Announcement

Collapse

Forum Rules (Everyone Must Read!!!) (updated: 04/28/2015)

Welcome to the Bankruptcy Forum. Bankruptcy (BK) Forum is known as BKForum.com and will be referred to as BKF hereinafter. In order to ensure a long term success of our vibrant community, we have established certain rules and guidelines to which everyone must adhere to. Please take your time to carefully read our rules, before you start to participate in the community.

Things you agree to do:
BKFORUM.com (BKF) users agree to use the search function before starting a new thread. This prevents duplicate discussions and allows for better organized topics.

All BKF users agree to read the sticky posts which may be available at the top of a forum page. These Sticky posts often contain valuable information. They may also outline more rules and guidelines specific for that particular forum, stickies are put in place by that forums moderator(s) or admin(s).

Things you agree not to do:

All BKF users agree not to call people names or write a post simply to make a personal attack, or get a negative reaction; this behavior is not allowed on our forum. The use of derogatory language aimed at anyone will be severely dealt with. There is no need to agree with each other, or to even like each other. However, by signing onto BKForum.com you agree to treat each member and guest with the respect they deserve. No threats or personal attacks will be allowed.

All BKF users agree not to discuss, engage, or encourage any behavior or activity which violates the law. Discussion of drugs, violence, murder, theft, vandalism, fraud or any other issue which could be used to help individuals break the law is strictly forbidden.

All BKF users agree not to "bump" old threads, unless there is a specific benefit to the community by doing so. But in most cases, please don't post in very old threads, instead start new threads.

All BKF users agree not to attempt/use another members account. It is against BKF rules to use any account other than your own. Impersonating another member will result in an immediate ban. It is also against the rules to open more than one account in your own name without permission from a moderator or administrator. If you have been banned for any reason, it is against the rules to open another account. If you were banned temporarily and you are caught using another account you will be banned permanently. Choosing a moniker which is similar in either sound or spelling as a moderator or administrator is strictly forbidden.

All BKF users agree not to private message any moderator, admin, or other member with questions related to their personal circumstances (Questions about the forum or issues with the forum are ok). This forum only works when members share their experience and insights with everyone.

Things you agree not to post:
All BKF users agree not to post any derogatory/racist/or sexist remarks. This includes attachments, links and all information contained within posts, signatures, and avatars, failure to comply with this rule will result in a permanent ban.

All BKF users agree not to post any copyrighted or trademarked information without the express written permission of the owner(s) / proper citation of source.

All BKF users agree not to post any real names, addresses, telephone numbers, email addresses, social security numbers, or any other personal details (their own or other people's).

All BKF users agree not to post links, pictures, attachments, videos, or the like of pornographic content, objectionable material or extreme violence, whether cartoon or real.

All BKF users agree not to use BKF for advertising purposes without a written contract between yourself/company/agent and the administration of BKF. Blatant advertising will result in a ban.

All BKF users agree not to spam the forums. Spam includes but is not limited to posting erroneous, non-relevant-useless, off-topic, or meaningless posts. Spam may also include posts which contain no text, or large areas of blank space between lines. Simply posting emoticons without text is considered spam. BKF is the largest bankruptcy message board and all the content is intended to help other users. Please help us improve the quality of our forum by making sure that your posts are well-worded, spell checked, grammatically correct and syntaxed.

Regarding actions of moderators and administrators:

The forum is no place to air out your opinion or be judgmental of our staff and its capabilities.

All BKF users agree not to abuse or mistreat moderators or administrators. It is against BKF rules to post any information regarding bans or any other action taken by a member of the moderating or administrative team. If you wish to discuss bans or warnings please do so via PM. To place a complaint against a moderator, send a PM to a super moderator. All Moderators are equal, any decision made by a moderator must be adhered to. If a moderator tells you something you do not like, do not go to another moderator looking for a different answer. If you are caught doing this you will be banned. The moderators work as a team and respect the decisions made by their peers and will help enforce them unless an administrator tells them differently.
If you have an issue with how the forum is run, then notify one of our administrator and we will look into the situation. We have in the past and still do appreciate any input that you offer this forum. But critical input and/or judgmental postings towards the staff will result in you getting banned.


Should you find a thread offensive or out of line, then notify a Mod in a PM so they can evaluate the situation and do the action deemed necessary.

All moderators do have active "other" lives outside of the forum and help moderate this forum in their spare time throughout the days and weeks.

If you have a problem with a member or Mod follow the proper channels of reporting it.

BKF reserves the right to delete any posts which contain anti-BKF comments or discussion. Any bashing of moderators or administrators, or any of their discussion or actions will also be deleted, and the responsible posting party(s) will be banned. Any public anti-BKF advertising, communication, or posts on another forum will result in permanent bans as well.

All warnings and bans are decided by individual moderators and administrators. Warnings are preferable to bans however, for serious offenses and repeat abusers bans will go into effect. The length of the bans can vary from several hours to permanent.

All messages posted or sent including through PM are the property of BKforum.com.

All BKF users agree not to advertiser on the forum (Niether by posting, private messaging or using your signature). If you are a company/attorney/legal adviser wishing to advertise on the site or sell a product, you must contact the head administrator and inquire about our advertising packages.

All bankruptcy related opinions expressed on BKForum.com are those of their authors and not necessarily of BKF, its staff or representatives.

You agree not to copy any material/post/content from BKF without written permission from our head administrator .

By posting on this forum you agree to these terms and conditions, including any punishment deemed appropriate by moderators or administrators in the event of an offense.

Administrators/Moderators can change these rules at any time without prior notice.
See more
See less

9 year post BK with upcoming car purchase....

Collapse
X
  • Filter
  • Time
  • Show
Clear All
new posts

  • 9 year post BK with upcoming car purchase....

    Hi all!

    Filed for BK7 in 2003, discharged same year.

    Purchased a new car in 2007 with 9.9% rate (trade in)

    Purchased a new car in 2011 with 3.9% rate (trade in)

    Now I find myself needing to buy a new car for myself (the last 2 above is my wife's under my name) I am considering a 2012 Toyota Prius C. I have never financed or purchased thru Toyota.

    Now, I checked my USAA bank's credit monitoring services on all 3 agencies and was surprised that 2 of them has 770 credit score (both still have BK on file till early next year) and one is 735 that one does not have my BK on it. Ever since BK, I have NEVER been late or missed anything!

    My question is: Can I buy a car with no down payment (no trade in, since I'm giving my old car to my kid)? I am planning to use $2k to cover tax and tags with my Visa (Not sure if Toyota dealership accepts credit card for such purpose?). I make over 75k a year and I only have 1,500 balance on my VISA plus $12,000 for my wife's car loan balance. Will I have issue with Toyota dealership when applying for finance thru them?

    Or is it better to apply my Patelco Credit Union and see how they offer APR if too high, will dealership beat that? since its double credit inquiry pulls!

    Lastly, any suggestions?

    Thank you!
    californiano

  • #2
    With that credit score (above 720), you should be able to get the so called "Tier 1+" credit from any auto dealer or your credit union. My credit union typically gives 1.9% on new cars. Some manufacturers are offering 0% on 60 months for "well-qualified" customers which is Tier 2 and better. You should have no issues. I would apply at the credit union AND the car dealership at the same time (same couple of days). Compare the offers and select the best.

    At the car dealership, you can use a credit card to split the payment if you prefer to pay the estimated tax and tags with the card.
    Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
    Status: (Auto) Discharged and Closed! 5/10
    Visit My BKForum Blog: justbroke's Blog


    I am not an attorney. Any advice provided is not legal advice.

    Comment


    • #3
      I'm pretty sure you can go to the Toyota website and apply for credit there to see where you stand, but I can't see why you wouldn't get the 0% financing. If not, I'd try negotiating for it.

      Comment


      • #4
        I agree with applying to both, and somebody correct me if I am wrong but as long as the inquiries are of the same type (auto loan) and same timeframe (couple days) it only counts as one hit anyway, correct?

        Comment


        • #5
          Consumer Advocate, Clark Howard, always recommends going to your credit union or bank, and get pre-approved for a loan, BEFORE walking into any automobile dealership. He says that 99% of the time you can always work a better deal for yourself doing that, than trying to deal with the finance people at a dealership.

          Good luck!
          "To go bravely forward is to invite a miracle."

          "Worry is the darkroom where negatives are formed."

          Comment


          • #6
            Originally posted by goon View Post
            I agree with applying to both, and somebody correct me if I am wrong but as long as the inquiries are of the same type (auto loan) and same timeframe (couple days) it only counts as one hit anyway, correct?
            This is correct, and I believe that if the lender uses the "newest" FICO model, it allows 14 days for both auto loans and home loans.
            Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
            Status: (Auto) Discharged and Closed! 5/10
            Visit My BKForum Blog: justbroke's Blog


            I am not an attorney. Any advice provided is not legal advice.

            Comment


            • #7
              Ok,

              I just got confirmation from dealership that they have my new car ready for this Saturday. My question is when is the best time to apply thru my credit union to see what rate they offer before I try using dealership application for finance probably thru Toyota Financial or other banks.

              Let me know...kinda nervous thou'!

              Comment


              • #8
                Originally posted by californiano View Post
                I just got confirmation from dealership that they have my new car ready for this Saturday. My question is when is the best time to apply thru my credit union to see what rate they offer before I try using dealership application for finance probably thru Toyota Financial or other banks.!
                You should have already submitted to your credit union. If USAA is anything like NFCU, they can even give you a "draft" check, for you to use. (It's basically a "blank" check good up to a certain amount. ) The draft check is your approved credit, with your rate already set, terms, and can be completed up to a certain amount. I'd apply for the maximum that you need so that your draft will say something like "good for any amount from $10,000 not exceeding $25,000".

                Congratulations.
                Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
                Status: (Auto) Discharged and Closed! 5/10
                Visit My BKForum Blog: justbroke's Blog


                I am not an attorney. Any advice provided is not legal advice.

                Comment


                • #9
                  JustBroke,

                  I plan to apply at Patelco CU (California) since I'm a CU member but I am not eligible to apply for auto loan at USAA (non-military accounts).

                  Other thing is can I apply like GoldenOne CU for auto loan if I'm not a member???

                  Comment


                  • #10
                    Originally posted by californiano View Post
                    Other thing is can I apply like GoldenOne CU for auto loan if I'm not a member???
                    It depends on the credit union. Some allow you to apply for credit and membership at the same time.
                    Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
                    Status: (Auto) Discharged and Closed! 5/10
                    Visit My BKForum Blog: justbroke's Blog


                    I am not an attorney. Any advice provided is not legal advice.

                    Comment


                    • #11
                      Ok thanks but I think one CU would be enough?

                      Comment


                      • #12
                        If you are already at a particular CU, with deposits (share account, direct deposit), a history, and other credit products, they are usually your best bet. However don't be afraid to shop the rate! All the inquiries within the 14 days count as one inquiry. (Note: after the 14 days, the inquiries each count individually and are no longer "pooled" as one inquiry... so don't go crazy.)

                        I might be inclined to check a couple. Also, be wary of dealerships. They will, sometimes, submit your loan to multiple lenders and banks (as many as 3-5). Each could run your credit. That's why I like coming there pre-approved either through my bank/CU or through the Manufacturer's credit services. I always tell them I'm not filling out an app, and that they are not authorized to run my credit.
                        Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
                        Status: (Auto) Discharged and Closed! 5/10
                        Visit My BKForum Blog: justbroke's Blog


                        I am not an attorney. Any advice provided is not legal advice.

                        Comment


                        • #13
                          Applied thru Patelco CU yesterday morning. Still in *Pending* status today ugh! They said they are understaffed and probably would be in few hours but that was yesterday!

                          Another thing came up...I did notice Toyota web site where people can apply for pre approved thru Toyota Financial is this a good idea? or wait to apply at the dealership this Saturday?

                          Comment


                          • #14
                            Hmm...kinda disappointed...Patelco offered 5.04% for 60 months WTH? My USAA credit reporting service says I have Experian of 770 while Patelco pulled they said 718! I have 9 years of perfect credit no late payments no blemishes since my BK7 was discharged 7/2003

                            Am I doing anything wrong or what's wrong with this picture? Remember I got 3.9% last year thru the auto manufacture's financial company.

                            Comment


                            • #15
                              USAA are considered FAKO scores, they are no FICO, your scores via the dealer would probably be higher as they use auto enhanced. I would assume getting pre-approved through the toyota website wouldn't hurt, because you have a 2 week period to shop around for auto/mortgage rates and it only impacts your score as 1 inquiry.

                              Comment

                              Unconfigured Ad Widget

                              Collapse
                              Working...
                              X