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Buy Here Pay Here Lot?

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  • Buy Here Pay Here Lot?

    Curious to know if anyone has bought during or post BK at one of those "buy here, pay here" in house financing lots?
    Ch 7 filed 8/15/11 341 9/22/11 Discharge 11/28/11
    The rebuilding begins

  • #2
    I haven't, but people do it all of the time. You are going to be paying an inflated price for the car, but sometimes, it's the only choice.
    All information contained in this post is for informational and amusement purposes only.
    Bankruptcy is a process, not an event.......

    Comment


    • #3
      Originally posted by frogger View Post
      I haven't, but people do it all of the time. You are going to be paying an inflated price for the car, but sometimes, it's the only choice.
      I've been there post-BK - just after my first car went into repo and the second went a few weeks later. It was our only choice. The price itself was quite high but the interest-rate of 22% was what really hurt.

      Fortunately, I insisted on buying from a lot that at least reported my payments to two of the bureaus. In about two weeks, I'm going to pay off the car. Since they were cooperative during my BK, I've now showing an auto-loan on my credit-report with a monthly payment of $300 over the last 3 years, no late payments at all and as a bonus, without ANY BK-notation although it technically was part of the BK.

      I'm hoping that this is going to make it a bit easier to get a new car in January. By then, my repos will be 5 years old.
      Filed CH7 9/24/2010, 341 on 10/28/2010, Disch.&Closed: 1/6/2011. FICO EX: 9/2: 672.
      FICO EQ: pre-filing: 573, After BK Public Record: 568, 10/3: 673.
      FICO TU: pre-filing: 589, After BK Public Record: 563, 9/2: 706.

      Comment


      • #4
        Originally posted by IBroke View Post
        I've been there post-BK - just after my first car went into repo and the second went a few weeks later. It was our only choice. The price itself was quite high but the interest-rate of 22% was what really hurt.

        Fortunately, I insisted on buying from a lot that at least reported my payments to two of the bureaus. In about two weeks, I'm going to pay off the car. Since they were cooperative during my BK, I've now showing an auto-loan on my credit-report with a monthly payment of $300 over the last 3 years, no late payments at all and as a bonus, without ANY BK-notation although it technically was part of the BK.

        I'm hoping that this is going to make it a bit easier to get a new car in January. By then, my repos will be 5 years old.
        thanks for the insight. I am realizing it may be my only option too, and the terms sound similar to yours. Im looking at buying a car for 7,000 at 25 percent with 1500 down.
        Ch 7 filed 8/15/11 341 9/22/11 Discharge 11/28/11
        The rebuilding begins

        Comment


        • #5
          Jetsfan,

          I may end up at one of these places also.....is that for a 5 yr loan (assuming you dont re-fi)? And do they want like 20-25% down? Im just trying to play with some numbers at this point but I dont know a lot about how these places operate....

          Thanks.

          Comment


          • #6
            Originally posted by sh9730 View Post
            Jetsfan,

            I may end up at one of these places also.....is that for a 5 yr loan (assuming you dont re-fi)? And do they want like 20-25% down? Im just trying to play with some numbers at this point but I dont know a lot about how these places operate....

            Thanks.

            Hey,
            The one I went too didnt finance any car further than 36 months. the terms of mine were quoted at 27 months, however I have plans of paying off in exactly 13. They did ask for 20 percent down(actually 30 at first). I did call to a few of them to get an idea of what to expect before actually going to the one I will likely wind up doing business with.
            Ch 7 filed 8/15/11 341 9/22/11 Discharge 11/28/11
            The rebuilding begins

            Comment


            • #7
              In our case, the purchase price was about $9K and we put $1K down. It was 36 months as well. If I recall correctly, they may have "packaged" this deal a bit different with a higher downpayment because our first monthly payment was $400 instead of the $300. But the day we picked it up, we only needed $1K down.
              Filed CH7 9/24/2010, 341 on 10/28/2010, Disch.&Closed: 1/6/2011. FICO EX: 9/2: 672.
              FICO EQ: pre-filing: 573, After BK Public Record: 568, 10/3: 673.
              FICO TU: pre-filing: 589, After BK Public Record: 563, 9/2: 706.

              Comment


              • #8
                Originally posted by IBroke View Post
                In our case, the purchase price was about $9K and we put $1K down. It was 36 months as well. If I recall correctly, they may have "packaged" this deal a bit different with a higher downpayment because our first monthly payment was $400 instead of the $300. But the day we picked it up, we only needed $1K down.
                good info. did yours report to the credit agencies?
                Ch 7 filed 8/15/11 341 9/22/11 Discharge 11/28/11
                The rebuilding begins

                Comment


                • #9
                  Originally posted by jetsfan2010 View Post
                  good info. did yours report to the credit agencies?
                  Not to Experian - but to Equifax and TransUnion. The reporting to credit-bureaus was a "MUST" for me. The first "buy here"-dealer we visited didn't report at all - so he was not a choice.
                  I mean, if I have to pay that much in order to get a car, I wanted something in return. And if the loan is not reported, how am I supposed to rebuild my credit to obtain my next car at an acceptable interest-rate?
                  Filed CH7 9/24/2010, 341 on 10/28/2010, Disch.&Closed: 1/6/2011. FICO EX: 9/2: 672.
                  FICO EQ: pre-filing: 573, After BK Public Record: 568, 10/3: 673.
                  FICO TU: pre-filing: 589, After BK Public Record: 563, 9/2: 706.

                  Comment


                  • #10
                    Originally posted by IBroke View Post
                    Not to Experian - but to Equifax and TransUnion. The reporting to credit-bureaus was a "MUST" for me. The first "buy here"-dealer we visited didn't report at all - so he was not a choice.
                    I mean, if I have to pay that much in order to get a car, I wanted something in return. And if the loan is not reported, how am I supposed to rebuild my credit to obtain my next car at an acceptable interest-rate?
                    I agree completely. do you remember the name of the company that reported, and have u ever had any issues re: payments with them?
                    Ch 7 filed 8/15/11 341 9/22/11 Discharge 11/28/11
                    The rebuilding begins

                    Comment


                    • #11
                      Originally posted by jetsfan2010 View Post
                      I agree completely. do you remember the name of the company that reported, and have u ever had any issues re: payments with them?
                      Everything went smooth with them in re: payments over the last 3 years. At the beginning, money was really tight so I was two weeks late once in a while. However, since they are a smaller business, you can always call them and if they know when the payment will be made, they are very cooperative. I bought the car from them - and those are the ones reporting:

                      http://afsauto.com/
                      Filed CH7 9/24/2010, 341 on 10/28/2010, Disch.&Closed: 1/6/2011. FICO EX: 9/2: 672.
                      FICO EQ: pre-filing: 573, After BK Public Record: 568, 10/3: 673.
                      FICO TU: pre-filing: 589, After BK Public Record: 563, 9/2: 706.

                      Comment


                      • #12
                        thanks for the info on the lender IBroke.
                        Ch 7 filed 8/15/11 341 9/22/11 Discharge 11/28/11
                        The rebuilding begins

                        Comment


                        • #13
                          Originally posted by jetsfan2010 View Post
                          thanks for the info on the lender IBroke.
                          You're welcome!
                          Filed CH7 9/24/2010, 341 on 10/28/2010, Disch.&Closed: 1/6/2011. FICO EX: 9/2: 672.
                          FICO EQ: pre-filing: 573, After BK Public Record: 568, 10/3: 673.
                          FICO TU: pre-filing: 589, After BK Public Record: 563, 9/2: 706.

                          Comment


                          • #14
                            If you are presently in a Ch 13, you must get approval from the trustee before you incur any new debt.
                            Filed: 5/22/07; 341 Hearing: 6/27/07;
                            Confirmed: 8/13/07; DISCHARGED 4/17/2012

                            Comment


                            • #15
                              Originally posted by Nicollette View Post
                              If you are presently in a Ch 13, you must get approval from the trustee before you incur any new debt.
                              thanks Nicollete but I am not currently in 1(dismissed).
                              Ch 7 filed 8/15/11 341 9/22/11 Discharge 11/28/11
                              The rebuilding begins

                              Comment

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