Just got a car 5 days after discharge

[BrokeCh7]

What i learned on getting a car after discharge.
1. The banks want you in a low milage car (under 30,000 +-)
2. Can not be to old. I was told nothing older the 2002 or 2001 at the oldest
3. The dealer said it was easier to get me into a newer car (big payment) with low milages then an older car with smaller payments. He could not get me into an older car with high milage.
4. You better shop for a dealer that has a "Special Finance Dept" They know how to give the banks the information to get you the best rate. They may be more creative then the regular finance dept too.
5. Yes you may need to be a little creative to get a car. I don't mean you will lie you just may need to hear the questions and give the right answer. Like "You split this rent with a room mate don't you? The bank will need to call you room mate to confirme".
6.WATCH OUT for the bi-weekly payments. One dealer slipped this in and i was almost fooled. Even when i told them to give me a monthly payment schedule they kept on forgetting this part and would again quote bi-weekly payments. Its simple math bi-weekly = 26 payments a year monthly = 12 payments a year. If you are paid bi-weekly this is not so bad. If you are paid monthly some months you will be short when the 3nd payment is due.
7. Only go out there and get a car if you need it. You will pay more and you will need to exspect this after the bk.
8. Exspect to pay a little more then if you had good credit. Yes a dealer who knows he is saving you 2% to 5% interest wants to get paid for his part.

Last I was able to get a low milage truck . $1,000.00 down and only 15.9% about $300.00 per month. Other dealers 17.9% to 24.9% had higher milage cars and most where 5 speed (stick shift).

[HHM]

Thank you for the information. Glad it worked out for you.

[bull]

Thanks for the info. We have our meeting next Wednesday and are gonna give up our 2 vehicles (they are part of the reason we are in this mess).

We are gonna have to work something out very quickly after the meeting. We talked to 722 Redemeption (USBank) and they can set us up with 2 vehicles for about $250 each and they give us a few choices. They charge 24%, but if you pay on time for a year or so, you can refinance it down.

I am gonna try some other banks and other options to see what is out there, but at least we have a 'sure thing'. I know that this is not the ideal situation, but it is all we got at this point.

[Tberry]

Hey! Some advice from one who knows! We reaffirmed our cars during BK, and we were going to do the 722 thing also. In the process of reafiirming one car and talking to the bank (Wells Fargo), I discovered that the bank would do their own reaff. It is at a lower rate, 13%, not the 24%. And they would reaff both cars! So before you agree to the 722, check with the bank your cars are financed though. They might offer you a better deal!

[bull]

Originally Posted by Tberry

Hey! Some advice from one who knows! We reaffirmed our cars during BK, and we were going to do the 722 thing also. In the process of reafiirming one car and talking to the bank (Wells Fargo), I discovered that the bank would do their own reaff. It is at a lower rate, 13%, not the 24%. And they would reaff both cars! So before you agree to the 722, check with the bank your cars are financed though. They might offer you a better deal!

We are not reaffirming either vehicle. They are part of the reason we are here in the first place. We are trying to go cheaper, more reliable and better economy. We do at least $500 a month in gas and it ain't getting any better with the prices.

[bull]

Sweeet!!

We are 3 days post 341 and just walked away with a 2004 Chevy Impala at 16.9% and the payments were better than the vehicle we are giving up. Dealer was awesome and helped up alot. Only $500 down too.

It can be done, you just have to keep swinging.

[BrokeCh7]

Congrads on the new car and only $500 down. I was freaking out a little when i was between returned car and the new to me one.

"nobody walks in LA"
including me
Signed wheels after BK

[bull]

The dealer was very cool. They offered to let us bring the vehicles to their back lot (locked and fenced) and have Capital One pick them up there to save the questions of having tow trucks come get them at our house. Now if Capital one's lawyers would return our calls and get this over with!!

There are some very good people to work with out there, just gotta keep searching.

[tinroofrusted]

Wow. I would LOVE to work with your dealer.

I went to about four of them after BK, and I was treated like a dog. One guy, after I talked with for three days assured me that he could get me a loan. I finally gave him permission to pull my credit, and I never heard from the jerk again. I sent his boss a nasty letter, but I doubt it did any good.

Most people have told me right up front that they can't/won't help me. I also have a short amount of time on my new job. (4.5 months.)

I did have one dealer tell me to pay on my credit card for six months, keep the same job, and come back and talk with him, and he would do what he could for me.

I think I'll just save the cash and buy a used reliable one from a person rather than ever deal with a dealership again. Those people are criminals and crooks.

[BrokeCh7]

If you still need a car and live near LA, I would be glade to give you the dealer i worked with they did not make me feel like #$$ they understood and helped me get into a car that worked for me. All i had was a printed discharge from pacer and bank statments because i am self employed. Being self employed made me a harder case to get funded by a bank.

1st Dealer Quoted - 24.9%
2nd Dealer Quoted - 17.9%
3 - 5 said don't call
6 quoted - 15.9% to 17.9% and this is where i got my car. They got me 15.9% 60 months ($1000.00 down) I borrowed $12,000.00+- and only pay $305.00 each month. 2002 Truck with 13,000 miles extended warranty to 49,000 miles/3 years. Runs good and gets better gas milage then my other car that was given back to the bank.

The funny thing about this is i owed $12,500.00 on the old car and paid $350.00 each month. So in the end I saved $45.00 per month better gas mileage and have a car with 85,000 less miles on it .

Good luck

[bull]

That is awesome Broke. I have never been a big fan of car dealers, but it does prove that there are decent ones out there.