My post discharge car buying problem...

[senzadebiti]

I'm sure others have gone through it, and can help me with your experience. My Chap. 7 was discharged on 11-20-07. I was (am) in the midst of a car lease which was not included in the BK. I have continued to make payments on the lease all along, even through the BK and am up to date on it.

The problem is this. The lease expires on 4-3-08. As anyone who knows anything about leases, I have two options now: give the car back since the lease is over, or buy the car at the predetermined buyout price.

I don't want to give the car back for a couple of reasons. One being that I need a car and I like the car. Two is that I am over mileage, and I'm sure they will find dings here and there, so in short, it'll cost me money to give the car back and then I'll be without a car.

I want to buy the car at the roughly $10,000 buyout, but I really don't know if and from whom, I'll get a loan this soon after discharge. I have just recently begun rebuilding credit, I got a cc from Orchard Bank, and in the two months I've had it I've paid off the balance in full.

Can anyone direct me to someone that will approve me this 10,000 loan so I can keep my car?

Thank in advance

[kmb]

Did you ask your currently lease-holder if they will finance you to buy-out the car with them? I'm in the early stages of Chp 13 and my lease expired this month. I went to the lease holder and they agreed to let me to continue to make my monthly payments at the same interest rate I was paying until the car is paid off. I'm not excited about financing for another 30 months, but with a 4.9% interest rate, I would be hard-pressed to find anything else even in the ball park.

I just called the 800 number on my bill and they had an option to press if you had questions about buying your car. Definitely worth a shot.

HTH

[brokeinmichigan]

senzadebiti-
We were approved for a loan through Capital One Auto Financing...they call it their Blank Check program. We are just 5 months out of BK with so-so credit scores and were approved up to 30K @ 12.45% APR. Your payments on 10K, if you got the same rates, would be $266/mo. I applied online and was approved within 60 seconds. And BTW, we included LOTS of Capital One debt in our BK...funny, huh?

[cprems]

I agree, try cap1 auto finance, I was so pleased with their quick courteous email and phone responses.
HTH

Ian

[senzadebiti]

Thanks to all for the responses here. I ended up going to the dealer and got the loan through Wachovia Bank. I'll post in the other sticky thread with the terms. Thanks again!