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Got a decent post BK car interest rate one day after discharge

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  • Got a decent post BK car interest rate one day after discharge

    Well I was discharged on Thursday (thank god), they took my truck back in May. Then it was auctioned off two weeks ago, so I entertained buying a "beater" but I owed Uncle Sam about $4500 in taxes. I sent that money on the day I received the discharge notice to settle up with the government. Used car prices have risen to crazy levels for some reason, I was finding new cars for less than used ones. So I wanted to make the right decision and borrowed and rented cars for the last month and a half.

    After my discharge I got more serious about my vehicle search I did not have enough cash to get a decent vehicle, so financing was unavoidable. I called a few dealers who ran credit and a few didn't call back, but surprisingly most of them did. Once I sent them proof of my pay they said they can help me, but didn't disclose details. I drove down to the dealership ready to walk out if I didn't get a rate I liked.

    He showed me a used truck about $18,000 with 30k miles, then he showed me a brand new truck one year later model for $23,000 with 26 miles. He told me Ally Financial approved me for 14%, which I was happy with only being discharge for one day. I elected to finance the new vehicle only because my last vehicle was new and I drove it for 7 years without an issue before it was taken in the BK.

    For my situation this was the best move as I did not re-affirm anything and erased my $2000 a month mortgage in the BK, so I pulled the trigger. I am not thrilled about having a payment again, but the payment is well within what I can afford with no mortgage or credit card payments anymore.

    P.S. - I get to live in my house for at least a year to two years without making payments before they kick me out since I included it in my BK. That is why financing worked for MY situation, I urge anyone to explore all options before making a decision.
    Filed Chapter 7: 3/16/11
    341 meeting: 4/20/11
    DISCHARGED!!!!!!!: 07/1/11

  • #2
    Well, if you are living rent free and have already filed you can pound the car loan toward a swift payoff avoiding excess interest. Then you may be in a good position to either buy a house again or stay a little financially liquid with no car note.
    11/23/'10-filed ch 13. 1/6/'11-341, confirmed. Below median. Plan completed 11/30/2015. DISSCHARGED 4/4/2016.JP

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    • #3
      financially liquid with no car note - the american dream lol
      Ch 7 filed 8/15/11 341 9/22/11 Discharge 11/28/11
      The rebuilding begins

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      • #4
        Yeah that's what I plan to do actually. I am going to double up on the payments and any bonuses I get at work will go towards lowering the amount on the loan, I will try to refinance in a few months. I am going to be cautious on the house thing, I just got from under a lot of mortgage debt and going to take that slow. It's easy to get out from under a car payment, but a house is a different animal with the way things are. Unless I marry some filthy rich woman and then it's all a moot point!
        Filed Chapter 7: 3/16/11
        341 meeting: 4/20/11
        DISCHARGED!!!!!!!: 07/1/11

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        • #5
          Originally posted by jetsfan2010 View Post
          financially liquid with no car note
          That's what I planned - but that will only be the case for a few months. My car will be "note-free" this Saturday but in February, I'll trade it in. I just had to pay $1,200 for misc. repairs and maintenance where they discovered an additional oil leak which would cost me an additional $1,000 to fix. No way I'm going to invest that on a 12 year old car with 132K miles and no warranty. Who knows what happens next? $3K for a new transmission?

          In February, it's time for my new Lincoln MKZ Hybrid. I'd rather have a fixed monthly payment and drive a decent, reliable and - compared to my current ride - luxurious car that gets double the MPG.

          Meanwhile, I'm going to let my credit-score improve (will be one year out of BK when buying the new car) and save the $300 I paid every month for my old car as a downpayment.
          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.

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          • #6
            Originally posted by IBroke View Post
            That's what I planned - but that will only be the case for a few months. My car will be "note-free" this Saturday but in February, I'll trade it in. I just had to pay $1,200 for misc. repairs and maintenance where they discovered an additional oil leak which would cost me an additional $1,000 to fix. No way I'm going to invest that on a 12 year old car with 132K miles and no warranty. Who knows what happens next? $3K for a new transmission?

            In February, it's time for my new Lincoln MKZ Hybrid. I'd rather have a fixed monthly payment and drive a decent, reliable and - compared to my current ride - luxurious car that gets double the MPG.

            Meanwhile, I'm going to let my credit-score improve (will be one year out of BK when buying the new car) and save the $300 I paid every month for my old car as a downpayment.
            I come from that school of though as well IBroke, a some act like financing a car is the worst thing you can do. If you can't afford it then I can understand that, but I would rather have a steady note to pay and drive something reliable instead of hoping the previous owner took care of the vehicle. I don't live where there is public transportation or near any of my friends or family, if my car breaks down I am screwed. I had a myriad of used cars that I spent thousands repairing and keeping road worthy, and finally purchased new in 2004 I drove that vehicle until they took it in the bankruptcy (7 years). I hardly had any issues as I took care of the vehicle and purchased the extended warranty, it had 112k miles when they took it with no signs of breaking down.
            Filed Chapter 7: 3/16/11
            341 meeting: 4/20/11
            DISCHARGED!!!!!!!: 07/1/11

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