I bought a car 3 months out of discharge

[rgalexander]

My wife and I had our bankruptcy discharged on August 8. Our pre-bk scores were 550 & 580, they have since increased to 600 & 640, I am not sure how. My wife needed a car and we felt confident that we could get a loan but would have to pay 20%. To our surprise, we walked out of the dealership with a 2004 Ford Escape with 30k miles. We put down only $1,000 and received a rate of 11.15%. Our payments are $304 a month. We had calculated that at 20% we would have paid close to $400 a month. There is hope.

Don't give up
On the way to 700

[HRx]

Thats great!!! Individuals with multiple (2 or more) repo's on thier Chp7 BK typically have a harder time getting auto financing that early out of BK and at an interest rate that low too.

Congratz!!!

[Genenco]

Man, that kind of frosts me...I went into a dealer and they tried to shaft me for 17.75 interest (Got it down to 15%) but my score was 620!

And that was 5 months ago!

[AAAArt]

Man, that kind of frosts me...I went into a dealer and they tried to shaft me for 17.75 interest (Got it down to 15%) but my score was 620!

And that was 5 months ago!

You are not really mad that they got a good deal, just that you didn't get as good a deal. Think of it as a learning experience.
In the future, shop the financing rather than the car. It is better off to take good financing than to get the name brand that you initially want. Always talk to the finance person before the salesperson and tell them your story and your scores...don't let them run your score until you get an idea what they will do. And never give your D.L. to a salesperson until you have a good idea about financing. They will most often run a credit check while you're out test driving, then you have to dispute it to get it removed and keep it from lowering your score. Art

[Genenco]

Well, sort of

You are not really mad that they got a good deal, just that you didn't get as good a deal. Think of it as a learning experience.
In the future, shop the financing rather than the car. It is better off to take good financing than to get the name brand that you initially want. Always talk to the finance person before the salesperson and tell them your story and your scores...don't let them run your score until you get an idea what they will do. And never give your D.L. to a salesperson until you have a good idea about financing. They will most often run a credit check while you're out test driving, then you have to dispute it to get it removed and keep it from lowering your score. Art

Actually, yes a major leaning experience...Especially with finance companies, and other things.

I'm kind of chuckling right now as the finance company main headquarters has 3 accounts with me and due to a "Wrong way" check (Hand entered up in Seattle and I'm in Vancouver), my account is being "Cleaned" (Read investigated and the charges which came from the negative are supposedly being removed) and so now I'm seeing if I can stop a DD so as to keep the account correct without the bank trying to just take the money and run.

Most of all, when I clear this up (Another change coming maybe) I can sit this whole thing in the can and slowly accumulate paper trails to everyone, thing and thus, have full control.

[AAAArt]

Genenco, I and a group of friends used to refer to things like this as "AFGO's".
Never liked them, sometimes needed them, usually dreaded them, hated living through those AFGO's.
AFGO = Another F***ing Growth Opportunity" Art

[rgalexander]

I bought a car 3 months out of discharge

The dealership used Citifinancial as the finance company. Strange thing is that Citifinancial will not give you a personal loan if you have filed for bankruptcy.

[davids]

Thats great!!! Individuals with multiple (2 or more) repo's on thier Chp7 BK typically have a harder time getting auto financing that early out of BK and at an interest rate that low too.

Congratz!!!

I guess that is bad news for me then, I basicly have two recent repos
2004 Exloper, and 2003 Cavlier - Thats the way the dice roll when you loose your job.

[lostsoul23]

This is intresting to me -- I've been getting offers from lots of dealerships offering to finance before discharge, no money down, etc. I'm picking through them carefully because I don't want to end up with a 30% APR....I guess some of these places watch the BK filings closely because they were no where around beforehand.