Trading in end of Lease and Capital One?? Help!

[allinschenk]

We filed Ch. 7 bk in December of 06 and were discharged in May of 07. We decided to keep our leased vehicle and have continued to make all of the payments on time. We took on a career change after the bk and put a lot of extra miles on the vehicle. I've looked at trading it in since we only have three payments left and the trade-in value will be just about equal to the amount owed resulting in little to no negative equity. I would prefer to have financing worked out prior to going into a dealership. We're looking at purchasing a cheaper car under $15,000. Any advice? I've heard of the Capital One Blank Check program but was not sure if you can use that with a trade-in or on a used car or if it would even be worth our time. The loan will be just in my husband's name since he is the one who works. Credit score is about 630 right now with ten plus years of credit history. BK was result of medical reasons. Also, when you arrange your own financing, is it the equivalent of "cash" in terms of negotiating at the dealer? Thanks for the help, it is much appreciated!!

[AngelinaCatHub]

Don't tell the dealer you will pay cash. They will not give you the deal you would get if they think you will finance with them. Get your best price first, then explain to them you have your own fianancing. 'Hub