Anybody get financed after a repo?

[rickisbroke]

I originally filed a Chapter 13 back in November and the plan payments included my car. I changed jobs and was no longer able to make the Chapter 13 payments after a couple months and the 13 got dismissed at the beginning of April. Shortly after that, my lender wanted about $1400 for back car payments, which I couldn't pay, so the car got reposessed.
I bought a beater to get me by for a while, but am anxious to get something better and more reliable as soon as I can.
I filed Chapter 7 in April and could be discharged as soon as the end of July.
I see many people getting loans post discharge, but nobody had mentioned that their previous car got repo'd.
Any input?
Thanks!

[dragonnfly]

Yes you can get approved for a car loan after surrendering or getting a car repossesed. We received 6 offers of car loand on the 3rd day after we filed. They were all bought on by the BK. We ended up going with a local co we had delt with before. They offered the Bad credit/no credit loans and regular financing.

[rickisbroke]

Cool. I have been getting credit card offers and did get a "special financing" letter from a local Ford dealer.
Thank you...and good luck.

[rickisbroke]

Anybody else? Kind of wondering what my odds are.

[yoyoma51]

We turned in our leased car in November of 2007 shortly after we filed. We had two years left on a 3 year lease.

We were approved at our credit union this afternoon at 6.24% for up to 72 months on a 2007.

No problem.

[Cali]

I opt out a long time ago, so I am not getting offers.

[BK2008]

Cali: I did the same thing, too.

Wonder how do I 'opt' back in??

[BK2008]

Oh never mind, I found it. This number will let you opt in or out.

1-888-5OPT-OUT

[HRx]

People get financing after repoes all the time...the interest rate you get can vary greatly though.

[rickisbroke]

That's good news. Thanks!

[rickisbroke]

My lawyer told me my discharge might take much longer than 60+ days because our court is so backed up. I needed to do something about a car sooner than later. The 82 VW I was driving was on borrowed time. I wanted to get a loan and a new car as soon as I was discharged.
Well, I have the best father in the world and in late July, he took out a loan with his excellent credit for me, so it's at 4.9% and I got a new Toyota Yaris...40mpg...exactly what I needed right now. I'm making the payments and have reliable transportation.
I know some don't agree with getting into a car payment situation again, but if you knew my luck with used cars, you would be on MY side. I also realize this won't help rebuilding my credit, but that's a small price to pay to not be gouged for 20% on the loan!