Ok, this dosent make sense to me

[gamblingsucks]

I bought a car about one week after bankruptcy in August. Its a great car for me but the problem is I feel like I'm getting ripped off financially because of my bankruptcy. To give you an Example......

When I bought my car the total purchase price was approx $20,000. Because of my bankruptcy I'm being forced to go to Capital One as my financier cause it seems like they were the only ones to approve me. They got me for 25% Interest at $559 a month for 72 months. Now when I read the stick in this section called "Who approved you" I read people who came off bankruptcy got normal semi-normal APR's. And to top it off my girlfriend just was approved for a car today, same purchase price and she got 17% APR at $445 a month. She has horrible credit and 2 repo's

I'm really upset because my credit rating has gone up 100 point or more since I was discharged BUT every time I try to apply for credit somewhere im getting shot down. My credit report has everything IIB (Included in Bankruptcy) No Collections and a tiny tiny bit too many inquiries. IS something not right here or is it just me.

[SinkingFast]

Length of Credit History can have an impact on auto loan interest rates. Time on the job in the same line of work or with the same company can be a factor as well.

For us,............ We had 26 years of good credit prior to filing. Working in the same line of work. In one case for the same company for 18 years. Several houses and numerous cars paid-in-full over the years.

If you're a younger person,........... Possibly you've changed careers,.......... And you didn't have an opportunity to "establish" yourself significantly credit wise prior to filing,.......... That could be part of the reason for the higher interest rate.

[gamblingsucks]

I have a decent credit history going pack 8 years not including the accoutns in bankruptcy

[CindyLou]

Your income level and your debt to income ratio have a very high impact on a car loan also!!

[emoney]

I'm not sure I understand the problem. From what I read you now do not like the deal you did. Is that correct?
regards,
emoney

[BassBoy]

I bought a car about one week after bankruptcy in August. Its a great car for me but the problem is I feel like I'm getting ripped off financially because of my bankruptcy. To give you an Example......

When I bought my car the total purchase price was approx $20,000. Because of my bankruptcy I'm being forced to go to Capital One as my financier cause it seems like they were the only ones to approve me. They got me for 25% Interest at $559 a month for 72 months. Now when I read the stick in this section called "Who approved you" I read people who came off bankruptcy got normal semi-normal APR's. And to top it off my girlfriend just was approved for a car today, same purchase price and she got 17% APR at $445 a month. She has horrible credit and 2 repo's.

I don't think that this was your only option. Buyers MUST BE very careful when financing a vehicle, especially after BK and/or with credit problems.
Yes, some of us got decent rates, but no one, and I mean no one, should be paying that kind of rate. I honestly think you could have done better.

[CindyLou]

try lendingtree. someone will give you a better offer!

[6ftladycop]

I just read your post and I was wondering what you think:
1. have been at the same job for 27yrs
2. paid off 7 cars in full
3. had good credit right up until the bankruptcy filing 7-07
4. have 2yrs to go on a leased vehicle with gmac but have never been late and never behind.
5. want to turn the leased vehicle back in when its due without any problems and purchase a new vehicle 2009 Chevy Impala.
How much trouble do you think I will have and if so, with what will I have the trouble?

[BassBoy]

You should be just fine

I just read your post and I was wondering what you think:
1. have been at the same job for 27yrs
2. paid off 7 cars in full
3. had good credit right up until the bankruptcy filing 7-07
4. have 2yrs to go on a leased vehicle with gmac but have never been late and never behind.
5. want to turn the leased vehicle back in when its due without any problems and purchase a new vehicle 2009 Chevy Impala.
How much trouble do you think I will have and if so, with what will I have the trouble?

I don't think that you would have too much trouble at that point. You BK will be long over with, and as most of our members recommend, time is the best healer after BK.