Help!!!!!

[ODDBALL]

Hello Forum Family....

I haven't been on in a while, and when I do come on, I just view the threads without logging in. Got too tired of all the 'bashing' going on.

Here is my problem: I filed BK 7 in June 2005, was discharged and closed in October 2005. I've been trying to clean up my reports, to no satisfaction. My car was included in my BK 7, but paid off as agreed. I do have the Title to prove it.

Well, yesterday, I totalled my car. Some idiot in a stolen car came speeding through the intersection and I T-Boned him. Never saw him until I hit him. My son said he saw the car speed at us, but there was no response time to react. Of course he left the scene on foot.

What are my chances of being able to find someone to finance me for a car loan? I'm scared to death of not being able to get another car. I don't have anyone to co-sign (and I wouldn't want that either). Fortunately, no one was hurt in the accident. I have been trying not to incur a lot of debt since I had to file the BK 7. My car had over 155,000 miles on it, and I had planned on driving it for another 100,000 miles (Nissan).

What should I do? Where should I start? I'm really freaking out about this situation, that I don't know what to do. The fear of getting rejected for a car loan is eating me up. My dad says, just buy another car and get it over with. He says things happen, and that we are lucky no one was hurt. I agree with him, but he doesn't know about my bankruptcy. What am I gonna do? I need a car as I work and have children.

Help

[BassBoy]

Welcome Back ODDBALL!

Glad to hear no one was injured in the accident.

Where to start? To be honest, there are so many threads in this section, that surely one of them will have some useful information. On the other hand, if you had some issues getting your credit reports cleaned-up, then you may encounter some issues, such as a higher interest rate.

You could make a few phone calls to some dealerships and lenders as they can offer much information. What I can tell not to do is go from dealership to dealership and have each one pull your credit report. I feel that what you find out at one dealership, will pretty much be the same at the next one.

Now, Capital One seems to be one of our more successful recommendations. We have many members here that have had good success with Capital One Blank Check. The beauty of this is you already know what you can afford and makes it easier for you to shop.

There may also be the option of using the makers financing (i.e. Ford, GM, Nissan and etc.). You've been discharged for over a year now and you may be able to be approved for that type of financing.

Are you going to receive any payment for the value of your vehicle? With the mileage of your vehicle, you may not receive much, but something for a downpayment can be helpful.

In the meantime, is your auto insurance able to provide you with a rental car and do you have some time to shop around while driving the rental?

[wrinkleigh]

Another good source for financing bad credit may be eloan.com

Basically -- they pull your cr, and then shop around to see who will give you the best deal -- then they either approve (or disapprove). You sign the actual contract with them, then they transfer it to your lender.

You get notified what amount you qualify for, then you are mailed a blank check you can spend (up to your approved amount) to any licensed dealership.

Good luck

[SinkingFast]

Hi Oddball!! Good to see you back posting!!

So glad no one was hurt in the accident. That really is the important thing. The car may be a hassle, but you can replace it. You cannot replace yourself or your children.

As BassBoy mentioned, CapitalOne Blank Check has been very successful for several posters here.

Ford is VERY BK friendly right now. Even with their favorable rates. Ford is going thru some tough times as a company and they are almost courting the market with less than perfect credit.

One approach, and I can't remember the poster who did this, is to speak directly to the Finance Manager of the Dealership you want to do business with. Call that person first. Don't speak to any Sales Reps before hand. Explain your situation. The Finance Manager can do a soft pull on your Credit and let you know what options they have available to help you.

One thing that might help you,............ If your auto loan shows as IIB even when it wasn't,............ Get a payment history statement from your previous Lender. You can use the payment history statement as a substitute for the CRA reporting to show that you did pay as agreed.

[poorme]

DON'T go into the dealership without knowing your credit scores. Preferably your FICOs or auto fico.

BYPASS the sales hawks trying to grab you in the driveway. Don't speak to sales or look at cars until you know you're able to get financing and what the rate/terms will be. (Yes, it's okay to call in advance and ask the name of the F&I manager/director). THAT is who you start with.

EXPLAIN your situation, having your discharge letter may help. YOU set the rules - not them. "I'll allow you to do ONE credit pull, and only one. If you have to shop me around, you'll have to do so with phone discussion and faxes of the one pull." Let the F&I person know that YOU know your credit situation and as a 'rebuilder', farming your app to 5 or 6 lenders in not in your best interest. Truth is, the F&I person can get you approved by negotiating with the lender - this is where their 'industry contacts' can help you. "If we can get me approved at acceptable rates to ME, then I'll ask you to introduce me to YOUR favorite sales rep here at the dealership!"

MAKE the deal with finance fits your needs. THEN go find a car on their lot that fits within those parameters. No upsell, stick your ground. Be prepared to walk if you must - they will eventually come around.

Notice, you haven't even met with a sales rep yet! If the above scenario is not acceptable and they start giving you the run-around, then YOU give them the run-around and run straight to another dealership. Someone will play ball with you if they truly want to sell a car. Good Luck!

[ODDBALL]

Thanks!!!

Thank you for your responses!!! I will be contacting the dealership finance office today. I'll keep you guys informed!!! Thanks again!!!

[CindyLou]

I have financed a vehicle through Ford Motor Credit and one through Capital One since my BK was d/c in feb. 06. Call ahead to a large volume ford dealership and ask for the special financing dept. Do all your dealings through them not through a sales man as stated before. That is what I did and ended up with 0.9% financing! Good luck. You'll be fine!!!