Discharged and closing

[taz7290]

Logged into pacer last night and shows status of closing and discharge date of 1/7/09. Relief off our shoulders. Just waiting on paperwork for final weight off shoulders. Nothing but paying for cash only and will only have 1 credit card and a prepaid one that reports to credit bureau if you pay bills using it. Had to redeem/replace 2 vehicles, but after replacing both vehicles payments are cheaper than what i was paying on 1 vehicle and both replacement vehicles are 2008 models, so came out good on this deal.

Any advice I can give is that do not take no for an answer. Things can be done.

[StartingOver08]

Congratulations on your discharge!

[B65]

Congrats!!

where did you go to replace or redeem vehicles?

B

[taz7290]

went to 722 redemption. Our lawyer recommended them. Not to crazy about interest rate, but with the interest rate, we are paying less for both vehicles than we were with one. Bought a 2008 Impala LT and a 2008 Malibu LT. Financed for 4 years and got extended warranty on them as they were prior program/rental cars that a Chevy dealer here bought back and selling at more than half of what they would cost brand new. You probably could get better financing, but we were in a time crunch. We could have kept our other vehicles, but we included our RV so we did not need the SUV anymore.

[B65]

ok

so the redemption page can you get approved for a car loan? while waiting for discharge? How does it work.... do you have to already have a car you want to refi?
thanks for any info...

[taz7290]

yes they can get you approved. you can either keep the car you have and they will try to get it for a lower monthly payment or you can let it go i.e. do not reaffirm or if you did you have 60 days to cancel the reaffirmation (that is what our paperwork said, others might be different). we choose to let them go. only stipulation is that the car you are looking at to buy has to be preowned and the term of the loan goes by how many miles are on the car. 722 redemption if funded by us bank, so your loan is with us bank. did not see anything out of the ordinary when we got our loan contract to sign, no hidden fees or anything like that.