What was your FICO score?

[IzzyB]

I'm about a week out from discharge, and had planned on reaffirming my vehicle. I owe $12K on the car, and it's worth about $6K. I just found out yesterday that to reaffirm the car I will have to pay $4K to get my account back up to date. I don't have $4K. So it looks like I won't have any choice but to surrender my car.

I'll need another car ASAP. My question is for those that purchased a new vehicle shortly after discharge, what was your FICO score? My husband and I are at 570 and 563. Do we stand a chance to get approved?

[lrprn]

So it looks like I won't have any choice but to surrender my car.

Not necessarily. Depending on the state you live in, as long as you keep making the payments on time for the car, the lender can't repossess it even if you don't reaffirm. Look at your original purchase contract to see if declariing bankruptcy means you have defaulted on the car loan. Did you use a bankruptcy lawyer to file your Ch 7? He/she should be able to tell you if your state is one that doesn't allow repossession as long as you keep making the payments on time.

Frankly, chances are your car lender would rather have you continue to make the payments than to repossess the car and have to sell it at auction for a loss.

[BassBoy]

You could get approved for an auto loan, but I must warn you to be prepared to hear some pretty high interest rates.

There are a number of lenders (mentioned in this this section) that can offer financing after a BK.

Most of us had a wide range of credit scores and were approved for financing, so there is no way to say for sure whether or not you stand a chance.

[Minnymouth]

IzzyB,
From you posting I gather that you have not kept your car payments current and up to date thru your bankruptcy...... thus owing $4,000 and putting yourself in a position where NOW you can't catch the payments up and the company can and will repo on you....

Did you sign a reaffirm agreement?? Very important!!! If you did, and did not keep the payments current, you will owe that balance on this vehicle, because it was not included in your bankruptcy.

Keep us posted

[IzzyB]

Thanks for your replies. No, payments have not been made throughout the entire bankruptcy, and reaffirmation was not signed. When we converted from a Chpt 13 to a 7, we had to surrender one car. The other was going to be reaffirmed, but we never received the paperwork. The creditor says they sent it to our law firm, the law firm says they never received it. So essentially it is part of the bankruptcy. I contacted the creditor and they said that we could turn the vehicle in at our dealership. They said the would not come and get it until after the discharge because it was included in the bankruptcy.

IzzyB

[brokentex]

I had a around 580 2 months out of discharge and got approved through roadloans for 28k at 13.04 %. 6 months later I refinanced it to 9.9 through citibank.

[CindyLou]

ford motor credit 0.9% 2 months out of BK with 20% downpayment. capital one blank check 6 months out at 10.95%. Try lending tree or the capital one website.