How soon after discharge?

[teacher]

I am currently driving a $1600 car that I bought after I turned in my previous vehicle. It needs some work, like new lower ball joints and struts/shocks. I'm doing my best to avoid putting any money into this car.

I will be financially able to put down some money and acquire a car payment very soon after discharge (end of this month).

How soon are people able to get approved through Roadloans? Spare me the "getting into debt" lecture. I don't think I will be able to do Capital One Blank Check because I BKd a couple Capital One cards. I did have a loan through them before, on a previous vehicle, that was paid off when I traded that vehicle in....so I don't know if they would take that into account or not.

[debtmonster]

What kind of car do you have? Back in 2004 we had an old 1990 Dodge that we bought for $300. I had to end up changing the ball joints myself and we put in new motor mounts. This was my wife's very first car since she moved to this country. It cost me maybe $200-300 at the most to fix everything, including the wheel alignment I had done.

If Roadloans is anything like the 722redemption, it could take a few days.

I won't spare you the "getting into debt" lecture because I know exactly how you feel. Nobody wants to drive in a beater car that could break down on a moment's notice. Some guy saw my wife at a gas station and wanted to buy the Dodge because he had another one just like it and liked the condition that this car was in. The car died the very same day he bought it by having some electrical problems. I was so glad to get rid of it. Then we bought a 1995 Hyundai Accent with 77k miles for $800 that looked like it was in pretty good shape. The A/C blew cold, the tranny shifted okay. Then 2 weeks later, things started breaking down. The A/C died and cost me $1,000 to fix. The belts kept squealing even after I put in a new one. A bolt was broken off in the engine block to hold the alternator and the engine had to be pulled out of the engine bay to get to the bolt so it could be drilled out. The car left my wife stranded 3 different times, right in the middle of the street in the middle of traffic. NO WONDER the people traded the car in.

This is why I want to buy a new car again after they take both of ours when the automatic stay is lifted. I will never hound anyone to ever buy a beater car again. I learned my lesson when trying to save a buck. Lots of suffering and stress came after. I'll go back to car payments and a new car any day, even after a bankruptcy.

[teacher]

It is a 1997 Ford Thunderbird. There are problems with the car, but my main issue isn't even the problems. I am extremely tall and that car just doesn't really fit me. I'm having knee pain from being kind of cramped in the car and I've almost been in a few accidents because I'm not used to driving a car with such a long front end.

I know I shouldn't expect to get everything I want immediately after BK....but this is one thing that has honestly has the largest effect on my life. I don't even want to go places anymore because I don't want to drive. You can hear the car coming about 1/2 a mile away, which makes it not much fun, and even kind of embaressing.

[debtmonster]

It is a 1997 Ford Thunderbird. There are problems with the car, but my main issue isn't even the problems. I am extremely tall and that car just doesn't really fit me. I'm having knee pain from being kind of cramped in the car and I've almost been in a few accidents because I'm not used to driving a car with such a long front end.

I know I shouldn't expect to get everything I want immediately after BK....but this is one thing that has honestly has the largest effect on my life. I don't even want to go places anymore because I don't want to drive. You can hear the car coming about 1/2 a mile away, which makes it not much fun, and even kind of embaressing.

When I look for beaters, I try to get creampuffs. I have to scour AutoTrader for hours until I find what I want. I just hate high mileage junkers because I know all of the maintenance that is due. And automatic transmissions are notorious for failing if the previous owner didn't change the transmission fluid, which most don't because they didn't you know had to or it was too expensive for them to want to bother with it.

My sister just sold her 5 year old SUV for $5500 that she paid $23,000 when new. The interior and paint were immaculate for the vehicle's age. It was garage kept and had Amsoil in it since the very beginning She just paid $2,000 to have the A/C re-done and had the timing belts, spark plugs and water pump changed. Whomever bought that SUV has NO IDEA how lucky they are. Finding cars like this is extremely rare.

I had her put Amsoil in the transmission early on, as well as putting the Amsoil 75W90 in the rear-end. That vehicle should last hundreds of thousands of miles if the next owner were to copy everything she did.

This is why I am always forced to buy brand spanking new cars. If I could just find people that did what she did, I could buy a 100,000 mile beater knowing that it would never break down. Then all I'd have to do is spend minor money on water pumps and alternators. But this would be in a pipe dream that will never happen.

[jojuvan]

I am going through this right at this moment. Right out of Bankrutpcy we bought a 2001 ford windstar with 103,000 with the intention to keep it for a year or so until our credit could be reestablished a little to buy a new car. But I just found out that it needs $3,000 worth of transmission work, engine work, a/c and heater work, and break work. Unfortunately we bought it at a buy here, pay here place.
But the GOOD news is that we did get approved through road loans and are able to trade in the piece of crap van for a 2007 dodge caravan with 23,000 miles. Were actually on our way to the dealership tonight to pick it up!!!! And yes, we are paying off the negative equity.

Good luck!!

[debtmonster]

I would NEVER buy a car with 100k+ miles unless I got it for under $1,000 and intended on keeping it for no longer than 3-6 months. Then I would call the junk man to come take it away.

Our family had a shop. I know the work it takes for most cars once they get over 100k miles. The money you save by getting the car cheap, you'll pay many times over in repairs. If I couldn't get a get a good deal on a cheap car with under 50k miles, I'll walk or ride a bike. I'm just so fed up with my options for used cars now.

[teacher]

I am going through this right at this moment. Right out of Bankrutpcy we bought a 2001 ford windstar with 103,000 with the intention to keep it for a year or so until our credit could be reestablished a little to buy a new car. But I just found out that it needs $3,000 worth of transmission work, engine work, a/c and heater work, and break work. Unfortunately we bought it at a buy here, pay here place.
But the GOOD news is that we did get approved through road loans and are able to trade in the piece of crap van for a 2007 dodge caravan with 23,000 miles. Were actually on our way to the dealership tonight to pick it up!!!! And yes, we are paying off the negative equity.

Good luck!!

when were you discharged?

[debtmonster]

At least the Caravan should do you good. Just be sure to get the transmission switched to Amsoil ATF immediately after buying it. The transmissions in those vans are notorious for going bad. I knew a guy who ran a salvage yard and had tons of Caravans come in. I wanted to go there and buy one. He said the engines were okay but the trannys would go out. It's a nice van otherwise. I have a family member who has a 2001 and I like it.

[Gillsbroke]

Discharged 13 days ago....picking up brand new car Thursday! Got financing through my credit union. Great rate and my car payment will be $160 less than my pre-BK car!

[debtmonster]

Wow... I can't believe that a credit union will give financing after a bankruptcy!

I know I could go to any CU and they would decline me.

[Gillsbroke]

Wow... I can't believe that a credit union will give financing after a bankruptcy!

I know I could go to any CU and they would decline me.

I guess since I opened the account after the filing and then started funding it right away....they were not named in the bk and my credit with them is good. My score on the other hand is not great....interest rate is 2.25% higher than what they offer good customers....but at least it is under 7%

[teacher]

Well turns out I may end up just buying a friend of mine's car. 2000 BMW 328ci. He is getting a new car. I would take his car, sell my crappy one on CL, give him the money, and owe him a small balance to be paid over a few months.

Much better than having a car payment!

[jribe]

Well turns out I may end up just buying a friend of mine's car. 2000 BMW 328ci. He is getting a new car. I would take his car, sell my crappy one on CL, give him the money, and owe him a small balance to be paid over a few months.

Much better than having a car payment!

did you ask your friend about how much the maintence is? I've known many people with BMW's and they are very expensive - even for regular maintenence. Maybe ask him about what he spend the last year on it, or research it yourself.
Don't get me wrong- i love BMW's. But if you don't have the money for the repairs- don't buy it.

[teacher]

did you ask your friend about how much the maintence is? I've known many people with BMW's and they are very expensive - even for regular maintenence. Maybe ask him about what he spend the last year on it, or research it yourself.
Don't get me wrong- i love BMW's. But if you don't have the money for the repairs- don't buy it.

I am starting a "bwm repair" savings account. This is a very close friend and he has had the car for 6 years. I got a detailed history (more than I ever cared for).

[Stilltheone]

I would NEVER buy a car with 100k+ miles unless I got it for under $1,000 and intended on keeping it for no longer than 3-6 months. Then I would call the junk man to come take it away.

Our family had a shop. I know the work it takes for most cars once they get over 100k miles. The money you save by getting the car cheap, you'll pay many times over in repairs. If I couldn't get a get a good deal on a cheap car with under 50k miles, I'll walk or ride a bike. I'm just so fed up with my options for used cars now.

So you wouldn't buy my Escalade with 115K miles on it and it's worth $13, 500 private party?


To the OP, we applied through Roadloans within a few months of our discharge and were approved. BUT, because my husband had a promotion 2 months prior to applying, they could only take his "year to date" on his paystub....so we technically didn't qualify then because his year to date was lower than his current earnings. If they took his paychecks and times them by 24, they could've seen what his new pay was, but they refused.

We ended up keeping my SUV (obviously, see above sentence) and bought my husband a car a few months ago. We got approved through some shady financial place, but plan on refinancing it with our CU next year. (We have to wait 2 years after discharge to do business with them)