Buying A Car After BK and 1 Repo

[juju4242]

Hello All,

Here is my question. my BK was discharged on 12/28/10, I checked my credit scores today and it shows 620, 563,655.

Included in the BK was a repo for a car i co-signed for and of course the my friend defaulted on the loan it was repo'd and sold last year.

I also signed up with a credit clean up agency last May and they have done a great job, when I started this battle my scores were, 485,519,475 in June 2010

I don't plan to but a car until July/August this year, Does that Repo hurt my chances of getting a loan for myself?

[backtoschool]

The repo will affect your interest rate. You will have a higher interest rate with a repo on your reports. There will be some places that will finance you with the repo, but your interest rates will be in the double digits.

[yang0837]

Yep, repo and bk will affect your interest rate, but you won't really know till you buy. I was discharged October 2010 and bought a car last week. Interest was 15%...I don't think it's that bad considering I was budgeting for something in the 20's.

[Flamingo]

Know that just a BK on your credit reports is bad...double that with a repossession and/or a foreclosure and your chances of getting any decent kind of financing, if you can get financing at all, are zero. You will probably have to do the best you can for several years until those events are several years old and you have proved yourself more creditworthy during that time.

[AngelinaCatHub]

Hey Juju, what is wrong with buying a beater for cash? I just bought a 93 Ford explorer 4 X 4 for $800 bucks, put 200 into it for trans modulator change and it is a honey. Cannot tell it is running it idles so smooth. Gas mileage is terrible, but it runs well. Does the job around here as we needed a truck style unit. If something major goes wrong, I can sell it for steel and get about $300 back on it. So, if I use it three months it paid for itself.

We purchased a real peach for $1500 for my daughter once. 75K and perfect in every way. 89 Chrysler New Yorker. It is a buyers market if you buy from an individual. People are dumping excess stuff in this economy. 'Hub

[Over our heads]

We were discharged I think Dec. 09, and we just bought an 07 Suburban @ 9.5%. Our scores were 651 and 656, we were pretty tickled. I don't know if it makes much of a difference or not, but we had re-affed our van, so we did have 1.5 years of positive on time payments reported.

[juju4242]

Thank you all for the replies.

yang0837, can i ask where your credit score is now? Did you use Blank Check,etc or dealer financed? Just checked my FICO and I am 550. Last May I went to a dealership b4 I filed to see what the outcome would be. As I said before my scores were in the higher 400's.

The dealer showed me the report and they actually pulled all three Facko scores. So I think it varies with where you go , what scores they pull and what the minimum they can work with is, it was a very reputable dealership here in NJ. I was told once they were all over 520 they could qualify me, and with 9 payments under my belt I could re-fi.

I do not want a used car that i have to put money into over and over. If I had the cash to buy a car outright I would not be posting here. As I said I have a credit cleaning service that is cleaning my report, and I don't plan on shopping until Mid-Summer when a substantial down payment.

I have the 1 repo that I co-signed and I have 2 mortgages that were PAID IN FULL , not BK'd so I am hoping that helps. My debt was very low just could not afford to repay $15,000 for a car that was not mine and they were about ti start garnishing my checks for $700 a month, that's why I filed for bankruptcy.