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    New Chevy :)

    Hello!

    I normally just follow along and read but I thought I would post today...


    We discharged on November 2nd, 2010 ...

    We were driving a 1998 Ford E350 and a 1997 Mazda 626. We were caring for 3 children for a while, hence the giant vehicle (with my 2 and all of them in car seats we didn't fit in even most minivans, throw in some groceries and forget it). Well, both were paid for. After the 3 children went back to their family I had a giant van and a school we volunteer at needed one ... so I gave it to them. We have gone the last few months with only the one car. We looked at all kinds of used cars and I checked craigslist every day for a cheap car. I would email on one and before me there would be 50 other emails. We finally gave up on that and thought we'd look at cheap used cars that we would need financing for. We figured we would have to rebuild our credit some time ... Well, we didn't really have a lot of luck at that either! We ended up getting approval from RoadLoans at 25% interest up to 18k. We brought that to a local Chevy dealer and he got us approved at 19% through GM Financial. So, we're driving a 14k 4dr Aveo, brand new. I had decided not to buy a brand new car, but the price was barely more than one with 40k miles on it ... and we'll probably keep it for 10 years (you can see from our last vehicles that I'm not afraid of an old car)

    The point of my giant post (lol) is that GM Financial is very friendly! They were great to deal with! The interest isn't really low - but we are barely discharged ... and we had two repos in our bankruptcy ... (long story). I think the 19% is good considering our past problems. We are going to make double payments every month and maybe we'll be able to get it refinanced lower in a year or so.

    #2
    Interest rate is a little high but if you keep up double the payments, it will not matter.

    I applied at over 10 places and most would not touch my app.

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      #3
      How much down did u put? btw congrats!!! next month it'll be my turn...cant wait! and wat is ur credit score?

      Comment


        #4
        We had 2000 down, but GM approved us with zero down ... so we left the 2000 in our emergency fund. We are making double payments (we get paid the 15th and last day of the month, so we just budgeted a car payment on each).

        The dealer showed us our score and it was 580. Today I saw it again about 2 weeks later and it was 598 ... I don't recall what bureau the dealer used so I don't know if they were both Experian or two separate ones. Our credit was a whole big pile of mess a few years ago... our son died and we just didn't take care of anything. After a few months of not caring enough to log in and pay the car they come take them away ;) The bankruptcy was to help us clean up all of that.

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          #5
          Sorry to hear about ur son. :-(

          WOW! ur score is 598 and u got approved with $0 thats crazy..My score at the moment is 603 and i believe is a faco. Its probably around 610 hopefully lol. So u got approved for 14k and how long is the term? and how much is ur monthly payments? Im going next month and putting 8-10k down

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            #6
            I know - crazy eh!?!?!?!?

            How it happened... I was approved with roadloans up to 16k or something like that, 1800 down. I emailed the chevy dealer on a whim to see if the dealer rebates could be applied to the downpayment. There was "auto show cash" and and a few other rebates. I wanted a van, but honestly - a brand new Aveo works just as well for me to drive the two kids around in. So, he said he'd ask his finance manager. I emailed him the Roadloans docs and all the supporting documents that Roadloans needed to finish the deal - just in case. Well, he emailed me back and said he did better... he got Gm Financial to take us at 6% less than roadloans and they would definitely let us use the rebates and dealer cash for the downpayment. He had a customer coming in that day to pick up a car otherwise I would have driven right down!! LOL I was afraid by the next day that they would have changed their minds.

            I am only a few months off discharge from CH7 and this is my very first account. I felt like I was on a roll so I applied for and was approved for a cap1 credit card. I'm not going to use it - just have my vonage go on and pay it as soon as the bill comes in. And, keep up on the double payments on the car and we're on our way.

            Comment


              #7
              Sorry to hear about your child.

              Keep up double the payments and you will be fine. In about a years time, you could probably refinance with someone else for an even lower interest rate. In particular, some sort of credit union.

              Comment


                #8
                Hello.
                I am very sorry that the child is gone.
                We were discharged in 10/8/2010. December 4 th we bought a new car . Capital one approved us at 10.9 %. The dealer gave us a 24.9 % interest than they lowered it to 17%.
                When we gave them the papers from Capital one they lowered it to 11.9%. It was too late to go with Capital one because we signed papers with the dealer but they settled at 11.9%.

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                  #9
                  Wow... those interest rates are crazy. We got 5.25% at Honda 9 mths out of discharge.
                  Stopped paying c. cards February 2009
                  Retained attorney 11/5/09 - $100k in C.Card debt - $120000 per year income - Filed Feb 2010 - 341 Apr 2010 - No Asset Case/Report of No Dist Apr 2010 - Discharged June 2010
                  Case went without a hitch!
                  I HELD MY HEAD HIGH IN THAT COURTROOM AND NOW I AM MOVING ON!

                  Comment


                    #10
                    Originally posted by calgirl67 View Post
                    Wow... those interest rates are crazy. We got 5.25% at Honda 9 mths out of discharge.
                    How much u got approved for? Dp? credit score? wat bank?

                    Comment


                      #11
                      Originally posted by mikemike View Post
                      How much u got approved for? Dp? credit score? wat bank?
                      approved for $19,500. No down payment. Credit score Me: 661 Him: 642 American Honda FInancial.
                      Stopped paying c. cards February 2009
                      Retained attorney 11/5/09 - $100k in C.Card debt - $120000 per year income - Filed Feb 2010 - 341 Apr 2010 - No Asset Case/Report of No Dist Apr 2010 - Discharged June 2010
                      Case went without a hitch!
                      I HELD MY HEAD HIGH IN THAT COURTROOM AND NOW I AM MOVING ON!

                      Comment


                        #12
                        Originally posted by calgirl67 View Post
                        approved for $19,500. No down payment. Credit score Me: 661 Him: 642 American Honda FInancial.
                        wow thats great! Im assuming u didnt put anything down, how much is ur monthly payment? Were they the only one to approve u guys? Im looking to get into the New Crosstour. Very nice car

                        Comment

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