently 5 percent interest!)
The old bomb has 170K on it, and I just decided to do some new car shopping. I picked up a 2008 Toyota Tacoma 4X4 four door access cab...Sticker was 28K, I got if for substantially less. No money down long term financing (60 months) at a reasonable 8.25 percent from Chase.
There is now way I could have gotten that rate just a few weeks out of BK..If you could hold off on that new car urge and instead clean up your report, you should do fine when you actually sign on the dotted line. I picked a Toyota since I wanted a decent resale value and I picked new vs used since I could get a much better terms. Was it a <smart> move? Of course not, buying for cash and used is the way to go. If I had the cash, I probably would have done that instead..
Anyway, just a note to let folks know that post BK financing at reasonable terms is available, if you have decent scores....
I did a Pro Se chapter 7 (no asset) back in August of 2006..since that time I have been riding around in a six-hundred dollar 1992 Taurus wagon..The urge to buy a new car (which I can't believe many do right out of BK!) wasn't a big deal to me. Instead, I decided to save some $$ and work on cleaning up my credit report. Now, about a 15 months post BK, my FICO is right around 670 and I have a clean report and some cash in an Etrade savings account (currently 5 percent interest!)
The old bomb has 170K on it, and I just decided to do some new car shopping. I picked up a 2008 Toyota Tacoma 4X4 four door access cab...Sticker was 28K, I got if for substantially less. No money down long term financing (60 months) at a reasonable 8.25 percent from Chase.
There is now way I could have gotten that rate just a few weeks out of BK..If you could hold off on that new car urge and instead clean up your report, you should do fine when you actually sign on the dotted line. I picked a Toyota since I wanted a decent resale value and I picked new vs used since I could get a much better terms. Was it a <smart> move? Of course not, buying for cash and used is the way to go. If I had the cash, I probably would have done that instead..
Anyway, just a note to let folks know that post BK financing at reasonable terms is available, if you have decent scores....
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