Recently I posted on a forum about my chapter 7 bankruptcy experience and my attempt at purchasing a vehicle. Its been two years since my discharge. I have a leased vehicle from GM which has 6 more months on it. Leasing is practically non-existent these days, so I thought I would try and find a way around it.
My first attempt was to make contact with GM, the dealership who allowed me to keep the car during bankruptcy, FICO, my lawyers, and the bank to see how much money could be used as a down payment in case it was needed. After speaking with all these people via e-mail, phone and fax, I decided to go in and see them personally. Boy what a mistake that was.
I have never been screwed so bad in my life. I will say that its my fault for thinking that the world has changed its view of people who file bankruptcy. I should have been more prepared, but to be honest, I really thought I had done my homework. After being told that in six months my leased vehicle would not be re-financed by GM, dealership would not re-finance it either, I was then told that I could not buy a new car either because nobody would finance me for that. My only option according to this GM dealership was to take what I could get and that turned out to be a 2006 GM vehicle with 8950 miles on it fully loaded at 72 months for 23 percent interest rate at payments of 622.00 a month.
Seems like no matter what I told them, they would not budge on this. Why would a dealership with good ratings at BBB allow a predatory lender like Crapital One to finance me knowing they would screw me around? Why could they not allow me to keep paying them and finance me since they have been for almost 4 years even during discharge of the bankruptcy? I just got out of debt, now I.m back in it with the possibility of being upside down in two years on a vehicle that I will owe more on than its worth keeping me from getting another vehicle.
