Before I get Taken Advantage of...What is a Bankruptcy Auto Loan?

[6ftladycop]

I have never heard of this. I was told this information exist. I am not sure about it and even though I,m not buying a car at this time, I am making a folder about what to do when I actually do buy in 2009 in the summer and wanted to ask about the legitimacy of such a thing. Anybody got information on this?

[HHM]

No such thing as a "bankruptcy" auto loan.

What there is is a "redemption" loan. But a redemption loan is done "during" a chapter 7 bankruptcy.

This so called bankruptcy loan is probably just a marketing ploy, nothing more.

[jp2861]

It's more than likely a buzz word being used to lure folks in. Probably the same as what dealerships call 2nd chance financing. No doubt the interest rate will be off the hook.

[rilbrianne]

Yep, I agree... marketing words. Don't get caught up in that. Keep your eyes peeled for the right deals and talk to your personal bank before going to some crap happy dealer. I personally suggest a credit union, mine is working with me to give me a loan to rebuild my credit and the woman I talked to couldn't have been nicer. She was so nice even though I told her all about my bankruptcy.