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

I just bought a car....

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

  • I just bought a car....

    I filed chapter 7 bankrupty 5 years ago

    Financed with Honda

    2009 Honda Civic

    Price $15,274

    $5,000 down payment

    36 months

    8.9% APR

    $327.89 a month

    How did I do?

    I am going to be paying $1,000 a month instead of $327.89 a month to pay my car off in 10 months instead of 3 years to save interest, I know it is going to be the hardest thing I ever done but it is the smartest thing to do and I know I will be very proud of myself for doing it! I can do it!

  • #2
    That's a pretty high interest rate for 5 years out from Chapter 7. Do you know what your "auto-enhanced" FICO score was? It is even more interesting that you put down $5K and the rate is still relatively high. I suspect that your enhanced score is not above 670 or the Honda isn't being nice.

    I do like your plan to pay it off quickly.
    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
      Originally posted by justbroke View Post
      That's a pretty high interest rate for 5 years out from Chapter 7. Do you know what your "auto-enhanced" FICO score was? It is even more interesting that you put down $5K and the rate is still relatively high. I suspect that your enhanced score is not above 670 or the Honda isn't being nice.

      I do like your plan to pay it off quickly.
      The other dealerships want 17% so 8.9 is the best I can get! My FICO score is 450 so yeah, I have horrible credit, that is why I have high interest rate

      Comment


      • #4
        Well, the your interest rate is awesome compared to your FICO score! Yes, I would have expected high teens (17%+) or low twenties (20%+) for that FICO score. By paying it off quickly, you will offset the affect of the interest rate.
        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


        • #5
          Originally posted by justbroke View Post
          Well, the your interest rate is awesome compared to your FICO score! Yes, I would have expected high teens (17%+) or low twenties (20%+) for that FICO score. By paying it off quickly, you will offset the affect of the interest rate.
          Yup!!

          Comment


          • #6
            Originally posted by SweetGirl View Post
            The other dealerships want 17% so 8.9 is the best I can get! My FICO score is 450 so yeah, I have horrible credit, that is why I have high interest rate
            Well hopefully you have learned from this exercise that you need to improve your FICO score. 450 five years after filing sounds like you have been doing other things to hurt your score after your bk.

            Comment


            • #7
              I have not been doing other things to hurt my score, it never went up since I have not done anything to improve my fico score

              Comment


              • #8
                Good job. Given that it is a 3 year old used car, that is not that bad a rate...the best rate probably would have been somewhere in the 5's anyway (more likely the 6's) unless you go through a credit union, just depends on the region and the lenders available. So, you are only 2-3 points higher than what someone with really good credit would have received (although they probably would not have needed to put $5k down). Over the life of the loan, that is only a $496 difference (or $13.77 per month) between an 8.9% rate and 5.9% rate.

                Plus, this car loan will help your credit.

                Granted, I am extremely anti credit, but 450 5 years out for BK is almost not possible. I would suggest you look at doing some "credit" clean-up. It can only be that low if things are not being reportedly properly. You should do that at the very least.
                Last edited by HHM; 07-18-2012, 05:03 PM.

                Comment


                • #9
                  Originally posted by HHM View Post
                  Good job. Given that it is a 3 year old used car, that is not that bad a rate...the best rate probably would have been somewhere in the 5's anyway (more likely the 6's), just depends on the region and the lenders available. So, you are only 2-3 points higher than what someone with really good credit would have received (although they probably would not have needed to put $5k down). Over the life of the loan, that is only a $496 difference (or $13.77 per month) between an 8.9% rate and 5.9% rate.

                  Plus, this car loan will help your credit.

                  Granted, I am extremely anti credit, but 450 5 years out for BK is almost not possible. I would suggest you look at doing some "credit" clean-up. It can only be that low if things are not being reportedly properly. You should do that at the very least.
                  I think your math illustrates why it is important to be more proactive about your credit after filing for BK. 1 year and 3 months after filing I refinanced my 3 year old car at 3.9% interest with the local credit union. 6 months earlier I had taken out a secured credit card with them with zero annual fee. Albeit the refinance was from a 2.9% loan that had been discharged and not reporting the costs to me was $7500 @1% and will be paid off in 1 year thus less than $35.00. I cleared up some improper reporting by a collection agency and obtained a couple other credit cards. Only costs is a BofA secured with a $59 AF I expect to product change before the year is up. Less than 2 years out my FICO is 669. I now also have a Barclays Reward card with a $4500 limit no AF. Thus my total costs to rebuild is less than $100 and will save me far more in interest rates when I go to replace my car that has the lease running out in @ 6 months.

                  I agree that you should not be obsessed with your credit scores nor fall into a revolving credit trap, however, there are legitimate needs with credit and I suspect with a little intervention the OP could have received a far better rate.

                  Comment

                  Unconfigured Ad Widget

                  Collapse
                  Working...
                  X