Car Loan After BK

[onepowerfullady]

Has anyone every bought a car the day after discharge? I had to let my car back during my BK. I will be discharged the very early part of August and I just want to weigh my options. I have heard a lot of you say that you got online financing. So what was the earliest that any of you did the online financing. What companies are BK friendly. I know that the online financing thingy sounds great because I will have some negotiating power when I go to the dealership and no one can try to get over on me as so in the past. I have been looking at a couple of cars trying to get an idea price for what I want. I know that I do not want another new car ever again!

[newstart]

About 2 months after discharge I started trying to get financing. I tried lendingtree.com and they came back with 2 offers, roadloans.com and capital one. I actually went to the dealership with my roadloans approval check and the salesman got me approved through GMAC on a lease, this showed me that they can do whatever they want to do.

[edwards2]

My husband and I tried less than a month after our BK discharge because we had to get our son a vehicle. We were turned down by the dealership so my father in law signed for us. He had a credit score of 803....wow...anyway my son wrecked the truck..he swerved to keep from hitting another vehicle...the truck was totalled and we got lucky because my father in law's insurance company paid the truck off and then some...we were afraid we would be paying on a truck that no longer existed. The next month a friend suggested we try a Ford manager who was a graduate of my son's school. He found us a better truck, cheaper and with all the bells and whistles my son wanted. Ford Motor Credit financed us and even lowered our interest rate after the initial papers were signed. I couldnt believe it...I was going to try Roadloans.com but they do not service accounts in Tennessee yet. Capital One offered help but their requirements for the type of vehicle, mileage, etc...would have forced us to buy our son a newer vehicle that would have cost us more money. We would have done it however had FMC not financed us. A lot of people have had success through FMC. And by the way my son's truck is a Chevrolet so you arent forced to buy a Ford.

[onepowerfullady]

Originally Posted by newstart

About 2 months after discharge I started trying to get financing. I tried lendingtree.com and they came back with 2 offers, roadloans.com and capital one. I actually went to the dealership with my roadloans approval check and the salesman got me approved through GMAC on a lease, this showed me that they can do whatever they want to do.

If you already had a check...why did he run your credit again? So was it cheaper for you to go with the lease?

[onepowerfullady]

Originally Posted by edwards2

My husband and I tried less than a month after our BK discharge because we had to get our son a vehicle. We were turned down by the dealership so my father in law signed for us. He had a credit score of 803....wow...anyway my son wrecked the truck..he swerved to keep from hitting another vehicle...the truck was totalled and we got lucky because my father in law's insurance company paid the truck off and then some...we were afraid we would be paying on a truck that no longer existed. The next month a friend suggested we try a Ford manager who was a graduate of my son's school. He found us a better truck, cheaper and with all the bells and whistles my son wanted. Ford Motor Credit financed us and even lowered our interest rate after the initial papers were signed. I couldnt believe it...I was going to try Roadloans.com but they do not service accounts in Tennessee yet. Capital One offered help but their requirements for the type of vehicle, mileage, etc...would have forced us to buy our son a newer vehicle that would have cost us more money. We would have done it however had FMC not financed us. A lot of people have had success through FMC. And by the way my son's truck is a Chevrolet so you arent forced to buy a Ford.

Forgive me for asking such a crazy question, so they (FMC) only ran your credit through once right. I just have a big ism about people running my credit because I allowed a cell phone company to run mine and it lowered my score by 4 whole points. Ain't that some stuff????

[newstart]

Originally Posted by onepowerfullady

If you already had a check...why did he run your credit again? So was it cheaper for you to go with the lease?

My problem was I had a 2002 ford explorer to trade and I had to get a newer vehicle so I would not be in the same situation again in 2 or 3 years where no one would be willing to pay off my vehicle. Getting a 2006 vehicle on a lease was cheaper and would put me in a better situation when I turn it in. I didn't want him to run my credit that is why I previously got financing. There was also great cash back incentives on the lease vehicles.