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Buying car after bk with trade in?

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    #1

    Buying car after bk with trade in?

    How does this work, if the vehicle I'm trading in is paid off?

    How bad will and/or might my interest rate be if it's been a year since discharge?

    Help!
    Filed Oct 2005discharged February 2007,Shapeless in the fire's glow, tell me if you think you know,
    Who it was we were below, where we've been and where we go
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    #2
    How will it work, if your trade in is paid off? LOL. I'm pretty sure they do something really super complicated, like deduct the value of your trade in from the price of the new car

    Comment

      #3
      Originally posted by AMISLANDER View Post
      How does this work, if the vehicle I'm trading in is paid off?

      How bad will and/or might my interest rate be if it's been a year since discharge?

      Help!
      Amis, in Florida do you need to have the 4Runner's title in your possession in order to use the car as a trade-in?

      What are your current FICO scores? Having bad credit (FICO below 670) may qualify you for an interest rate around 9 or 10 percent. However, if you have very bad credit (FICO below 600), the interest rate may climb to around 18 percent. It's possible to refinance for a better rate once your credit improves, but counting on that is like having a house mortgage ARM and hoping you will get a raise to cover the increase in mortgage payments - it's risky. Best to shop around for the loan - the dealership is not likely to be the lowest APR you can get. Be sure to keep us posted on your progress!
      I am not a lawyer and this is not legal advice nor a statement of the law - only a lawyer can provide those.

      06/01/06 - Filed Ch 13
      06/28/06 - 341 Meeting
      07/18/06 - Confirmation Hearing - not confirmed, 3 objections
      10/05/06 - Hearing to resolve 2 trustee objections
      01/24/07 - Judge dismisses mortgage company objection
      09/27/07 - Confirmed at last!
      06/10/11 - Trustee confirms all payments made
      08/10/11 - DISCHARGED !
      10/02/11 - CASE CLOSED
      Countdown: 60 months paid, 0 months to go

      Comment

        #4
        Originally posted by FilingOnMyOwn View Post
        How will it work, if your trade in is paid off? LOL. I'm pretty sure they do something really super complicated, like deduct the value of your trade in from the price of the new car

        HO HO ho!....
        Filed Oct 2005discharged February 2007,Shapeless in the fire's glow, tell me if you think you know,
        Who it was we were below, where we've been and where we go

        Comment

          #5
          Originally posted by lrprn View Post
          Amis, in Florida do you need to have the 4Runner's title in your possession in order to use the car as a trade-in?

          What are your current FICO scores? Having bad credit (FICO below 670) may qualify you for an interest rate around 9 or 10 percent. However, if you have very bad credit (FICO below 600), the interest rate may climb to around 18 percent. It's possible to refinance for a better rate once your credit improves, but counting on that is like having a house mortgage ARM and hoping you will get a raise to cover the increase in mortgage payments - it's risky. Best to shop around for the loan - the dealership is not likely to be the lowest APR you can get. Be sure to keep us posted on your progress!

          Yes, I do know that I need the title for the trade in, which I have.

          I've gone over my credit "reports"...the free ones...but I have no idea what my scores are.

          I have to pay the trustee the $1,500.00 to keep the 4Runner by the 20th of January, which, unfortunately, does not go on my credit report...too bad...I got my Hooter's card in October and have paid in full every balance to date. My line of credit on the card was $1K, which I thought was pretty good, all things considered.

          Just not sure at this point, how much to tell a dealer of my situation...
          Filed Oct 2005discharged February 2007,Shapeless in the fire's glow, tell me if you think you know,
          Who it was we were below, where we've been and where we go

          Comment

            #6
            Yeah, that's where they get ya - with the evil pencil! LOL


            Originally posted by FilingOnMyOwn View Post
            How will it work, if your trade in is paid off? LOL. I'm pretty sure they do something really super complicated, like deduct the value of your trade in from the price of the new car

            Comment

              #7
              Let us know what sort of rate you got once you buy something. We aren't even close to discharge yet but are already planning our next car purchase as our old S10 is ready to die. We have come up with some interm solutions to get us out at least a year post BK to taking on payments. So it sounds like your situation is almost exactly what ours will be in a year. I'm really wondering what sort of rates we will see on a good used car one year post BK with some money down and/or a trade in. I look forward to seeing what sort of deal you get. Keep us posted
              Filed: 10/26/2006
              Discharged: 03/05/2007
              Closed: 5/19/2008 - Asset case due to balance transfer and income tax refund

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