Need a little advice from ya'll....

[My4mgirls]

Ok....so here is the low-down....I have a 2006 Chrysler Town & Country....I kept it through the BK (did NOT reaffirm) and have been discharged....I kept it because I need a good car to transport clients for my job....anyways...on to the advice part....I did the whole NADA thingy and I am upside down about $10,000...So...I'm not sure whether to start looking for something different for myself where I could lower my payments (as they are almost $600 a month now) and try for a lower interest rate...as my credit scores are better now (post BK) than when I financed the van...but to add further complication, my husband is in need of a new(er) truck DESPERATELY...(hey...the guy HOT GLUED his mirror back on yesterday) but I am not real sure what to do at this point....I guess I thought ya'll could throw out a few suggestions....as they say...two brains are better than one. Thanks!!

[BassBoy]

You could try to finance another vehicle and just allow the Town & COuntry to be repo'd. The debt was discharged and you did not reaffirm, so you were able to do what is called a Ride Through. Keep in mind the new lending restrictions. It may be more difficult to get approved today, then it was a few years ago. And it helps if you've got a down payment, like $1000. Additionally, with auto sales being low, dealers are really pressing to make sales, so there could be some real deals out there.

Do your homework though. Don't just walk through the door and let the dealer do all of the owrk, such as financing. It could be a great benefit to you if you acquire your own financing, like with Cap One for example, unless you BK's on them. WHen you have your own financing set-up, you know how much you can spend, what your interest rate will be and what your payments will be before you ever walk through the door, unless there is 0% financing that you would qualify for. Keeping the finance manager of the dealership out of the loop can save you a lot of money.

[My4mgirls]

Thanks!!! I had an idea today....Since my van actually runs decent I would try to get him a new(er) truck, keep my van another month or two then try to see if I could get something for myself that would lower my payments...seeing as the "ride through" doesn't really have a time limit. What do ya think of that idea?? I have been making the $600 payments for 3 years now :-( What lender would you recommend at this point?? I'm around 620 for fico.

[aces67]

You may want to get him something and then get you something else once your new loan starts reporting on your CR.

We applied online through Capital One. They did approve us but at 17%. We also applied online through Chase and got DENIED. However when the dealer tried Cap One came back approved at 16% and Chase approved at 12%. We took the 12% through Chase.

My point is? I felt better going into it knowing for sure that I had Cap One's approval but the dealer was able to get me a much better deal.

Not sure what you are looking for but I got a used 08 Dodge Grand Caravan. The only bells and whistles it has are keyless entry, power locks, windows, mirrors, cruise control, rear a/c/heat, front console, cd player and Stow N go seating. But with the extra 50,000 mile warranty we bought on it we walked out paying $14K total. I let an 06 Jeep Grand Cherokee go back that we still owed $22K on.

[My4mgirls]

Thanks aces67!! I think that is what I am going to do...I did apply through Cap One blank check and was approved last night at 17% interest rate. We have to get a 2009 to get that rate....we found a truck he likes. We were approved for up to 30,000, but we are not going to use anywhere near that much....

When using the Cap One blank check---how much has everyone been able to talk the dealer down?? Just out of curiosity.

[BassBoy]

If the vehicle is used, you can start with NADA, or even call your local bank and ask the retail value (banks won't lend anymore than that), and start from there. If the vehicle is brand new, edmunds.com has a guide to new and used car sales. It will give you the average selling price. NADA and edmunds are just guides to help you get things started. What you eventually will pay is up to the dealership. Ultimately, they make the decision to sell or not. But with a Blank Check, you have a lot leverage to make a good deal.....even on extended warranties.

[mamaluv]

I applied through Cap One about 6 weeks post discharge and was approved for 7.74%. I was quite surprised that I got that good of a rate. I ended up not going through with it though...I decided to keep my current car.

[mikemike]

may i ask what were u credit score when u got approved and how much u had to put down...

[My4mgirls]

Well, we are planning on using the Cap One check for my husbands vehicle (a doing a refi in a few months)...but here is a ridiculous question.....I am currently paying $600 payments on my van that I did a ride through on....how long do you think I would have to wait to try and finance something different for myself? this would mean that we would have two car notes..which is not a big deal because we will be paying 2 car notes for the price I was paying 1...AND my husband just got a new job making considerable more $$...and I got a new job offer Saturday for about 20K more a year!! Life is good!

[midnight]

Those that got approved with Cap One, did you have any cards with them in the bk? I had one, so I don't know if I'd be qualified. I'm currently upside down in a '08 Kia, so I'm wondering if I should surrender it for an older vehicle and lower payments. I'm already getting offers from Cap One for new cards, and I'm not even out of discharge, so I wonder if I'd get approved for a vehicle....

[creditqueen1]

Those that got approved with Cap One, did you have any cards with them in the bk? I had one, so I don't know if I'd be qualified. I'm currently upside down in a '08 Kia, so I'm wondering if I should surrender it for an older vehicle and lower payments. I'm already getting offers from Cap One for new cards, and I'm not even out of discharge, so I wonder if I'd get approved for a vehicle....

I had a card through them that wasn't Bk'd but it was a settlement 6 years ago and they denied the loan because of that but they approved my DH without me. The denial letter stated the settlement with them as the reason for denial.

[My4mgirls]

Funny story---so I purchased a Ford Taurus X for myself...which was a very smart move financially...as now I have equity in my vehicle....So I called Santander (formerly known as Drive Financial) and said to come pick up my T&C. They were disappointed, but obliged my request. A month and a half later, still had not heard from anyone...so I gave em another call...the guy on the phone said "ma'am we are showing here in the computer that we picked it up." I laughed and said...honey its sitting in my garage...So..he said I would hear from someone in the next 48 hours...its been four days and still nothing....Oh well...I guess if they want it they know where to get it.

[LSUTiger32]

Funny story---so I purchased a Ford Taurus X for myself...which was a very smart move financially...as now I have equity in my vehicle....So I called Santander (formerly known as Drive Financial) and said to come pick up my T&C. They were disappointed, but obliged my request. A month and a half later, still had not heard from anyone...so I gave em another call...the guy on the phone said "ma'am we are showing here in the computer that we picked it up." I laughed and said...honey its sitting in my garage...So..he said I would hear from someone in the next 48 hours...its been four days and still nothing....Oh well...I guess if they want it they know where to get it.

Glad you got rid of the note, that's just silly to keep a $600 note through BK. Sounds like you got into other car notes though, but to each his own I guess. I would have told them yeah you picked it up, right and drove that puppy silly for free!

[My4mgirls]

It was silly to be upside down about 12K....Now we have equity (a step in the right direction) --I've checked out refinancing with a local credit union and have started dumping money into a savings there....but yeah...I did get into another one...but with a much cheaper payment. Both my husband and I work, and make very good salaries. We live in a very modest home and have very affordable payments (its about 7% of our monthly income). We have credit cards--but no balances...etc. etc. You get the point...we decided we would like to have newer vehicles.....it just works for us....not that my husband couldn't have fixed up a clunker for me....but honestly we are both ALWAYS working...so it would have ended up like his honey do list....about 5 years in the making and when something gets done on it...I know its time to renew my drivers license!!! :-)