I was discharged on 11/19/08 and have been without my own (working) car since mid-December when my '07 Ford Fusion was repossessed after being included in my bankruptcy filing. The last few months, I've been borrowing a vehicle from my girlfriend's family that they were not using. Last fall, I bought an older Nissan with cash and it was going to be my daily driver until more and more was found to be wrong with it. It came to the point that the engine needed to be rebuilt, but the engine in the car is rare in the US as it was only offered in one model for in '88 and '89 in fairly limited numbers.
After getting fed up with the Nissan, I decided to start surfing the net for other alternatives. After looking at all kinds of things, I finally took a look at Carmax and the Indianapolis store had a clean 2003 Ford Focus SVT with lots of pictures online. I called and one of their associates ran my numbers and told me that I had a couple options to finance the car. I went to look at it and took it for a test drive and found it to be just as nice as the pictures showed and it drove very well. I had a friend take me down on Friday and we picked it up. I ended up going with Wachovia which gave me the best deal overall at 11.42%. As of February, my scores ranged from about 619-640 but I'm unsure of where they stand right now.
Although I didn't want a car payment, I finally had to be realistic with the Nissan and that it needed more repairs than it was worth and the fact that I didn't have enough cash to buy a good car outright. At $190/mo, after the bankruptcy, I'll be able to double that most months and have the car paid off pretty quickly.
So for those of you out there that need a car after bankruptcy in this current financial climate, there is hope!
After getting fed up with the Nissan, I decided to start surfing the net for other alternatives. After looking at all kinds of things, I finally took a look at Carmax and the Indianapolis store had a clean 2003 Ford Focus SVT with lots of pictures online. I called and one of their associates ran my numbers and told me that I had a couple options to finance the car. I went to look at it and took it for a test drive and found it to be just as nice as the pictures showed and it drove very well. I had a friend take me down on Friday and we picked it up. I ended up going with Wachovia which gave me the best deal overall at 11.42%. As of February, my scores ranged from about 619-640 but I'm unsure of where they stand right now.
Although I didn't want a car payment, I finally had to be realistic with the Nissan and that it needed more repairs than it was worth and the fact that I didn't have enough cash to buy a good car outright. At $190/mo, after the bankruptcy, I'll be able to double that most months and have the car paid off pretty quickly.
So for those of you out there that need a car after bankruptcy in this current financial climate, there is hope!
NO ASSET
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