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Buying/Leasing a car after BK

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  • #16
    I appreciate all the input. The fact is we are looking for a used truck. The insurance alone is off the chart for a teenage boy so we had already planned on buying an old vehicle. I have already researched some dealerships in town(Memphis) and there are several who are not "we tote the note" kind of places who will work with people who have filed BK. I have also checked with the Better Business Bureau in Memphis and the companies have good records with them so while we are reduced to only dealing with certain car lots, I know not all of them are sleazy. We would not even consider leasing a vehicle even if we could. We went down that road, only saved a few dollars and ended up getting nothing when the lease was up. The Credit Union said it is THE most expensive way to buy/drive a car.

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    • #17
      trying using the likes of www.roadloans.com or www.driverloans.com for bad credit auto financing. Don't apply for to many of these services.......because they use a lot of the same network of subprime lenders and dealerships.
      The information provided is not, and should not be considered legal advice. All information provided is only informational and should be verified by a law practioner whenever possible. When confronted with legal issues contact an experienced attorney in your state who specializes in the area of law most directly called into question by your particular situation.

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      • #18
        Thanks Todd.

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        • #19
          Ford Motor Credit is BK friendly.......

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          • #20
            Thanks I will try them too. Unfortunately, roadloans.com does not do business in Tennessee. Wouldn't you know it I live in one of the 2 states they dont do business in. I am trying driver loans.com. Do you think it makes any difference if you use another paid for car as collateral? My son found several trucks that are reasonable at a Chevrolet place? Husband is going by today to check them out.
            Todd, given roadloans wont do business with us do you have another source for auto loans besides driver loans.com? I wont check with any others but I need at least 2.

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            • #21
              Good experience leasing

              Not to digress from your BK question, but I too, chose leasing because of horrendous car repair costs. I vowed I would never own a used car again. After working in outside sales (mailing and shipping systems), I saw that a machine is a machine is a machine. It can only depreciate, become obsolete by changing technology and have parts that will fail. Yikes!! Good luck!

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              • #22
                www.driverslane.com
                www.creditprovide.com
                www.auto-loans-financing.com
                www.barnoneonline.com
                www.carcredit.com
                www.badcreditalliance.com
                www.premierautofinancing.com

                Don't forget to work with your local dealerships directly........a lot of dealerships have decent finance networks for subprime borrowers.

                Good Luck!
                The information provided is not, and should not be considered legal advice. All information provided is only informational and should be verified by a law practioner whenever possible. When confronted with legal issues contact an experienced attorney in your state who specializes in the area of law most directly called into question by your particular situation.

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                • #23
                  Thanks Todd.

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                  • #24
                    purchased a used car

                    My husband and I purchased a 2000 Chrysler Town and Country Limited All-wheel-drive Monday night. We paid 9151 for the van itself and then added on an extended warrenty for 5 year 100,000 mile. Our intrest rate sucks 17.99% Our payments are 328.74 for 4 years. We're planning on refi the car in a couple months to get a lower rate. We've been discharged since 6/14.

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                    • #25
                      approved for new truck

                      Hi everyone first post here. i want to give everyone who went bankrupt a little hope. I was discharged on 5-4-04. My credit score is now a 676. i went to Ford yesterday and got approved for a brand new 2005 Ford F150 through Ford Credit. My interest rate was 9.9%. One percent cheaper than the auto loan I got before my bankruptcy. Any other Comments or questions I will respond to

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                      • #26
                        Why is everyone looking for new cars right out of bankruptcy? Did you not learn your lesson. Save your money for a few months. Go find you a decent, safe, gas saving, hoopty that runs great for a grand or two and keep saving your money for later when your credit gets built back up and you can actually AFFORD the payments of a new car. Thats the problem with this world today. Most people think that they have to have a new car, and if they dont people will make fun of them. Come on. Grow UP. Such a materialistic world we live in. Currently I drive a 1992 Pontiac Bonneville w/ 163k miles on it and it runs perfect. Sure its kinda ugly (not that ugly) and needs a paint job...but you know what...it has ran for over a year with no problems, it is safe, dependable, good on gas and I am able to put back 350-450 bones a month because i dont have that payment. Let me do that for a few years and rack up the dough then we will see...Maybe i will give you a ride on my new Harley at that time...Cars are for too and fro...Dont live in them...Go buy some toys to enjoy your life with...
                        So its time to get real and look at the big picture. Yea so some people have nice things that you dont. Do you think they go home and say damn those people are freaking poor...did you see the car they drive...and laugh...They dont care because they have their own problems to worry about. Living for right now is fun...but is it the best idea...I say live ok for now...and live ok for later. Dont overkill the saving and not spending...but dont piss away loot either. When it comes time to retire your gonna wish you saved that money and was able to buy your place on the beach and sip on margaritas the rest of your life. I can hear the ocean now............................................... .

                        You could say I've learned my lesson......

                        ~soldout~

                        Comment


                        • #27
                          Originally posted by soldout
                          Why is everyone looking for new cars right out of bankruptcy? Did you not learn your lesson. Save your money for a few months. Go find you a decent, safe, gas saving, hoopty that runs great for a grand or two and keep saving your money for later when your credit gets built back up and you can actually AFFORD the payments of a new car. Thats the problem with this world today. Most people think that they have to have a new car, and if they dont people will make fun of them. Come on. Grow UP. Such a materialistic world we live in. Currently I drive a 1992 Pontiac Bonneville w/ 163k miles on it and it runs perfect. Sure its kinda ugly (not that ugly) and needs a paint job...but you know what...it has ran for over a year with no problems, it is safe, dependable, good on gas and I am able to put back 350-450 bones a month because i dont have that payment. Let me do that for a few years and rack up the dough then we will see...Maybe i will give you a ride on my new Harley at that time...Cars are for too and fro...Dont live in them...Go buy some toys to enjoy your life with...
                          So its time to get real and look at the big picture. Yea so some people have nice things that you dont. Do you think they go home and say damn those people are freaking poor...did you see the car they drive...and laugh...They dont care because they have their own problems to worry about. Living for right now is fun...but is it the best idea...I say live ok for now...and live ok for later. Dont overkill the saving and not spending...but dont piss away loot either. When it comes time to retire your gonna wish you saved that money and was able to buy your place on the beach and sip on margaritas the rest of your life. I can hear the ocean now............................................... .

                          You could say I've learned my lesson......

                          ~soldout~

                          I agree. I had the chance to reaffirm my expensive truck and I've decided to get rid of it. Not because its unreliable or not because I dont like it, but I'm just sick of being stuck under a car payment. I bought a car on the side from a buddy that works fine for now until i can save up a few grand and get something else. I think part of it for me is that the thrill of buying something new is gone for me anymore, I actually feel better about buying this used car and driving it knowing I will be saving money. This whole thing has defintely been a learning experience for me. I feel like now I have a 2nd chance to do things right. Just my .02
                          Filed: 10/3/05
                          341: 11/15/05
                          Discharge: 1/14/06

                          Comment


                          • #28
                            Originally posted by soldout
                            Why is everyone looking for new cars right out of bankruptcy? Did you not learn your lesson. Save your money for a few months. Go find you a decent, safe, gas saving, hoopty that runs great for a grand or two and keep saving your money for later when your credit gets built back up and you can actually AFFORD the payments of a new car. Thats the problem with this world today. Most people think that they have to have a new car, and if they dont people will make fun of them. Come on. Grow UP. Such a materialistic world we live in. Currently I drive a 1992 Pontiac Bonneville w/ 163k miles on it and it runs perfect. Sure its kinda ugly (not that ugly) and needs a paint job...but you know what...it has ran for over a year with no problems, it is safe, dependable, good on gas and I am able to put back 350-450 bones a month because i dont have that payment. Let me do that for a few years and rack up the dough then we will see...Maybe i will give you a ride on my new Harley at that time...Cars are for too and fro...Dont live in them...Go buy some toys to enjoy your life with...
                            So its time to get real and look at the big picture. Yea so some people have nice things that you dont. Do you think they go home and say damn those people are freaking poor...did you see the car they drive...and laugh...They dont care because they have their own problems to worry about. Living for right now is fun...but is it the best idea...I say live ok for now...and live ok for later. Dont overkill the saving and not spending...but dont piss away loot either. When it comes time to retire your gonna wish you saved that money and was able to buy your place on the beach and sip on margaritas the rest of your life. I can hear the ocean now............................................... .

                            You could say I've learned my lesson......

                            ~soldout~

                            Wow. That's really really harsh.

                            I would like to let you know that I don't have kids, a husband, or a mortgage. I have me, and I make damned good money now that I have landed my dream job. I wanted a new car, so I could quit putting $500.00 worth of repairs into my Volkswagen every two weeks.

                            I did learn my lesson: to not marry an ******* the next time around. You forget that not everyone here are "complete losers who didn't pay their bills." When someone takes your name, and soc number and uses it to wrack up credit cards just to screw you over, then you can tell me what I can and can't do with my money.
                            BUSY running my own credit repair services! Sorry I don't stop in so often any more!

                            Comment


                            • #29
                              Originally posted by tinroofrusted
                              Wow. That's really really harsh.

                              I would like to let you know that I don't have kids, a husband, or a mortgage. I have me, and I make damned good money now that I have landed my dream job. I wanted a new car, so I could quit putting $500.00 worth of repairs into my Volkswagen every two weeks.

                              I did learn my lesson: to not marry an ******* the next time around. You forget that not everyone here are "complete losers who didn't pay their bills." When someone takes your name, and soc number and uses it to wrack up credit cards just to screw you over, then you can tell me what I can and can't do with my money.
                              I wasnt meaning to be harsh to the people here...Mainly people in general...I know everyone has a different story and I'm glad you can afford a nice vehicle to get you around and that you have landed your dream job...Most people dont. And Im also sorry that you got screwed by someone else and have to go through something you shouldnt have. But most of "US" are having to file because of either ruff times, failed business risks, and just plain ole financial stupidity and bad luck...And to worry about wether or not someone will finance a new car is just out of the question. So if someones intention is to file B/K just to get rid of some cc debt or what not so they can afford a new car payment right after the discharge is just obsered and immoral. The 75% or so (just a quess) that has to file not because of someone else...we will learn our lesson and start to enjoy the finer things in life besides a vehicle, and maybe one day like myself or theurge might get that hard earned vehicle or toy that we want.

                              ~soldout~

                              Comment


                              • #30
                                BTW... Dont most cc companies now have that protection when someone has made a fraudulent purchase yadayadayada...I would think you would be able to get that money back or have the purchases taken care of. or did you just say well...i know he will pay it back and you didnt want to screw him. Ultamitely YOU are responsible for the safekeeping of YOUR S.S, C.C., and all the other information that belongs to YOU. Yea a husband on the same accout...yadayadayada...Maybe you could have closed the account, or during the divorce/seperation have that included in the papers....There are many steps you could have taken to prevent that problem. But..thats over with and I can imagine that you probably wont make that mistake again.

                                ~soldout~

                                Comment

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