Buying a car soon after discharge

onepowerfullady · 07-31-2006, 05:11 PM

Hi everyone...I was wondering what is the earliest any of you went to buy a car after you were discharged. I tried buying me a beater until after discharge, but my last day for objections is next week and I am sure that I will be discharged after that. I have 1500.00 saved up for a downpayment. Is there any chance that you guys think that Ford Motor Credit or someone will finance me? I live in Mississippi and the interest rates can go as high as 23% here. I was hoping to find me a large, reliable with a warranty used car. I need all of the help I can get. I went to one of those buy here pay here places and they tried to get over on me with a car that was in a flood. I ran a car fax report on it....

poorme · 08-01-2006, 03:33 PM

There are people here who've financed cars 1 day out of bk. There are others who will advise you to wait awhile....one more month in dull paint won't hurt you (assuming it runs good enough)..then you see if you can last another month after that, etc. Only YOU know what you auto needs truly are.

Best advice - get control of your credit reports and know your FICOS before you try to buy. KNOW what's in your report that could be tricky. If you have your ducks in nice rows, then you can shop prepared. I got a Ford Credit loan 6 weeks after discharge, and got 0.9% with scores in the 490-540 range...so deals can be had.

But don't just walk on the lot and give yourself over to them. know what you want and how much you'll pay. In fact, I suggest not even speaking to a sales rep until after you've spoken to the finance person and have assurance of financing. Then have the F&I person introduce you to their top salesperson. Shop around - you'll find a good car that's priced right. Talk to the F&I person first, and tell them you're bk and NOT to shop your credit app around. Allow them to pull your credit ONCE and only once - they can talk to banks from that. Avoid multiple pulls and app farms like Roadloans if you can.
Good Luck!

**BassBoy** · 08-02-2006, 04:59 AM

It was 3 months after my discharge when I got my new car! And as poorme says, check your credit first. I did this and I was able to dispute and correct innaccurate information. That way, when I went to the dealership(s), they couldn't pull this, "Sorry, there's a problem with your credit." "We can get you financed, but your interest rate will be about 20%." There are some dealerships that take advantage of people in our situation.

If I may suggest, go to edmunds.com. Their website has a lot of great information and awesome tips and tricks to buying/leasing a vehicle. They even talk about what to watch our for if you have bad credit and such. I found this site very insightful. If you have the time, read the 10 Section article titled, "Confession of a Car Salesman." Great article!

onepowerfullady · 08-02-2006, 03:31 PM

I have done a through cleaning of my credit and my hubby's credit. His score is already on average of 617 and mine is about 540. I let my car go back in BK, and now it is showing on my credit report IIBK and it has a $0.00 in balance. It does not show me as ever being late either. I am going to try Ford Motor after I get my discharge papers and see what they say. Maybe I can get lucky and get something that will fit my entire family in the car for a change....

onepowerfullady · 08-02-2006, 07:33 PM

Bass thanks for the great read on edmunds.com. This has made me well informed!! I am going to take some time and do some mad shopping around online. I hope that I can get a preapproval online too!

**HRx** · 09-02-2006, 12:59 PM

Quote:

Originally Posted by onepowerfullady

Hi everyone...I was wondering what is the earliest any of you went to buy a car after you were discharged. I tried buying me a beater until after discharge, but my last day for objections is next week and I am sure that I will be discharged after that. I have 1500.00 saved up for a downpayment. Is there any chance that you guys think that Ford Motor Credit or someone will finance me? I live in Mississippi and the interest rates can go as high as 23% here. I was hoping to find me a large, reliable with a warranty used car. I need all of the help I can get. I went to one of those buy here pay here places and they tried to get over on me with a car that was in a flood. I ran a car fax report on it....

Take a look at the two Sticky threads we have about buying/leasing a vehicle after BK.

07-31-2006, 05:11 PM	#1
onepowerfullady Registered User B/F Newbie Join Date: May 2006 Location: not far from you Posts: 63	Buying a car soon after discharge Hi everyone...I was wondering what is the earliest any of you went to buy a car after you were discharged. I tried buying me a beater until after discharge, but my last day for objections is next week and I am sure that I will be discharged after that. I have 1500.00 saved up for a downpayment. Is there any chance that you guys think that Ford Motor Credit or someone will finance me? I live in Mississippi and the interest rates can go as high as 23% here. I was hoping to find me a large, reliable with a warranty used car. I need all of the help I can get. I went to one of those buy here pay here places and they tried to get over on me with a car that was in a flood. I ran a car fax report on it....
	Chapter 13 conversion to chapter 7 filed 5/9/06 Auction for vehicle completed! Deed in lieu of home completed Discharged:8/16/06 and Closed:8/16/06

08-02-2006, 04:59 AM	#3
BassBoy Moderator B/F Guru Join Date: Oct 2005 Location: Northeast, Ohio Posts: 2,070	It was 3 months after my discharge when I got my new car! And as poorme says, check your credit first. I did this and I was able to dispute and correct innaccurate information. That way, when I went to the dealership(s), they couldn't pull this, "Sorry, there's a problem with your credit." "We can get you financed, but your interest rate will be about 20%." There are some dealerships that take advantage of people in our situation. If I may suggest, go to edmunds.com. Their website has a lot of great information and awesome tips and tricks to buying/leasing a vehicle. They even talk about what to watch our for if you have bad credit and such. I found this site very insightful. If you have the time, read the 10 Section article titled, "Confession of a Car Salesman." Great article!
	Bankruptcy History: Chapter 7 filed - 10/12/2005 - Asset Discharged - 02/16/2006 Case Closed - 11/08/2007 A banker is a fellow who lends you his umbrella when the sun is shining and wants it back the minute it begins to rain ~ Mark Twain All suggestions are based on personal experience and research and SHOULD NOT be construed as legal advice as I am NOT an attorney. Always consult with competent counsel in your area with regards to your particular situation.

08-02-2006, 03:31 PM	#4
onepowerfullady Registered User B/F Newbie Join Date: May 2006 Location: not far from you Posts: 63	I have done a through cleaning of my credit and my hubby's credit. His score is already on average of 617 and mine is about 540. I let my car go back in BK, and now it is showing on my credit report IIBK and it has a $0.00 in balance. It does not show me as ever being late either. I am going to try Ford Motor after I get my discharge papers and see what they say. Maybe I can get lucky and get something that will fit my entire family in the car for a change....
	Chapter 13 conversion to chapter 7 filed 5/9/06 Auction for vehicle completed! Deed in lieu of home completed Discharged:8/16/06 and Closed:8/16/06

08-02-2006, 07:33 PM	#5
onepowerfullady Registered User B/F Newbie Join Date: May 2006 Location: not far from you Posts: 63	Bass thanks for the great read on edmunds.com. This has made me well informed!! I am going to take some time and do some mad shopping around online. I hope that I can get a preapproval online too!
	Chapter 13 conversion to chapter 7 filed 5/9/06 Auction for vehicle completed! Deed in lieu of home completed Discharged:8/16/06 and Closed:8/16/06

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08-01-2006, 03:33 PM	#2
poorme Registered User B/F Contributor Join Date: Jan 2006 Location: Kentucky Posts: 394	There are people here who've financed cars 1 day out of bk. There are others who will advise you to wait awhile....one more month in dull paint won't hurt you (assuming it runs good enough)..then you see if you can last another month after that, etc. Only YOU know what you auto needs truly are. Best advice - get control of your credit reports and know your FICOS before you try to buy. KNOW what's in your report that could be tricky. If you have your ducks in nice rows, then you can shop prepared. I got a Ford Credit loan 6 weeks after discharge, and got 0.9% with scores in the 490-540 range...so deals can be had. But don't just walk on the lot and give yourself over to them. know what you want and how much you'll pay. In fact, I suggest not even speaking to a sales rep until after you've spoken to the finance person and have assurance of financing. Then have the F&I person introduce you to their top salesperson. Shop around - you'll find a good car that's priced right. Talk to the F&I person first, and tell them you're bk and NOT to shop your credit app around. Allow them to pull your credit ONCE and only once - they can talk to banks from that. Avoid multiple pulls and app farms like Roadloans if you can. Good Luck!

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