Buying/Leasing a car after BK

[n152sm]

I have someone you SHOULD NOT use!!!!

I just got out of a Chapter 7 BK and wanted to see if I could pre-qualify online for an auto loan. I made a very bad mistake by visiting www.usacarcash.com

I found them through another website or blog and they said instant approval so I clicked and entered the information and BOOOM! I started getting text messages, phone calls, and email after email with SPAM! dating services, home depot cards, job finding tools, get rich quick crap, $1500 pay day loans, ebay offers, YOU NAME IT tons and tons of spam.

I immediately clicked their unsubscribe link...but I am still trying to get off all of the lists that I got on...I hope they answer my email to help me.

Just wanted to inform ya'll so you don't get scammed like I did!

[BkinTX]

My DH is military and has been in for over 6 years. I'm a SAHM.

60% down? YEOWCH.

[marinah]

Have you been at your job at least a year? That makes all the difference. We just got turned down for a $6K loan which would have been at 21%, with $4K down, because my husband and I have both been at our jobs for 8 months. But, if we could have come up with a 60% down payment we would have been approved.

You never know what you'll get, you just have to keep asking...we are probably going to end up with my dad cosigning a loan for us, so we can get a lower interest rate and get the car that we need for our family of 5. But if you have been at your job over a year, you may do better than we did....

[BkinTX]

What To Expect

I have a few questions along the lines of this thread:

1. Is 20% about the interest rate we can expect to get?

2. Is it sincerely THAT difficult to even obtain an auto loan?

3. We are looking at a $1500-$2k down-payment for a 2 year loan on an older vehicle (needs to be a minivan), probably in the $4-6k price range. Is this something we're going to have difficulty getting financed for?

4. Is it preferable to wait until discharge before shopping for a vehicle?

TIA for any info/advice!

[Intoodeep80]

Starting today, I wanted to know if any of you have had a good experience with car dealers especially since they were on the verge of bankruptcy themselves and received bailout money. Have you guys seen a difference in the way dealers sell cars, the service they give you, are they still trying to take advantage of the little guy, are they giving out good deals....just what is happening?

I think people are brushing the big 3 with sweeping generalizations.....

Ford is still leasing vehicles through Ford Credit. I have a friend that works at Dorian Ford in Clinton Twp, Mich. in new car sales. He's been doing good and people can lease as they did before the financial crisis.. Ford is in a relatively good spot, got rid of all of their "bad debt" and trimmed the pork out of their business way before the economy turned poo-poo.

As far as GM and Chrysler goes - Just because they arent necessarily handing out leases through GMAC or Chrysler Financial, respectively, leases are still obtainable through 3rd party financial arms. This isnt anything new either - for years if you couldnt get financed through the giants (GMAC, Chry Fi) you could go through a 3rd party.

[onetimeonly]

car companies and bk financing

Even with the credit market being shot, I still had a easy time financing a new car 1 month after discharge. The loan is for 20k and 18%...not bad being we had good credit prior to filing and the previous car was also 18%. I do not recommend buying vehicles right now UNLESS you have the money to give away.





Chap 7 Discharge: 11/08

[6ftladycop]

Today is 2-5-09. What Car Dealer has Been Helpful to You?

Starting today, I wanted to know if any of you have had a good experience with car dealers especially since they were on the verge of bankruptcy themselves and received bailout money. Have you guys seen a difference in the way dealers sell cars, the service they give you, are they still trying to take advantage of the little guy, are they giving out good deals....just what is happening?

[FilingOnMyOwn]

I went back and re-posted it. Is that ok or should I expect it to get deleted again?

[FilingOnMyOwn]

Yeah, and why did my thread get deleted? I started it for a reason, with more info to follow. Thanks alot!!

[HRx]

THANKS HRx - THAT'S AN EYE-OPENER FOR SURE........

Hope they all look at those figures and weigh the pros and cons of it......

What "looks like a great deal" - can be a costly one for sure.....

Minny

Glad you found that bit of information helpful!! But i didnt type that, another member did...i just copied and pasted it in this forum.

[Minnymouth]

THANKS HRx - THAT'S AN EYE-OPENER FOR SURE........

Hope they all look at those figures and weigh the pros and cons of it......

What "looks like a great deal" - can be a costly one for sure.....

Minny

[HRx]

FilingOnMyOwn
Registered User
B/F Guru


Join Date: Oct 2005
Posts: 1,017 Before You Go and Get Ripped Off on Your New Auto Loan...

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I've been reading all these posts about getting 'approved' for auto loans. Getting 'approved' can also apparently mean that you should prepare to bend over and get raped it seems. Before you sacrifice your new financial virginity after bk, let me show you how bad the damage can be:

"Approved" for 30k @ 16% interest for 60 months = You Pay $43,772.40

Thats $ 13,772.40. In interest charges alone. Money lost. Flush down toilet.

Or a milder less painful one I read. "Approved" for 28k @ 13% interest for 60 months = You Pay $38,798.40

Thats $ 10,798.40, once again, in interest alone.

Thats a down payment on a house. And a really big housewarming party.

[babybankruptcy]

Which Loan Companies pull which Credit Reports?

Which sites did your husband find that would tell him which credit reports companies pull?

Filed:2/8/06
341:3/7/06
Last day to object:5/8/06

[marinewife98]

My husband got him a 2006 Dodge Ram 1 week after bankrutcy. He went online an searched for companies that pulls one credit report and send it out to several dealers and that is how he got approved and for35000. We where only at the dealership 1 hour. In and out. He picked a vehicle signed paperwork and it was done.

[Anassa613]

I was not approved for a car loan through roadloans.com I called them and asked them when is it best for someone with a bankruptcy to apply and the lady told me as soon as your discharged.