Forum Rules (Everyone Must Read!!!) (updated: 04/28/2015)

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need to purchase a car

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  • need to purchase a car

    received my discharge a few days ago, and just found out my car will be picked up next week. I've already tried to get qualified, used capital one, and was denied. (I did "burn" them on a credit card, so maybe no matter what I won't get a loan from them.) my only choice may be a co-signor, but that is still a very high rate. so, hypothetically, if a family member financed a car, and loaned it to me until i can buy my own, is there any problems with that idea?

  • #2
    There's only a problem with that idea if you cause the owner to become embroiled in any liability. Otherwise, it's perfectly fine and done just about everyday. Even with co-signing, you could have joint liability.

    If you took the latter option you would need to get them out of the loan by, hopefully, purchasing the (same) car from that relative.
    Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
    Status: (Auto) Discharged and Closed! 5/10
    Visit My BKForum Blog: justbroke's Blog

    I am not an attorney. Any advice provided is not legal advice.


    • #3
      Thanks. have been denied on all applications I've submitted, getting a little discouraged.


      • #4
        Originally posted by SeekingZero View Post
        Thanks. have been denied on all applications I've submitted, getting a little discouraged.
        Has your discharge hit all the credit bureaus?

        Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
        Status: (Auto) Discharged and Closed! 5/10
        Visit My BKForum Blog: justbroke's Blog

        I am not an attorney. Any advice provided is not legal advice.


        • #5
          was able to get a loan today on a 4 year old car. It was very challenging. when I pulled my credit the only outstanding loan was my student loan, nothing else. no mortgage or car loans. Attorney told me to expect the current vehicle to be repossessed any day, figured since it was about a week post discharge, and I couldn't be without a car, I'd try. local bank still showed the other vehicle loans! They must have been looking at an old report. Eventually found a dealer that could work with me, and by putting on an extended warranty with it, got the car. a little higher payment because of the higher interest, but still less than half my old payment, and will have better MPG and cheaper insurance. overall I'll be 500 a month below what the other car was costing me, before I stopped paying the loan. what really helped was providing a copy of the discharge letter. turns out people can get a car after bankruptcy, its just more work and takes longer. . in a year i should be in a good spot to refinance it for a lower rate.


          • #6
            Hi SeekingZero,

            Congrats on getting the car. I have a few questions if you don't mind answering.

            * How much did you burn Capital One? I will be filing soon, and I have 4 Capital One CC for a total of just over $5K. I don't think I'll have much luck with them.

            * What's the APR on your new car?

            * What's your income?

            * How much is your monthly car payment?

            * What car did you get? How many miles?

            Thanks. Feel free to not answer questions you're not comfortable with.


            • #7
              2013, 55k mikes. Subaru, need awd where I live. 10.5 %. 255 payment. 10 different banks though before one came through. Income let's just say middle class so to speak. Is there such a thing any more?
              As as far as Cap one- about double what you're talking. I wouldn't even try if I had known they "hold" a grudge so to speak. Basically, if I were to do it again, I would just have a family member put the car in their name and heck with it.

              Good Luck!

              Im slowly putting together the pieces, three years hoping to have a new house, new car, no debt. (Other than the house).


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