Questioning about Discharged Debts...getting a car loan

nmtechie · 04-01-2006, 12:16 PM

I have been car shopping and I have been very irritated at some of these so-called lenders. I was completely caught unaware with their questions and attitude. This is the first place I have had that problem, no where else have I had this problem.

I went in last night to purchase a car. I was told by phone I was approved and come and pick out your car.

I go there, I was interrogated about my discharged debts, about my budget, and I got mad and started firing back at them about their procedures. I felt as though I was going through an interrogation. My 341 was this bad.

Needless to say, I left. Good thing, they wanted to 24.9% for a car loan.

Can they ask about discharged debts? If they can, how do I handle them?
The debts they brought up:
1) Judgment for a car title loan in 1999 I took out for my fiance, Fiance left town with car, left me holding the bag: Judgment voided through BK court, discharged through Ch 7.
2) Ugly Duckling, I bought a 1992 buick lesabre in 1998, hit a concrete wall in October 1999, totalled the car, insurance paid off part of note, left a balance of $3,000, discharged through BK
3) Bought October 1999, The car I bought to replace the Buick, my daughter wrecked it in January 2000, car was fixed, but I was unable to keep up the payments due to the fact that we were living in a hotel waiting to close on our house. Car was repossessed. Balance discharged in BK.

Jenny · 04-01-2006, 03:38 PM

With three negative car financing experiences on your credit report, it's reasonable to expect a lender to be reluctant to loan money for a car loan. I'm not aware of any law that prevents a lender from loaning someone money based on their evaluation of the total credit history.

SinkingFast · 04-01-2006, 08:23 PM

One thing you can fix there is the Judgement.

That's recorded at the Court House in the county where you resided at the time. Even tho the debt was erased in the BK, the Judgement remains on file.

Having that taken care of at the Court House might require the assistance of an attny. Try calling, explain your situation, and see what they advise to do.

But if you get the Judgement taken off at the Court House, that will help your overall Credit somewhat.

FilingOnMyOwn · 04-02-2006, 04:19 AM

25% for a car loan? Did you ask them if they were joking?

poorme · 04-02-2006, 06:18 AM

Removing the judgement is an action that can possibly be done by yourself, depending upon where you live. Call the clerk at your local courthouse and have them point you in the right direction...where I live, they have forms you fill out and show copies of your judgement, bk filing, and discharge. If the judgement is included in the bk, then the judge pretty much dismisses it as an admin action. THEN you can have it wiped off your cr.

04-01-2006, 12:16 PM	#1
nmtechie Registered User B/F Newbie Join Date: Mar 2006 Posts: 21	Questioning about Discharged Debts...getting a car loan I have been car shopping and I have been very irritated at some of these so-called lenders. I was completely caught unaware with their questions and attitude. This is the first place I have had that problem, no where else have I had this problem. I went in last night to purchase a car. I was told by phone I was approved and come and pick out your car. I go there, I was interrogated about my discharged debts, about my budget, and I got mad and started firing back at them about their procedures. I felt as though I was going through an interrogation. My 341 was this bad. Needless to say, I left. Good thing, they wanted to 24.9% for a car loan. Can they ask about discharged debts? If they can, how do I handle them? The debts they brought up: 1) Judgment for a car title loan in 1999 I took out for my fiance, Fiance left town with car, left me holding the bag: Judgment voided through BK court, discharged through Ch 7. 2) Ugly Duckling, I bought a 1992 buick lesabre in 1998, hit a concrete wall in October 1999, totalled the car, insurance paid off part of note, left a balance of $3,000, discharged through BK 3) Bought October 1999, The car I bought to replace the Buick, my daughter wrecked it in January 2000, car was fixed, but I was unable to keep up the payments due to the fact that we were living in a hotel waiting to close on our house. Car was repossessed. Balance discharged in BK.

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04-01-2006, 03:38 PM	#2
Jenny Registered User B/F Newbie Join Date: Jan 2006 Posts: 129	With three negative car financing experiences on your credit report, it's reasonable to expect a lender to be reluctant to loan money for a car loan. I'm not aware of any law that prevents a lender from loaning someone money based on their evaluation of the total credit history.

04-01-2006, 08:23 PM	#3
SinkingFast Registered User B/F Guru Join Date: Jan 2006 Posts: 6,857	One thing you can fix there is the Judgement. That's recorded at the Court House in the county where you resided at the time. Even tho the debt was erased in the BK, the Judgement remains on file. Having that taken care of at the Court House might require the assistance of an attny. Try calling, explain your situation, and see what they advise to do. But if you get the Judgement taken off at the Court House, that will help your overall Credit somewhat.

04-02-2006, 04:19 AM	#4
FilingOnMyOwn Registered User B/F Guru Join Date: Oct 2005 Posts: 1,793	25% for a car loan? Did you ask them if they were joking?

04-02-2006, 06:18 AM	#5
poorme Registered User B/F Contributor Join Date: Jan 2006 Location: Kentucky Posts: 394	Removing the judgement is an action that can possibly be done by yourself, depending upon where you live. Call the clerk at your local courthouse and have them point you in the right direction...where I live, they have forms you fill out and show copies of your judgement, bk filing, and discharge. If the judgement is included in the bk, then the judge pretty much dismisses it as an admin action. THEN you can have it wiped off your cr.