If this is not the correct place to share this info please move. I just thought others may benefit from it.
You can see my Situation in my other posts. I am currently 14 days after my 341 meeting. I started looking Monday of this week to see where my options were. I started with the Barrage of mailings I received and picked out several of the larger dealerships that were close. One was a American made Auto dealership the other a Foreign car dealership. I talked to both over the phone, The American made car dealership seemed like pretty bottom of the barrel choices. Very high mileage, small selection. I decided to try the Foreign car dealership.
I get in, Guy was typical salesman / finance manager. He start off by asking why I was in Br asked what car I was getting rid of . He then breaks it out for me.
American made cars (Banks will only provide short term loans towards) 3 years max- Interesting since it was a foreign car dealership (The Big T)
Toyota or Hondas the bank will go out to 66mo if it is 3 years or less old and under a certain amount of miles.
Interesting enough he would not talk interest rates. Only payments--
My main requirement is I needed something to carry at least 6 people.
I test drove a few minivans, 1 small SUV that was American made
So this was the best offer he came up with 22k for Toyota Sienna 2013 55k miles with GAP insurance 1 year 12k mile warranty Monthly payment $560.00 66mo. That ended up being 16.99% $500.00 down
He explained That the Lender would call me up for an Interview and ask me a series of questions, Then they would validate all my work info etc.
The whole process could take up to 5 weeks for the final approval! But of course I could take the car that day. If I agreed to pay the .50 per mile and any ware and tare plus damages if the loan was declined for any reason.
It took over 3 hours to get to this point. The Last and final glitch was he looked up and asked about the other car I have and if I was turning it in.
I said no- that car is what my daughter uses to get to school. I am caught up and keeping it. He then states well I am sorry I didn't catch this but
the bank wont lend to you if you have another car loan! I said seriously? He said no problem we just need a cosigner. I said absolutely not would I even consider that.
I said well I found out all I needed, so thank you for your time. He said what about your Wife. (She dosent work, and was not part of my BR, no income.) I explained this and he said no problem she will get the loan through. I said absolutely not. If something would happen to me then she would be responsible for the loan- A sub-prime loan with a high payment and no income. Who would do that to another person? I said thank you for your time and left.
Honestly if it is not to late, I think I will just catch up the payments on my existing car loan and keep it. I am upside down, But it has a warranty an affordable payment and it is reliable. 5% interest rate
I have a meeting with my attorney Tuesday to talk about my other reaffirmation agreements. (On the house and other Car), I will see if he has any other thoughts, I told him last week I was pretty sure I wasent going to keep this car. Now seeing options, I may need to rethink this. If I can?
Last comment I was slightly considering this before the whole cosigner thing came up, but glad I didnt. Also- For the American car I looked at they wanted 2k down 700.00 per mo for 3 years.
Either of those payments would not really be close to the fresh start I want.
You can see my Situation in my other posts. I am currently 14 days after my 341 meeting. I started looking Monday of this week to see where my options were. I started with the Barrage of mailings I received and picked out several of the larger dealerships that were close. One was a American made Auto dealership the other a Foreign car dealership. I talked to both over the phone, The American made car dealership seemed like pretty bottom of the barrel choices. Very high mileage, small selection. I decided to try the Foreign car dealership.
I get in, Guy was typical salesman / finance manager. He start off by asking why I was in Br asked what car I was getting rid of . He then breaks it out for me.
American made cars (Banks will only provide short term loans towards) 3 years max- Interesting since it was a foreign car dealership (The Big T)
Toyota or Hondas the bank will go out to 66mo if it is 3 years or less old and under a certain amount of miles.
Interesting enough he would not talk interest rates. Only payments--
My main requirement is I needed something to carry at least 6 people.
I test drove a few minivans, 1 small SUV that was American made
So this was the best offer he came up with 22k for Toyota Sienna 2013 55k miles with GAP insurance 1 year 12k mile warranty Monthly payment $560.00 66mo. That ended up being 16.99% $500.00 down
He explained That the Lender would call me up for an Interview and ask me a series of questions, Then they would validate all my work info etc.
The whole process could take up to 5 weeks for the final approval! But of course I could take the car that day. If I agreed to pay the .50 per mile and any ware and tare plus damages if the loan was declined for any reason.
It took over 3 hours to get to this point. The Last and final glitch was he looked up and asked about the other car I have and if I was turning it in.
I said no- that car is what my daughter uses to get to school. I am caught up and keeping it. He then states well I am sorry I didn't catch this but
the bank wont lend to you if you have another car loan! I said seriously? He said no problem we just need a cosigner. I said absolutely not would I even consider that.
I said well I found out all I needed, so thank you for your time. He said what about your Wife. (She dosent work, and was not part of my BR, no income.) I explained this and he said no problem she will get the loan through. I said absolutely not. If something would happen to me then she would be responsible for the loan- A sub-prime loan with a high payment and no income. Who would do that to another person? I said thank you for your time and left.
Honestly if it is not to late, I think I will just catch up the payments on my existing car loan and keep it. I am upside down, But it has a warranty an affordable payment and it is reliable. 5% interest rate
I have a meeting with my attorney Tuesday to talk about my other reaffirmation agreements. (On the house and other Car), I will see if he has any other thoughts, I told him last week I was pretty sure I wasent going to keep this car. Now seeing options, I may need to rethink this. If I can?
Last comment I was slightly considering this before the whole cosigner thing came up, but glad I didnt. Also- For the American car I looked at they wanted 2k down 700.00 per mo for 3 years.
Either of those payments would not really be close to the fresh start I want.
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