Just Approved, Amazing Rate!

So we had our chp 7 discharge 4/08. We went new car shopping a purchses a 26K vehicle with 5,500 down. We were preapproved through capital one at 9.25 percent but they did not approve the franchise dealer we bought the car with because it was not one of their authorized dealers. We were scrambling like crazy to get a loan the dealer ran us through everyone, but the finally found a local credit union that took our loan and got us a rate of 7.49%. This is a better rate than we received before we fiked bankruptcy!!

grant it we have 110K annual income, no debt, and a signigiant down payment, 671/623 beacons...but 7.59% is pretty damn good being only one year out of bankruptcy.

What i recommend everyone to do after their chp 7 discaharge is start building your credit immediatly. Capital one is a bk friendly lender for a credit card, and credit unions are good for shared secured loan. Most lenders are look for reestablished credit after bk with a minimum of 4 bew tradeline.

Good Luck!

that's great.

drive it in good health.

do you suppose the rate is lower since you are a year out (versus applying just after BK)?

We received 0% financing on a brand new 2006 GM vehicle in 4/06 while still in Chapter 13 and prior to discharge after buying out of our Plan. We were told it was because we had great credit prior to filing, paid everything on time during our Plan, and also because we had prior loans with GMAC that were all paid on time and paid off prior to our filing. It all depends on what your situation is, how you handled yourself in the past as to any prior car loans and how you are handling yourself now. SOme places are just more BK friendly than others cause some will just not lend to anyone with a BK on their credit reports.

If you have $110k in annual income, why didn't you just put like $10k-15k down?

You make 3x what I make and I was looking to put $10-15k down. If they refuse to give me a low APR, I will simply hold out for a few months longer and pay cash for the car and not finance at all. I was being nice by letting the banks earn a little interest on me.

Better question would be, if you make $110K a year and have no debt, why not just pay cash?

Better question would be, if you make $110K a year and have no debt, why not just pay cash?

Exactly.

Exactly.

To re-establish credit. Also it is to protect an investment. If i pay cash and vehicle gets totaled. I am out what the insurnace wont pay, whihc is normally low blue book. I would be at a massive loss especially since i purchased a new vehicle.

But the 2 main reasons are I dont want to put 25K into an auto, even though i could, and to help re-estabish credit

By the way, how do you get notifications that someone responded to your post so i can respond in a more timely manner.

Thanks

To re-establish credit. Also it is to protect an investment. If i pay cash and vehicle gets totaled. I am out what the insurnace wont pay, whihc is normally low blue book. I would be at a massive loss especially since i purchased a new vehicle.

But the 2 main reasons are I dont want to put 25K into an auto, even though i could, and to help re-estabish credit

By the way, how do you get notifications that someone responded to your post so i can respond in a more timely manner.

Thanks

You go to "advanced" when you post a reply to this and there's a drop down box for "instant notification".

I may do the same thing. We're looking at a $17,000+ car in the future and I want to put almost $10,000 down next year and use it as a credit rebuilder.

You go to "advanced" when you post a reply to this and there's a drop down box for "instant notification".

I may do the same thing. We're looking at a $17,000+ car in the future and I want to put almost $10,000 down next year and use it as a credit rebuilder.



you can even do the car loan for 7K and the credit builder (share secured for the 10K) this way you get two installment loans on your credit report. it will help your score, but increase your DR%, because you have that extra loan.

I am hoping to put the $10k down and pay off the car within 6 to 12 months. I don't want car payments hovering over me any more in this uncertain market.

Good point. A friend of mine totaled a new truck 6 months after buying. The insurance company wanted to pay him like half. His first respons was my banks wants it all. They had to pay off the loan. He walked away with a paid off loan and a new truck vs nothing.
I have the same plan as you. I am going to school and plan on making about 100k post school. My hope is i can get a auto loan and maybe a credit card to build up so in 3 to 5 years get a nice loan to build a home. I figure i can build one my self since when i get done with school i will be a general contractor/builder.
To re-establish credit. Also it is to protect an investment. If i pay cash and vehicle gets totaled. I am out what the insurnace wont pay, whihc is normally low blue book. I would be at a massive loss especially since i purchased a new vehicle.

But the 2 main reasons are I dont want to put 25K into an auto, even though i could, and to help re-estabish credit

By the way, how do you get notifications that someone responded to your post so i can respond in a more timely manner.

Thanks

I wish I could make $100k. I would not need credit other than for a house. I would pay cash for all cars. No more of this payment crap. I've learned my lesson BIG TIME.

I'm living within my means. Right now I am going through all bank statements for 2009 and hand entering all transactions into Quicken 2009 to see where all of the money is going. So far the majority of it has been automotive related. I need to buy cheaper cars.

I agree but each persons needs or statis of living is differnt. i know people who make 150k a year and ask to borrow money. When you buy a house that cost 250k theres a 1000 plus payment. Two cars theres another 300 or 400 each. Figure two credit cards(one each) theres another say 150 a month. Student loans from school. Because how many people make 150k without college. So theres another 400 bucks or so. Then normaly living cost that vacation everyyear. For some a second house on the lake or beach. It adds up quick. I feel lucky i am in college i get paid 900 bucks a month to go. I have low month bills. If i get a loan the first reason will be to build credit the second is a motorcycle. :clapping: Hey why can i not kill two birds with one loan. My mom and dad have bad credit. My dad is a disabled vet. Between the two there making about 5500 a mont free and clear no taxs. I keep telling them to fix there credit or file bankruptcy. They do not need to there money is safe no one can take it for bills or anything it buys. They pay cash for everything. Own three propertys a new care and a big nice tv. All paid for.


I wish I could make $100k. I would not need credit other than for a house. I would pay cash for all cars. No more of this payment crap. I've learned my lesson BIG TIME.

I'm living within my means. Right now I am going through all bank statements for 2009 and hand entering all transactions into Quicken 2009 to see where all of the money is going. So far the majority of it has been automotive related. I need to buy cheaper cars.

You're not supposed to be buying homes that cost $250k. That's just nuts. People need to haggle and make the price go down. This is the whole reason the economy is in the dumps because everyone in the country is living beyond their means.

I found a real nice condo with a 1 car garage for us for $55,000. This would be great for our needs. These same condo's were selling for $150-300k a couple years back.

Now if I can get approved for something like this a year or so after the discharge, I will be a happy camper! Finally, something AFFORDABLE! Then we'll have cheap cars or cars paid off to boot!! Then if we can make $100k/yr. and have a cheap house and cars with no payments, we will have money left to stimulate the ecomomy instead of pissing it all away on debt the way I have been my whole life.

Here's the condo, just in case you were curious.

$55k condo (http://www.realtor.com/realestateandhomes-detail/5100-Sw-41St-St-Unit-314_Pembroke-Park_FL_33023_1110794683)

Instead of me out looking at $150-200k homes, I want to downsize and live within my means for a change.

Just because you have a household income of $150-200k doesn't mean you need to go out and buy a $400k home or a $30,000 dollar mini-van. Just because you have the income today doesn't guarantee that you will have it tomorrow.

If you buy a $30,000 mini-van, then at least drive a beater for a while and save up $20,000 to put down on that $30,000 dollar vehicle.

I do agree when my parants starting thinking about buying a new home. We looked at the cost range of 100 to 400k. TO get what they wanted it would cost them 200k. But it was a 400k house on lake cumberland. I showed my dad the payment he said ok not a proplem. But his income is from the fed govt. not going to go down or stop coming. But when he saw he was going to pay 450k for a 200k house he said no way. There plan is to build a home. I told them give me a year or two and i will build it for them. When i get out of college for construction. THere saving and will have a 250k house built for 175k free in clear in a few years. And god forbid one day it will be mine.
When i started thinking about post discharge my thought was i can buy a nice 4x4 truck crew cab. Only going to run 300 to 400 amonth but then i though when i get out of school i will lose over half my income and need to start freash. I have come the plan that any loans i get will be to make money i.e build a home sell it. Or a short term loan on something i just want to build my credit pay it of in a year or two. My bank offered me a loan to buy a CD a few years ago the rate they offered was 1% over the CD rate so i was going to pay 1% of the the 2500 for the loan and end up with 2500 when it was done. I doubt i will get near that offer after discharge but it is better then a 25% auto loan with me ending up paying 50k for a 30000 truck
You're not supposed to be buying homes that cost $250k. That's just nuts. People need to haggle and make the price go down. This is the whole reason the economy is in the dumps because everyone in the country is living beyond their means.

I found a real nice condo with a 1 car garage for us for $55,000. This would be great for our needs. These same condo's were selling for $150-300k a couple years back.

Now if I can get approved for something like this a year or so after the discharge, I will be a happy camper! Finally, something AFFORDABLE! Then we'll have cheap cars or cars paid off to boot!! Then if we can make $100k/yr. and have a cheap house and cars with no payments, we will have money left to stimulate the ecomomy instead of pissing it all away on debt the way I have been my whole life.

Here's the condo, just in case you were curious.

$55k condo (http://www.realtor.com/realestateandhomes-detail/5100-Sw-41St-St-Unit-314_Pembroke-Park_FL_33023_1110794683)

Instead of me out looking at $150-200k homes, I want to downsize and live within my means for a change.

Just because you have a household income of $150-200k doesn't mean you need to go out and buy a $400k home or a $30,000 dollar mini-van. Just because you have the income today doesn't guarantee that you will have it tomorrow.

If you buy a $30,000 mini-van, then at least drive a beater for a while and save up $20,000 to put down on that $30,000 dollar vehicle.

I would also not be so quick to judge someone who makes that much money. I make almost that much money and I certainly do not have hardly enough money to buy a vacuum cleaner... lol. I live in a very expensive area near Washington, DC where the median income for bankruptcy is over 65k.

So, just cause someone makes a lot doesn't mean they have a lot! Even without credit card debt and no longer paying my mortgage... I still don't have a lot of liquid money. With rent, car payment, insurance, student loans, utility bills, transportation expenses, groceries... before I got paid this week we had been living off of like 20 bucks. :)

Crew cabs are very expensive. My brother-in-law is looking for one and even used ones are top dollar.

For what little you'd fully use a pick up, it's cheaper to rent a big truck when you need it.

If you're doing construction, then you should have one truck bring all of the supplies and then return the truck. Then you can use an economy car to drive back and forth to work. It makes no sense to haul a bunch of heavy stuff around all the time.

And since I will have to pay 25% interest on a car, that's why I don't want to finance more than $7,500. So whatever the car costs, you take the price, subtract $7,500 and I have to come up with the difference. That's going to be very hard to do. That's why it will take me over 6 months of putting money away to do this.

I do agree. Tell your brother to check out dodge saw a sign the other day that said 15k off. The one we looked at was 38000 so your talking 23k then if you got a old car 4500 for the junk low mpg thing. your at 18000 they offerd us a 42k truck for 24k cash last year. A crew cab is around 8k to 10k more then a normal truck.

but i do not agree about not owning a truck. My truck gets 20 to 24 mpg heck got 575 out of a 34 gallon tank pulling a big boat but my truck is a v6.
I use my truck everyday lets say i need a truck 3 times a week. That 12 times a month at about 50 bucks a day. That 600 a month. Theres alot of people who own trucks and do not use them for trucks. I do heck i would have paid for my truck last year when remodeling a house for my parants. Heck i must have drove to lowes 5 time a week for a year.

Crew cabs are very expensive. My brother-in-law is looking for one and even used ones are top dollar.

For what little you'd fully use a pick up, it's cheaper to rent a big truck when you need it.

If you're doing construction, then you should have one truck bring all of the supplies and then return the truck. Then you can use an economy car to drive back and forth to work. It makes no sense to haul a bunch of heavy stuff around all the time.

And since I will have to pay 25% interest on a car, that's why I don't want to finance more than $7,500. So whatever the car costs, you take the price, subtract $7,500 and I have to come up with the difference. That's going to be very hard to do. That's why it will take me over 6 months of putting money away to do this.

I do agree. Tell your brother to check out dodge saw a sign the other day that said 15k off. The one we looked at was 38000 so your talking 23k then if you got a old car 4500 for the junk low mpg thing. your at 18000 they offerd us a 42k truck for 24k cash last year. A crew cab is around 8k to 10k more then a normal truck.

but i do not agree about not owning a truck. My truck gets 20 to 24 mpg heck got 575 out of a 34 gallon tank pulling a big boat but my truck is a v6.
I use my truck everyday lets say i need a truck 3 times a week. That 12 times a month at about 50 bucks a day. That 600 a month. Theres alot of people who own trucks and do not use them for trucks. I do heck i would have paid for my truck last year when remodeling a house for my parants. Heck i must have drove to lowes 5 time a week for a year.

If you bought a truck and use it as a truck, then it was worth every penny. But I see TONS of pickups where people never haul anything.

I would never buy a Dodge. My brother-in-law had a Dodge RAM and had nothing but problems with it. He swore to NEVER buy another American car again.

He works for a local gov't and they have tons of Dodge trucks and he said they all have lots of problems.

He wants to buy a Toyota 4-door truck now. He also tows a boat with it.

nothing wrong with toyota they have some nice trucks. Dodge has a new lifetime powertrain warrenty. Though a no warrenty truck is better if you do not need the warrenty. Ford makes a great truck but there the most costly truck you will buy. If you bought a truck and use it as a truck, then it was worth every penny. But I see TONS of pickups where people never haul anything.

I would never buy a Dodge. My brother-in-law had a Dodge RAM and had nothing but problems with it. He swore to NEVER buy another American car again.

He works for a local gov't and they have tons of Dodge trucks and he said they all have lots of problems.

He wants to buy a Toyota 4-door truck now. He also tows a boat with it.

The problem with the warranty they offer is it doesn't cover the things that break. When the A/C compressor goes, that's not covered. When a sensor goes bad, that's no covered. When your power window motor goes, that's not covered.

The drivetrains rarely have a problem. The truck won't leave you stranded, but it still has tons of problems.

My brother-in-law has a Toyota truck now and has never had one single problem with it. He just wants a bigger one with 4 doors since he has a baby now.

you are right that stuff ant covered. Though my parants have a dodge advenger not one proplem but there just over 20k so whos knows in another 20. I did not know toyota made a 4 door. Hope he get what he wants. The problem with the warranty they offer is it doesn't cover the things that break. When the A/C compressor goes, that's not covered. When a sensor goes bad, that's no covered. When your power window motor goes, that's not covered.

The drivetrains rarely have a problem. The truck won't leave you stranded, but it still has tons of problems.

My brother-in-law has a Toyota truck now and has never had one single problem with it. He just wants a bigger one with 4 doors since he has a baby now.

After my friend's Chrysler Concorde had over 40,000 miles, he spent thousands on fixing tons of stuff. He also has a 1999 Dodge Dakota and he's spent thousands fixing that as well. That brainwashed "buy American" crap doesn't work for me. The money you save by buying American, you more than make up for by spending thousands on parts and repairs when it gets old, unlike your conventional Toyota or Honda.

Whether a car breaks down or not depends on alot. How you drive it. How many miles. Where you live. Was it built on friday vs monday. I read where a study was done. it checked all major manf. it stated that car built on say thursday or friday had a better chance of breaking down then cars built monday or tuesday. I guest it had something to do with the long work week. And everyone wanting out for the weekend. This was in all plants not just ford or chevy or dodge. I know a guy who drive a toyota car swears by them it cost him a ton to keep running. But he goes 4x4ing rags it out. I have driven 1990 fords with 200k on them and 07 chevys i have never had to put much money in any car i had. I drive like i got sense.

After my friend's Chrysler Concorde had over 40,000 miles, he spent thousands on fixing tons of stuff. He also has a 1999 Dodge Dakota and he's spent thousands fixing that as well. That brainwashed "buy American" crap doesn't work for me. The money you save by buying American, you more than make up for by spending thousands on parts and repairs when it gets old, unlike your conventional Toyota or Honda.

How do you find out what day the car was built on? Also, robots put most of the stuff together and the robots have no idea what day it is.

My friend's A/C went out on both cars. He had suspension parts go out. He babies his cars. He never drives full throttle anywhere. He keeps them in the garage. He puts Amsoil in everything. All of the stuff that broke was not drivetrain related.

Never checked I do agree all the american auto makers have had the trouple. Dodge is on the bottom of my list or anything chrysler related. But toyota and all the other overseas automakers have had the same trouble. I seem to remeber there is somewhere you can find the date the car was built. As for robots. I think your alittle of there. If it is robots why is there so many people working at the plants.
How do you find out what day the car was built on? Also, robots put most of the stuff together and the robots have no idea what day it is.

My friend's A/C went out on both cars. He had suspension parts go out. He babies his cars. He never drives full throttle anywhere. He keeps them in the garage. He puts Amsoil in everything. All of the stuff that broke was not drivetrain related.

The robots do the majority of the work.

I dunno... it's a total crap shoot when you buy a new car. Some cars run near perfect while others fall apart. Fortunately both my Saturn and BMW have held up fairly well. I've only had to replace a power window motor in 2 years. I fixed it at 75,000 miles... once again, not covered in the GM 100,000 mile warranty. That warranty is toilet paper.

You're not supposed to be buying homes that cost $250k. That's just nuts. People need to haggle and make the price go down. This is the whole reason the economy is in the dumps because everyone in the country is living beyond their means.

I found a real nice condo with a 1 car garage for us for $55,000. This would be great for our needs. These same condo's were selling for $150-300k a couple years back.

Now if I can get approved for something like this a year or so after the discharge, I will be a happy camper! Finally, something AFFORDABLE! Then we'll have cheap cars or cars paid off to boot!! Then if we can make $100k/yr. and have a cheap house and cars with no payments, we will have money left to stimulate the ecomomy instead of pissing it all away on debt the way I have been my whole life.

Here's the condo, just in case you were curious.

$55k condo (http://www.realtor.com/realestateandhomes-detail/5100-Sw-41St-St-Unit-314_Pembroke-Park_FL_33023_1110794683)

Instead of me out looking at $150-200k homes, I want to downsize and live within my means for a change.

Just because you have a household income of $150-200k doesn't mean you need to go out and buy a $400k home or a $30,000 dollar mini-van. Just because you have the income today doesn't guarantee that you will have it tomorrow.

If you buy a $30,000 mini-van, then at least drive a beater for a while and save up $20,000 to put down on that $30,000 dollar vehicle.


In the future I will be living below my means...never thought I would hear that one...earn 100k/year (sometimes I even get a 20k/yr bonus) but not last year because of economy...I dumped my $1300/mo townhouse on relatives. I let another realative lease the car we owe money on. I bought $10k mobile home in a park, and only pay $450 lot rent. We own outright 3 other vehicles, 1 of them is almost junk but it runs...I just sold one sold one junker for $500, and I did loose money on that one...hopefully the guy will use it for the cash for cluker rebate if it qualifies...

some people may have a problem with this..I would rather buy decent $2k vehicles rather then ending up with a bank note of $20k-$30k...I would rather live in a mobile home park (and have money) then owing my life to a morg with no money...

You have to take control of your life..you can not earn 100k/year, and expect to live a $100-300k lifestyle..you will not last long...

3 years ago when I bought my first home...I was making $60k/year, and I was ALWAYS in the red on paydays...then i changed my thinking...I do not need a BMW to go to work, I just need a car...I do not need a house to live in...I just need a place to live...

If you can afford a BMW, and a $100k home then more power to you, but I am happy with a car and a mobile, and have good disposeable income.

GOod for you man. My hope is make 300k live a 100k lifestyle when it comes to bills. I plan to start my own business post school. I figure build 5 to 10 house a year making 30 to 50k a house should do it. :yahoo: THe one expencive thing i want is a hummer not a new one. Just one of the old school army looking hummers. That will be a cash buy when i got the money 10 years from now.

In the future I will be living below my means...never thought I would hear that one...earn 100k/year (sometimes I even get a 20k/yr bonus) but not last year because of economy...I dumped my $1300/mo townhouse on relatives. I let another realative lease the car we owe money on. I bought $10k mobile home in a park, and only pay $450 lot rent. We own outright 3 other vehicles, 1 of them is almost junk but it runs...I just sold one sold one junker for $500, and I did loose money on that one...hopefully the guy will use it for the cash for cluker rebate if it qualifies...

some people may have a problem with this..I would rather buy decent $2k vehicles rather then ending up with a bank note of $20k-$30k...I would rather live in a mobile home park (and have money) then owing my life to a morg with no money...

You have to take control of your life..you can not earn 100k/year, and expect to live a $100-300k lifestyle..you will not last long...

3 years ago when I bought my first home...I was making $60k/year, and I was ALWAYS in the red on paydays...then i changed my thinking...I do not need a BMW to go to work, I just need a car...I do not need a house to live in...I just need a place to live...

If you can afford a BMW, and a $100k home then more power to you, but I am happy with a car and a mobile, and have good disposeable income.

You guys are starting to wise up!! I LOVE IT!! There's nothing better than a person who lives in a trailer park not because he has to... but because HE WANTS TO! That is totally awesome.

then i changed my thinking...I do not need a BMW to go to work, I just need a car...I do not need a house to live in...I just need a place to live...

That's awesome!

Things will turn around. If everyone did this, all of the rich people would be living in trailer parks while all of the fools were up to their eyeballs in debt living in nice homes and driving expensive German cars. That post was a THING OF BEAUTY! Good show! I couldn't have said it better myself.

Thanks for that contribution! :clapping:

Now please people... LEARN something from these posts!!! DOWN SIZE! DOWN SIZE! DOWN SIZE!

NOOOOOOOOOOOOO DEBT! Say NO to credit cards after your bankruptcy. Don't get into this same trap again.

When I used to get credit card offers in the mail, I used to read the contract and write funny notes telling them how insane they were trying to get me to pay $300 to open up a credit card. Then I would mail it back using their postage paid envelope, or I would use a stamp to mail it back. By the time you added up all fo their fees, it was almost $300 in the first year. $6/mo. for some maintenance crap. $29 processing fee. And a bunch of other crap. EVERYONE needs to do this and RAG HARD on the credit card companies. I wish they would go out of business.

If they start offering me crazy interest rates after bankruptcy, I will reply to all offers and tell them to go F' themself... and you know for a fact that I will do this!! I will have to scan some of these before I mail them and post links to a Photobucket pic or something so you cans can see my funny replies.

I would rather live in a trailer park and have a nice truck then live in a nice house and drive junk. This time my truck will be paid for with a loan from dad at no interest. Hopefully post college i can repay them.
You guys are starting to wise up!! I LOVE IT!! There's nothing better than a person who lives in a trailer park not because he has to... but because HE WANTS TO! That is totally awesome.



That's awesome!

Things will turn around. If everyone did this, all of the rich people would be living in trailer parks while all of the fools were up to their eyeballs in debt living in nice homes and driving expensive German cars. That post was a THING OF BEAUTY! Good show! I couldn't have said it better myself.

Thanks for that contribution! :clapping:

Now please people... LEARN something from these posts!!! DOWN SIZE! DOWN SIZE! DOWN SIZE!

NOOOOOOOOOOOOO DEBT! Say NO to credit cards after your bankruptcy. Don't get into this same trap again.

When I used to get credit card offers in the mail, I used to read the contract and write funny notes telling them how insane they were trying to get me to pay $300 to open up a credit card. Then I would mail it back using their postage paid envelope, or I would use a stamp to mail it back. By the time you added up all fo their fees, it was almost $300 in the first year. $6/mo. for some maintenance crap. $29 processing fee. And a bunch of other crap. EVERYONE needs to do this and RAG HARD on the credit card companies. I wish they would go out of business.

If they start offering me crazy interest rates after bankruptcy, I will reply to all offers and tell them to go F' themself... and you know for a fact that I will do this!! I will have to scan some of these before I mail them and post links to a Photobucket pic or something so you cans can see my funny replies.

I would rather live in a trailer park and have a nice truck then live in a nice house and drive junk. This time my truck will be paid for with a loan from dad at no interest. Hopefully post college i can repay them.

Yep... and come to think about it, owning a 20-30 year old house isn't going to leave you stuck on the highway some place with a break down... while an old house can be fixed at your leisure.

MY point i keep telling my sister no buy here pay here. Sure she has owned 10 or 15 cars all junk or she owed 6000 on a 2000 care. I have owned four trucks. My 1990 f150 paid cash. traded it ate alittle. A 1985 chevy 1/2 ate alittle when i traded it in a buy here pay here 1995 chevy 1/2 title issues got me out of it. Got every dime i had in it back. Now i own a nice truck. Sure it has took alot and cost me 185 a month of full coverge insurance. Yep... and come to think about it, owning a 20-30 year old house isn't going to leave you stuck on the highway some place with a break down... while an old house can be fixed at your leisure.

Why would you buy from a buy here pay here for? Those people have the worst selection and charge twice or more than what they paid for the vehicle. I would hit Auto Trader and buy from individuals for cash and check the values of the cars against KBB.COM and make sure that you're buying at wholesale pricing or below.

FOr some people buy here pay here is the only option. Just not my choice.Why would you buy from a buy here pay here for? Those people have the worst selection and charge twice or more than what they paid for the vehicle. I would hit Auto Trader and buy from individuals for cash and check the values of the cars against KBB.COM and make sure that you're buying at wholesale pricing or below.

FOr some people buy here pay here is the only option. Just not my choice.

Yeah, if there's nobody else around selling a car. But if you hit Auto Trader, you can find TONS of cars for sale for the same price of the down payment of the buy here pay here. The buy here pay here places want a huge down payment. They basically want what they paid for the car. The rest they get is profit. They hope you don't pay so they can repo the car and keep reselling it.

Thats not always true. The truck i bought from a buy here pay here was bought at a auction for 2500. My down payment was the 1000 for my trade in. Well the downpayment was 800 the other 200 went to the princable. When they had trouble getting the title i got to see there purchase paper. They paid 2500 for the truck and was asking 4999 for it. TO me at 300 a month no interst is a good deal at just 1500 over the purchase price. I got lucky the lot was a good place to buy a car with no credit or bad credit. Heck when i gave it back because of the title issue the guy gave me the 1000 for my trade. The 885 i had in it for a started and few other small things such as oil change wiper blades battery. He told me they where going to change the starter but had just got it. They had not even cleaned it or anything. It booked for right at 3000k Yeah, if there's nobody else around selling a car. But if you hit Auto Trader, you can find TONS of cars for sale for the same price of the down payment of the buy here pay here. The buy here pay here places want a huge down payment. They basically want what they paid for the car. The rest they get is profit. They hope you don't pay so they can repo the car and keep reselling it.

I would never go to any buy here pay here. They never have any nice cars for under $5000 with like 20,000 to 30,000 miles on them. Every time I went to those places, they always had 100,000+ mile junkers. NO THANK YOU. I don't need somebody else's problem. I want something like new for under $5,000. You're not gonna find it there. You can find low mileage, low cost cars on Auto Trader all day long.

Like i have said i do agree. But i would ask where you going to find a car with 20,000 miles on it for under 5k. :clapping: There are buy here pay here lots with 20000 miles on them but your going to pay. HEck buy a 15,000 new car your going to pay between 20to30k for it with interst. Either way your screwed come pay of time. I would never go to any buy here pay here. They never have any nice cars for under $5000 with like 20,000 to 30,000 miles on them. Every time I went to those places, they always had 100,000+ mile junkers. NO THANK YOU. I don't need somebody else's problem. I want something like new for under $5,000. You're not gonna find it there. You can find low mileage, low cost cars on Auto Trader all day long.

If not 20,000, then damned close to it...

Sample (http://www.autotrader.com/fyc/vdp.jsp?ct=p&car_id=260779881&dealer_id=64012873)

Sample (http://www.autotrader.com/fyc/vdp.jsp?ct=u&car_id=258907789&dealer_id=34688141)

Sample (http://www.autotrader.com/fyc/vdp.jsp?ct=u&car_id=259935377&dealer_id=1360643)

Sample (http://www.autotrader.com/fyc/vdp.jsp?ct=u&car_id=264459387&dealer_id=5583139)

Sample (http://www.autotrader.com/fyc/vdp.jsp?ct=u&car_id=264806343&dealer_id=832963)

Sample (http://www.autotrader.com/fyc/vdp.jsp?ct=p&car_id=260168046&dealer_id=63957683)

Now why on earth would you throw away money at a Buy Here Pay Here to buy some 125,000 mile junk for $5,000+ when you could have one of these nice cars for the same price or less?!?!?! I don't get it!

A Buy Here Pay Here is the L-A-S-T place I would look for a cheap, used car! Those people are CROOKS!!!

Well heres one issue i have with your post. Now sure why pay 5000 for a 2000 dollar car at a buy here pay here. But why pay 5000 cash for a 2000 dollar car on autotrader. I know someone who has a ford focus paid 5500 for it. They have droped nearly 5k in it. the ford focus is junk i would not burn one in my yard if you paid for it and the gas. As for the others some are good cars some are just cheap junk metel. The thing you missing ya you can pay 5000 for a 5000 car. You can not pay 5000 for a 5000 car only paying 1000 down and 300 or 400 a month with no credit or interst. No one goes to a buy here pay here with 5k. I know someone who works at one. people walk in wanting 2000 or 3000 for a 500 dollar car and want no down payment and paper plates for ever because heres the thing they have no money they have no job history or credit. And car lots do not take food stamps. A buy here pay here is for the total poor lazy broke people that have no money. The high finance companys are for us with some money not as lazy but bad or no credit. Then there the o% interest we love you bank loans for those off us who went to school make good money have credit and here the kicker have money for the down payment.

ALot of people are happy at buy here pay here lots. Sure some just screw everone over or charge the 5k for the 2k car plus 25%.
I was told once why car lots triple what they pay for the price on a car. Because in most state there stuck at 25% or so for a interest rate. due to federal and state laws. If not 20,000, then damned close to it...

Sample (http://www.autotrader.com/fyc/vdp.jsp?ct=p&car_id=260779881&dealer_id=64012873)

Sample (http://www.autotrader.com/fyc/vdp.jsp?ct=u&car_id=258907789&dealer_id=34688141)

Sample (http://www.autotrader.com/fyc/vdp.jsp?ct=u&car_id=259935377&dealer_id=1360643)

Sample (http://www.autotrader.com/fyc/vdp.jsp?ct=u&car_id=264459387&dealer_id=5583139)

Sample (http://www.autotrader.com/fyc/vdp.jsp?ct=u&car_id=264806343&dealer_id=832963)

Sample (http://www.autotrader.com/fyc/vdp.jsp?ct=p&car_id=260168046&dealer_id=63957683)

Now why on earth would you throw away money at a Buy Here Pay Here to buy some 125,000 mile junk for $5,000+ when you could have one of these nice cars for the same price or less?!?!?! I don't get it!

A Buy Here Pay Here is the L-A-S-T place I would look for a cheap, used car! Those people are CROOKS!!!

Ohh and just because a car has 125000+ miles does not make it junk. My f150 had 225000 great truck never gave me any trouble except a wheel bearing and a part in the clutch. both cost me right at 800 bucks i had 3000 grand in a truck i drove any where on road and off. Made three trips to indy 200 miles a trip in one week. The 95 chevy i got at the buy here pay here. Had 185000 drove it 3000 miles in 3 months. I have seen cars with 5000 miles on them falling apart and one ford focus with 50000 that all but fell partIf not 20,000, then damned close to it...

Sample (http://www.autotrader.com/fyc/vdp.jsp?ct=p&car_id=260779881&dealer_id=64012873)

Sample (http://www.autotrader.com/fyc/vdp.jsp?ct=u&car_id=258907789&dealer_id=34688141)

Sample (http://www.autotrader.com/fyc/vdp.jsp?ct=u&car_id=259935377&dealer_id=1360643)

Sample (http://www.autotrader.com/fyc/vdp.jsp?ct=u&car_id=264459387&dealer_id=5583139)

Sample (http://www.autotrader.com/fyc/vdp.jsp?ct=u&car_id=264806343&dealer_id=832963)

Sample (http://www.autotrader.com/fyc/vdp.jsp?ct=p&car_id=260168046&dealer_id=63957683)

Now why on earth would you throw away money at a Buy Here Pay Here to buy some 125,000 mile junk for $5,000+ when you could have one of these nice cars for the same price or less?!?!?! I don't get it!

A Buy Here Pay Here is the L-A-S-T place I would look for a cheap, used car! Those people are CROOKS!!!

Nothing wrong with an F150. Just don't buy it at a Buy Here Pay Here. That's not something to be proud about.

Next time check Auto Trader. Change the distance to be 100-300 miles from your zip code to get maximum exposure.

Face it... if all of the cars were running so perfect with 125,000 miles on them, you wouldn't see millions of these cars being DUMPED. People got tired of the problems and traded them in and the poor Buy Here Pay Here places now have to deal with liquidating them.