2 months post-discharge, got a new car loan

[UpsideDown]

2 months post-discharge and I got a new car loan from my CU at 12.24%. Not a great rate, but it's hassle-free and they say I can refinance with no fees after paying 12 months, maybe sooner. I asked for $17K and got approved for it w/no problem, although I didn't end up borrowing that much. I did get turned down by a couple of other lenders but the good old CU came through for me.

Being debt-free was nice while it lasted, but I had to get the wife a good car and I needed to start rebuilding credit so I'll be able to get a mortgage loan.
I wasn't gonna buy new, but I had to take advantage of "cash for clunkers".
Got $4500 for my 11 yr old Rodeo that was worth maybe $3K. Besides, it was long overdue for timing belt, water pump, shocks and a few other repairs.

Also, did all my research and car shopping online before setting foot in a dealership. Got quotes from about 7 dealers on the exact car I wanted, took the best out the door price from the 1st round of quotes, shopped it around to the other dealers to see if they'd beat it and took the lowest price. Went down the next day and bought it. No driving all over the state shopping and haggling over price; did it all by e-mail and phone. Got it out the door for under invoice.

[Nicollette]

2 months post-discharge and I got a new car loan from my CU at 12.24%. Not a great rate, but it's hassle-free and they say I can refinance with no fees after paying 12 months, maybe sooner. I asked for $17K and got approved for it w/no problem, although I didn't end up borrowing that much. I did get turned down by a couple of other lenders but the good old CU came through for me.

Being debt-free was nice while it lasted, but I had to get the wife a good car and I needed to start rebuilding credit so I'll be able to get a mortgage loan.
I wasn't gonna buy new, but I had to take advantage of "cash for clunkers".
Got $4500 for my 11 yr old Rodeo that was worth maybe $3K. Besides, it was long overdue for timing belt, water pump, shocks and a few other repairs.

Also, did all my research and car shopping online before setting foot in a dealership. Got quotes from about 7 dealers on the exact car I wanted, took the best out the door price from the 1st round of quotes, shopped it around to the other dealers to see if they'd beat it and took the lowest price. Went down the next day and bought it. No driving all over the state shopping and haggling over price; did it all by e-mail and phone. Got it out the door for under invoice.

That's great news! Congratulations!!

[indigoblue]

wow, that's excellent!

[Gillsbroke]

CU seems to be the way to go...I got approved 12 days post BK

[JoePlumber]

CU's included in filing?

I would like to know if the CU's were part of your filing and if so were they significant amounts and are you a long standing member of the CU's? Just getting a feel if I need to sign papers to stay in good standing with mine after I file.... Owe them less than 20K yet they are associated with my employer...

Great to hear credit is possible....

[Gillsbroke]

Joeplumber,

I was not a member of the CU before I filed. I set up my accounts with the CU about a month after I filed. I started funding with my post filing income and since I was not paying my old debts, I was able to put away a little bit of money. I was a member for about 2 months when I requested my loan. I had to prove income (I am self employed) and also sign up for direct debit. Other than that I was golden. Lucky for me they were not part of my filing and my credit score was pretty decent after discharge. Good luck with your situation....hopefully your CU will work with you as well

[UpsideDown]

I did not have any CU accounts included in my BK and have been a member in good standing for about 11 yrs. A friend of mine filed BK several yrs ago and included a CU loan in his BK (same employer and CU as mine) and they kicked him out and said he could never be a member again.