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Buying/Leasing a car after BK

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  • #61
    Capital One Financed Us for Two Cars!

    Capital One financed us for two cars under their blank check program. BK discharged 8/2005. Approved for loans 9/06. Financed 1st car for $14,000 total for 2002 Ford with 22,000 miles on it. That rate is 12.25%. Financed 2nd car for $25,000 for 2001 BMW convertible with 64,000 miles on it. That rate is 8.9%. They had no total mileage caps on either purchase, however they did have model year caps on the loan. I could not buy anything older than 2000. Also, the BMW is automatic deduction from bank account each month, the mustang is not. If I wanted to be billed each month for the BMW the rate would of been higher.

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    • #62
      Less then a year later, that are not bad rates at all. Nothing down? Way to go!!

      Originally posted by shookup07 View Post
      Capital One financed us for two cars under their blank check program. BK discharged 8/2005. Approved for loans 9/06. Financed 1st car for $14,000 total for 2002 Ford with 22,000 miles on it. That rate is 12.25%. Financed 2nd car for $25,000 for 2001 BMW convertible with 64,000 miles on it. That rate is 8.9%. They had no total mileage caps on either purchase, however they did have model year caps on the loan. I could not buy anything older than 2000. Also, the BMW is automatic deduction from bank account each month, the mustang is not. If I wanted to be billed each month for the BMW the rate would of been higher.

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      • #63
        How long did you wait after your discharge to try and get another car?

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        • #64
          Originally posted by 6ftladycop View Post
          How long did you wait after your discharge to try and get another car?
          I'd like to know this to.
          We havn't filed yet but are soon going to be.
          Schel
          Discharge 1/19/2009

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          • #65
            Re-affirm Car Loan Pros and Cons

            Hi guys/gals,

            I wanted to reaffirm my car loan but wanted to see the pros and cons of doing so. The pros and cons that I see:

            Pros: Helping my credit score with consistant payments.

            Cons: If I don't make the payments anymore it will hurt my credit score and car gets taken away and repo on my credit report.
            I heard that the trustee can take the car and use it for repayment of my debt if I reaffirm it? Is there truth behind that statement?

            I don't know to much about this situation so if anyone can continue the list that would be great. Basically, my main purpose in doing this is to rebuild my credit so I can purchase a home in about 3 years.. I haven't had any credit card offers come in at its been about 7 months of being discharged.. thanks in advance!
            Discharged: 12/23/2008

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            • #66
              If you reaffirm the trustee can't take the car b/c it belongs to the lienholder/finance company.

              When looking at pros/cons you have to ask yourself how old is the car? What's the monthly payment? How many more payments do you owe? How many miles are on it?
              4/09 Converted to a Ch 7 due to loss in dh's income
              5/09 UST now involved no idea what happens next
              7/09 UST has decided to withdraw his motion to dismiss!
              7/27/09 DISCHARGED!!!

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              • #67
                Originally posted by sguerra923 View Post
                Cons: If I don't make the payments anymore it will hurt my credit score and car gets taken away and repo on my credit report.
                This isn't really a "con" solely for reaffirmation as it applies to any type of car loan.

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                • #68
                  I'm wondering if anyone knows details regarding new car lease? I've read a little bit on this thread but the information seems old. I have a bank that is will to work with me on a lease or a purchase - the rates are really high, but I can get a newer car with lease and then have time to improve my credit before buying in 3 years.
                  Logan
                  Working to have no more mortgage!

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                  • #69
                    Hello,

                    I'm new here. I filed for CHA 7 1/2009 and discharged 7/2009. I have two credit cards, Cap 1 opened 12/09 and HSBC opened 4/10 (both of whom I had discharged balances from my BK!!!).

                    After my BK I hired Lexington Law dispute some stuff on my credit and try to remove some of the negative things. So far they've gotten quite a few things removed. I still have some 30 day lates on my car loan that they just refuse to remove (they got rid of the 60's though).

                    Last I checked my credit my three scores were 625, 635 and 592.

                    Anyways, I still owe a very little on my car and I want to get a new one. This one is looking like it's going to crap out on me. I was wondering given the information above, the length of time since my BK, my credit scores and the two CC's I now have; will i A)get approved for a loan and B) will my interest rate be way too high?

                    My only other debt besides my car loan now (which is under 1k) is my student loan which is low. And my income is really good now. I'm a consultant but I have a lot of money in the bank and a lot of money coming in per month of which I could prove w/ bank statements.

                    Any info would be great. I have the car picked out, just trying to get a good price. But I wanted to see if anyone has some info for me so I'm not too shocked about the interest rate or if I don't get approved.

                    Thanks all

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                    • #70
                      Originally posted by ewilson47 View Post
                      Hello,

                      I'm new here. I filed for CHA 7 1/2009 and discharged 7/2009. I have two credit cards, Cap 1 opened 12/09 and HSBC opened 4/10 (both of whom I had discharged balances from my BK!!!).

                      After my BK I hired Lexington Law dispute some stuff on my credit and try to remove some of the negative things. So far they've gotten quite a few things removed. I still have some 30 day lates on my car loan that they just refuse to remove (they got rid of the 60's though).

                      Last I checked my credit my three scores were 625, 635 and 592.

                      Anyways, I still owe a very little on my car and I want to get a new one. This one is looking like it's going to crap out on me. I was wondering given the information above, the length of time since my BK, my credit scores and the two CC's I now have; will i A)get approved for a loan and B) will my interest rate be way too high?

                      My only other debt besides my car loan now (which is under 1k) is my student loan which is low. And my income is really good now. I'm a consultant but I have a lot of money in the bank and a lot of money coming in per month of which I could prove w/ bank statements.

                      Any info would be great. I have the car picked out, just trying to get a good price. But I wanted to see if anyone has some info for me so I'm not too shocked about the interest rate or if I don't get approved.

                      Thanks all
                      If you have a card with cap one that you have been paying on on time, and you are are over a year post bk, then I would apply for a car loan either with cap one, or though a credit union. I got an interest rate of 4.42% with cap one 10 months post discharge. I also think that since you are a year post discharge, there are several credit unions that might work with you. But with credit unions ymmv. Some are pro bankruptcy, but some are risk adverse.
                      You can't take a picture of this. It's already gone. ~~Nate, Six Feet Under

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                      • #71
                        Originally posted by backtoschool View Post
                        If you have a card with cap one that you have been paying on on time, and you are are over a year post bk, then I would apply for a car loan either with cap one, or though a credit union. I got an interest rate of 4.42% with cap one 10 months post discharge. I also think that since you are a year post discharge, there are several credit unions that might work with you. But with credit unions ymmv. Some are pro bankruptcy, but some are risk adverse.
                        Thanks!

                        So, should i just go to the dealership and have them get the financing? Will they check w/ Cap One etc? Or should I go get the loan myself first and get the blank check thing?

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                        • #72
                          Originally posted by ewilson47 View Post
                          Thanks!

                          So, should i just go to the dealership and have them get the financing? Will they check w/ Cap One etc? Or should I go get the loan myself first and get the blank check thing?
                          Applying online and using the blank check will give you negotiating power when you go to the dealer. The dealer is free to meet or beat the rate, but you will know you have guranteed financing.
                          You can't take a picture of this. It's already gone. ~~Nate, Six Feet Under

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                          • #73
                            Originally posted by backtoschool View Post
                            Applying online and using the blank check will give you negotiating power when you go to the dealer. The dealer is free to meet or beat the rate, but you will know you have guranteed financing.
                            Awesome, thanks! I'm looking at a new car. My credit post bk is good for sure and Cap One is one of my currenct CC's. So...just waiting on the dealers to come back with a price and I'll check Cap One to see if they are a preferred dealer.

                            Thanks again for the information!

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                            • #74
                              Originally posted by ewilson47 View Post
                              Awesome, thanks! I'm looking at a new car. My credit post bk is good for sure and Cap One is one of my currenct CC's. So...just waiting on the dealers to come back with a price and I'll check Cap One to see if they are a preferred dealer.

                              Thanks again for the information!
                              Well, took your advice since I'm pretty sure I found the dealer I want to buy from and applied to Cap One today. At first the browser said "we're still processing your app, you'll hear from us in 24 hrs" So I figured it's a no.

                              Then, in seconds, I got an email saying "congrats, you've been approved" 2010 or newer at 5.52%! Wow! That's not bad at all! Very very surprised. I need to call to verify information tomorrow.

                              Thanks for the tip. I guess I'll see if they can beat that at the dealership!

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                              • #75
                                My credit rating was 593. But I just bought a 2009 Toyota Corolla, 30k miles yesterday, financed for 13k including $750 down, at 15.5%, 60 months. My monthly payment is $330 a month, $150 less than what I was paying for my Mazda 6.

                                My bk was discharged and closed at the end of October 2010, 2 and a half months ago.

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