financing after Ch 13

k1mm1e · 11-08-2006, 02:18 PM

My husband and I filed Ch. 13 in May '03...we were discharged in June '06. His vehicle is on its last leg. So were are checking our options for a car loan. Our scores are somewhere between 640-680. In the past we have had a car loan with GMAC but that was back from 1993-1998, it was never late and paid in full. We have also had car loans from Wachovia in 1996-2002, it too was paid in full without any lates. Our most recent car loan was with Wells Fargo 2002-2004, it was included in our bankruptcy repayment plan but it ended up being totalled in 2004 and the insurance company paid that part off. We currently have a mortgage which has never been late, have had it since 1998. Recently (Aug) I decided to go online at to either lendingtree or eloan to see if we could get a loan. We were approved through Roadloans but the interest rate was 12.75%. At that time I just applied in my husbands name he is the one who works, I am at stay at home mom. I have also since August cleaned up a few things on our credit reports that were not reporting correctly. Just yesterday I called the credit union we opened a savings account with in Sept to see about getting a loan with a decent rate. They wouldn't even approve us for a loan. The guy told me that I needed to wait a few years and apply again.

Is there any chance of going to a dealership and getting a decent decent finance rate? I really don't want to go in there and just have them come back with a ridicously high interest rate or worse yet tell me they can't approve a loan for us. We are looking at either a Chevrolet, Toyota, Nissan or Honda.

**lrprn** · 11-08-2006, 07:33 PM

Quote:

Originally Posted by k1mm1e

My husband and I filed Ch. 13 in May '03...we were discharged in June '06. His vehicle is on its last leg. So were are checking our options for a car loan. Our scores are somewhere between 640-680. In the past we have had a car loan with GMAC but that was back from 1993-1998, it was never late and paid in full. We have also had car loans from Wachovia in 1996-2002, it too was paid in full without any lates. Our most recent car loan was with Wells Fargo 2002-2004, it was included in our bankruptcy repayment plan but it ended up being totalled in 2004 and the insurance company paid that part off. We currently have a mortgage which has never been late, have had it since 1998. Recently (Aug) I decided to go online at to either lendingtree or eloan to see if we could get a loan. We were approved through Roadloans but the interest rate was 12.75%. At that time I just applied in my husbands name he is the one who works, I am at stay at home mom. I have also since August cleaned up a few things on our credit reports that were not reporting correctly. Just yesterday I called the credit union we opened a savings account with in Sept to see about getting a loan with a decent rate. They wouldn't even approve us for a loan. The guy told me that I needed to wait a few years and apply again.

Is there any chance of going to a dealership and getting a decent decent finance rate? I really don't want to go in there and just have them come back with a ridicously high interest rate or worse yet tell me they can't approve a loan for us. We are looking at either a Chevrolet, Toyota, Nissan or Honda.

K1mm1e, I don't see Ford on your car list - Ford Credit is known to be one of the more bankruptcy-friendly car lenders.

We're still in Ch 13 but others here in your situation have posted that they got better deals by going directly to the car dealers themselves rather than through a third party lender. This time of year tends to be slow on the lots and dealers want to get as many cars as possible off the lot before the end of the year for tax purposes. Could be a good time to make a visit to some of your dealers and see what happens. Make the visits within a certain number of days (help me out here with the number of days, experienced credit repair folks!) and as I recall, the multiple hits on your credit count like it was just one hit

Hope you find just the car you are looking for at a reasonable rate - keep us posted on your progress, ok?

CATCHMEIFYOUCAN · 11-09-2006, 12:00 AM

best time to go at the end of the month when the salesman wants to meet his quoto! good luck!

CindyLou · 11-10-2006, 11:39 PM

Ford! Got 0.9% less than 2 months out of BK!!! Go to a high volume Ford dealership! Ford is great. Keep us posted.

**HHM** · 11-11-2006, 07:19 AM

Right now (November-December 2006), Chrysler has the best incentives 0% for 72mos or up to $14K incentive cash. So head to a Chrysler-Jeep-Dodge dealership and see if they can help. Overall, they have the highest inventory of new 2006 that they have to offload.

Jman30 · 11-15-2006, 09:42 AM

Quote:

Originally Posted by cindylynnsmith

Ford! Got 0.9% less than 2 months out of BK!!! Go to a high volume Ford dealership! Ford is great. Keep us posted.

I had a Ford car loan that was paid 100% through my Chapter 13 as it was a secured loan. I am out of the BK and the loan has been paid in full. I even got the care title from Ford.

Does anyone think I still have a chance with Ford or am I am in their system as a bad bad man?? LOL

11-08-2006, 02:18 PM	#1
k1mm1e Registered User Join Date: Jun 2006 Posts: 8	financing after Ch 13 My husband and I filed Ch. 13 in May '03...we were discharged in June '06. His vehicle is on its last leg. So were are checking our options for a car loan. Our scores are somewhere between 640-680. In the past we have had a car loan with GMAC but that was back from 1993-1998, it was never late and paid in full. We have also had car loans from Wachovia in 1996-2002, it too was paid in full without any lates. Our most recent car loan was with Wells Fargo 2002-2004, it was included in our bankruptcy repayment plan but it ended up being totalled in 2004 and the insurance company paid that part off. We currently have a mortgage which has never been late, have had it since 1998. Recently (Aug) I decided to go online at to either lendingtree or eloan to see if we could get a loan. We were approved through Roadloans but the interest rate was 12.75%. At that time I just applied in my husbands name he is the one who works, I am at stay at home mom. I have also since August cleaned up a few things on our credit reports that were not reporting correctly. Just yesterday I called the credit union we opened a savings account with in Sept to see about getting a loan with a decent rate. They wouldn't even approve us for a loan. The guy told me that I needed to wait a few years and apply again. Is there any chance of going to a dealership and getting a decent decent finance rate? I really don't want to go in there and just have them come back with a ridicously high interest rate or worse yet tell me they can't approve a loan for us. We are looking at either a Chevrolet, Toyota, Nissan or Honda.
k1mm1e Registered User Join Date: Jun 2006 Posts: 8

11-10-2006, 11:39 PM	#4
CindyLou Registered User B/F Guru Join Date: Oct 2005 Location: SoCal Posts: 2,295	Ford! Got 0.9% less than 2 months out of BK!!! Go to a high volume Ford dealership! Ford is great. Keep us posted.
	Chapter 7 Pro Se....Discharged Feb. 2006

11-11-2006, 07:19 AM	#5
HHM Moderator B/F Guru Join Date: Dec 2004 Posts: 9,520	Right now (November-December 2006), Chrysler has the best incentives 0% for 72mos or up to $14K incentive cash. So head to a Chrysler-Jeep-Dodge dealership and see if they can help. Overall, they have the highest inventory of new 2006 that they have to offload.
	The information provided is not and should not be considered legal advice or establish an attorney/client relationship. Nor do I promise or guarantee that the information contained on this post or any linked site is accurate, correct, complete, or current. You should seek the advice of competent counsel licensed to practice in your state to answer specific legal questions. My favorite resources http://www.bankruptcylawnetwork.com/ http://askmethner.com

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11-09-2006, 12:00 AM	#3
CATCHMEIFYOUCAN Registered User B/F Guru Join Date: Sep 2006 Location: Falls Church, Virginia Posts: 1,619	best time to go at the end of the month when the salesman wants to meet his quoto! good luck!