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4 those who said it couldn't be done!

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  • 4 those who said it couldn't be done!

    I have some uplifting news for those who think that things are not possible after ONE month from being discharged through chapter 13 ..

    I applied for a secured bank of america card, got turned down, was disappointed, well that didn't last long.

    My husband and I were able to get a $42,000 car loan on a Lincoln MKX and are you ready for this...the interest rate is.......3.9% and the payments are less than what i paid the trustee.

    so those of you who think it can't be done............it CAN!

  • #2
    Congrats on the car loan. Was it through a bank or independent finance?

    Comment


    • #3
      Holy Moley, $42,000 for a car! OH well...as I've already said here before I must be way behind the times as I would never spend that kind of money on a car. Maybe a computer but not a car. LOL
      Filed 11/17/11 Chapter 13, 341 meeting 12/21/11. Plan confirmed 1/19/12 - DISCHARGED 12/16/15

      Comment


      • #4
        I have not had a new car in 16 years! the financing is through ford motor credit aka Lincoln automotive financial

        well you can get a car cheaper but it's what I wanted for a change ...but yes this can be done. I can't guarantee it will happen for anyone here but it did for us and I was shocked because I had said to my husband, if we get this expect the interest to be 15%. I basically talked to one of their sales people at the dealership who helped to work out things though. cause i wanted an honest straightforward answer as to whether it could be done to buy a new car after 13 discharge and she said yes but we don't know the interest rate and her and the finance manager all but fell off their seat when we were approved for 3.9 percent however we did have to pay the taxes on it but then they even let us do that in payments half now and half next month.

        but it can be done

        Comment


        • #5
          Originally posted by iknowcupid View Post
          I have not had a new car in 16 years! the financing is through ford motor credit aka Lincoln automotive financial

          well you can get a car cheaper but it's what I wanted for a change ...but yes this can be done. I can't guarantee it will happen for anyone here but it did for us and I was shocked because I had said to my husband, if we get this expect the interest to be 15%. I basically talked to one of their sales people at the dealership who helped to work out things though. cause i wanted an honest straightforward answer as to whether it could be done to buy a new car after 13 discharge and she said yes but we don't know the interest rate and her and the finance manager all but fell off their seat when we were approved for 3.9 percent however we did have to pay the taxes on it but then they even let us do that in payments half now and half next month.

          but it can be done
          Cupid,
          While I wouldn't personally spend anywhere near much on a car... I congratulate you all the same and thank you so much for the inspiration. We all have different dreams and desires, I'm so happy for you to have achieved yours! Way to go!

          The Bajan
          Filed Ch 13 Feb 9, 2012, 341 meeting Mar 15, 2012, Confirmed Apr 5, 2012
          Anticipated freedom party Apr 2015

          Comment


          • #6
            to be honest with you I myself would never spend that much on a car but we actually are downsizing on cars since my hubby has a 2000 navigator which uses high test gas. and mine was 16 yrs old with 18,000 miles, yes you read that correctly. this new car will last me a life time. it's a fortune to fill his tank. I really haven't had the chance to have anything that I have wanted in a very very long time. I usually go without. but i pray a lot and perhaps this is my reward. I know it had to be from the hand of God that made this happen because it would have to take the act of angels to do what was done here for us to even get it or even have it approved one month after bankruptcy, they took more into account than that. our scores were not that low but see we had mortgages we paid outside of the plan and on time so that helped.

            I'm not sharing this to brag, i know it sounds that way, i'm sharing it because things really ARE possible once your discharged.

            what is so strange is i wanted to start off with a secured credit card and i went to my personal bank who i have my checking and savings and mortgages with and wanted a $300 secured card using my funds to use as a security deposit and they said NO, my own money! because of the bankruptcy. then on the other hand we were able to get a car for the price we did at the low interest rate. it's absolutely crazy and makes no sense to me. so when we get back on our feet and the bankruptcy comes off the report the end of next year and we refinance the mortgage rate (with someone else) we will then pull all of our money out of that bank and when they ask why we will tell them why.

            Comment


            • #7
              It is not an issue of bragging, it is an issue of "financial soundness"

              You just filed chapter 13 BK, and just saddled yourself with 42K of debt on a "new" car. Seems like a bad financial move no matter how you slice it.

              Comment


              • #8
                your always a downer! I'm paying this thing off in a year! my debt to income ratio is VERY low. but your always a downer no matter what anyone says thinks or does. not that I owe any explanations to you but my husband now collects pension as well as social security now and I myself now make a lot of money with a raise i just got in march. no one asked for your opinion. I am merely saying that it can be done and i talked to a financial advisor about this before we did it. he advised TO DO IT and so did the banker who does the refinancing on mortgages. they told me to pay on it for a year or so then refinance the mortgage

                i didn't just file bankruptcy 13, i filed it in 2006 that will be 6 years the end of this year. i'm discharged two months now.
                Last edited by iknowcupid; 04-07-2012, 10:52 AM.

                Comment


                • #9
                  Originally posted by HHM View Post
                  It is not an issue of bragging, it is an issue of "financial soundness"

                  You just filed chapter 13 BK, and just saddled yourself with 42K of debt on a "new" car. Seems like a bad financial move no matter how you slice it.
                  Agreed, doesn't seem like the lesson was learned. It's amazing how many people file BK multiple times beacause the habits that cause the problem do not change. it's crazy the money I spent trying to impress folks before I went BK. Now we actually have money when before we looked like we had money when we were driving cool cars living in a mcmansion all on credit. The best thing that could have happened to the poster would have been to get turned down on that Lincoln. Those cars have so many issues and depreciate so rapidly their financing arm tends to be pretty loose with approving folks just to keep the nameplate going (15 years of dealership experience I'm speaking from). It's funny now that I have money to pay cash for many cars I used to drool over I have no interest any more, now we own a 160k mile Honda (which will be running long after most new Licoln's and Escalades will be worn out). Never again will I be a slave to a big car payment to impress!

                  P.S. Many financial "advisors" are broke themselves!

                  Comment


                  • #10
                    Originally posted by iknowcupid View Post
                    your always a downer! I'm paying this thing off in a year! my debt to income ratio is VERY low. but your always a downer no matter what anyone says thinks or does. not that I owe any explanations to you but my husband now collects pension as well as social security now and I myself now make a lot of money with a raise i just got in march. no one asked for your opinion. I am merely saying that it can be done and i talked to a financial advisor about this before we did it. he advised TO DO IT and so did the banker who does the refinancing on mortgages. they told me to pay on it for a year or so then refinance the mortgage

                    i didn't just file bankruptcy 13, i filed it in 2006 that will be 6 years the end of this year. i'm discharged two months now.
                    No one is being mean, it's just a dose of reality. While things may be going good now, taking on huge debt just out of a BK is really not a good thing to do, whether one can afford it or not. First, you will have a Chapter 13 showing on your credit reports for 7 years from your filing date. The reason you got the loan (I went through basically the same after purchasing a new car while still in Chapter 13 after paying off the Plan and got 0% financing on a much smaller new vehicle) is because (1) Ford Credit knows you are debt free and cannot file BK again for a while and they can take that car in a minute as it's a secured debt and (2) you probably had a past car loan that you paid on time and in full with Ford Credit or a related lending company. While you feel good that you were able to obtain the vehicle and, yes, things do look brighter and better after discharge, don't set yourself up for future disaster - we are over five years past discharge and learned our lesson after having a 70% drop in income causing us to file along with living beyond our means and having high debt. We never thought the big over six figure income would ever go away but it did. I have learned to live knowing I don't have to have a pair of high heels in seven different colors. Again, no one is being mean - we are trying to keep you on track and not to go overboard and not get defensive about it - most of us have been there and many have posted like you and come back in a year or so wondering why they are in a bad financial position again and have to file again. Be careful and prudent and sometimes reality can bite hard when we least expect it. Congrats on the new vehicle and be careful over the coming years as you still have that BK on your credit reports for a few years yet and with this new purchase, you can bet you will be denied future credit/loans if you apply.
                    Last edited by Flamingo; 04-07-2012, 02:31 PM. Reason: Changed to 7 years from filing date for coming off of credit report...not 7 years past discharge as originally stated
                    _________________________________________
                    Filed 5 Year Chapter 13: April 2002
                    Early Buy-Out: April 2006
                    Discharge: August 2006

                    "A credit card is a snake in your pocket"

                    Comment


                    • #11
                      Flamingo, you stated that a chapter 13 stays on 7 years after discharge, is that really true. I thought it was 7 years after filing

                      Comment


                      • #12
                        Originally posted by magic13 View Post
                        Flamingo, you stated that a chapter 13 stays on 7 years after discharge, is that really true. I thought it was 7 years after filing
                        Sorry - you are correct - I meant 7 years past the filling date. Sometimes I just type too fast!!!!
                        _________________________________________
                        Filed 5 Year Chapter 13: April 2002
                        Early Buy-Out: April 2006
                        Discharge: August 2006

                        "A credit card is a snake in your pocket"

                        Comment


                        • #13
                          well mine comes off next year. i have not used credit in over 7 years i don't run around buying new cars doing new things, in fact i saved enough money in order to buy a new roof i needed, i paid cash for everything. i don't deserve to be judged by you, you have no idea what my spending habits are . in fact the car payment is LESS than what I paid the trustee for five years. I'm not impressing anyone with a large car payment. how dare you judge me you selfish bi*** EVERYONE's circumstance is different for declaring bankruptcy, to judge someone saying "these folks never learn and go out multiple times to declare bankruptcy cause they never learn...maybe that's YOU but it's not ME.

                          I don't care if you report this if you ban me from here. no one has the right to put down someone for their bankruptcy to suggest i go out and spend spend spend, you have no idea what my life has been like. I had medical bills for cancer. i guess i deserved that too. oh la dee da!!

                          this is in reference to : tradinglife, not you flamingo

                          Comment


                          • #14
                            Originally posted by iknowcupid View Post
                            well mine comes off next year. i have not used credit in over 7 years i don't run around buying new cars doing new things, in fact i saved enough money in order to buy a new roof i needed, i paid cash for everything. i don't deserve to be judged by you, you have no idea what my spending habits are . in fact the car payment is LESS than what I paid the trustee for five years. I'm not impressing anyone with a large car payment. how dare you judge me you selfish bi*** EVERYONE's circumstance is different for declaring bankruptcy, to judge someone saying "these folks never learn and go out multiple times to declare bankruptcy cause they never learn...maybe that's YOU but it's not ME.


                            I don't care if you report this if you ban me from here. no one has the right to put down someone for their bankruptcy to suggest i go out and spend spend spend, you have no idea what my life has been like. I had medical bills for cancer. i guess i deserved that too. oh la dee da!!

                            this is in reference to : tradinglife, not you flamingo
                            I may have been a bit harsh, however I don't appreciate being called a selfish bi***. For one thing I am not a female, i am a male who participates in MMA and trains strength athletes in my spare time, so I doubt most people would say that to me in person. As for the selfish reference, actually if I were being selfish I would encourage people to buy $42,000 cars since I sell cars for a living and that pays my salary. Maybe that is why I am so quick to be negative when people talk about buying new cars, since I see so many people buy new cars they can't afford everday in my job, i myself have bought many (wish I had that money back now, lol). Sounds like you have done a better job than most getting back on your feet after BK, we just have different opinions on what we want our after BK life to be.

                            Comment


                            • #15
                              Congrats iknowcupid on your successful ch 13 completion.

                              I must say that it does sound scary to jump back into a large payment on anything, but as you stated the car payment is less than what the trustee payment was and you managed your life through it. Plus your income has increased to help even further. Personally I would have waited to add tons of cash to it, then again if I cannot make the payment does it really matter what amount it is?

                              We all have different viewpoints from where we are and have been in life. The folks here do mean well, even though statements are not always expressed with compassion. You will not always hear what you want.

                              Enjoy your ride, as it is your reward for the fight you have been in for many years now.
                              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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