Quick question...

[quazimoto]

I applied for a car loan with Capital One and was approved, the problem is, i'm limited as to whom i can purchase a vehicle from. It can only be from Carmax, Hertz, Budget, or a "franchised" dealership, ie. Ford, Toyota, Chevrolet, etc...i can't purchase a car from an independent car dealer (used car lot, wholesalers, auction)nor can i purchase one from an individual. Is this pretty much standard, or was i just unlucky? I filed Ch.7 and got my discharge Oct. 1 2007, thanks.

[poorme]

Are those conditions from Cap One? You listed quite a few places, so there should be adequate inventory to choose from. What's the problem?

[quazimoto]

Yes, those are the conditions imposed by Capital One. It wouldn't be such a big deal if it weren't for the fact that the type of vehicle i am attempting to buy is somewhat difficult to find. I've seen a few of them around, unfortunately, they're usually for sale via private owner or auction.

[poorme]

I can only speculate that they want to have some feeling you're buying a car from someone they have recourse with in case of default. I guess if you want to use their money you have to follow their rules. Are you bk? Why do you have to have such a special set of wheels? Most folks 'in recovery' have to accept a lesser ride for awhile - you can always try later for the Mazeratti!

[quazimoto]

The way i see it, if i'm going to spend $23k+ for a car, its going to be one i want rather than need.

[chpxiii]

The way i see it, if i'm going to spend $23k+ for a car, its going to be one i want rather than need.

And the way the bank sees it is if you want to use THEIR money to buy a car (even though you'll be paying it back), you get to buy from someone THEY approve of. It is their money and they are extending you credit. They can place terms and conditions on it.

[CindyLou]

i was told by cap one: If you buy from a private ind. or a non franchised lot, the rate of default is higher. This is due to the fact that there can be many more problems with those cars.

A franchised dealer is ANY major car dealer INCLUDING their used car lot. What car can you not find there? I'm curious, you gotta tell us

[quazimoto]

It was a 2003 Mustang Cobra. There were only 8,000 made so they're somewhat difficult to find. I was looking for a black one, which made it that much more difficult. i finally found one, at a Chrysler dealer in Valdosta Georgia. Only took 30 minutes from the time i test drove it until i left with the car.

[HHM]

Wow...you go through a chapter 7...and are already headed back down that road with your financial decision making.

[quazimoto]

Wow...you go through a chapter 7...and are already headed back down that road with your financial decision making.

Wow, you're a prophet!!! Congrats!!! Actually, my Ch. 7 filing had nothing to do with my personal spending and everything to do with the my homeowners association at my former townhouse.

Kinda hard to make a mortgage payment on my home AND pay monthly dues which are at $325 (they were $240 per month last year)per month PLUS a special assessment of $16k per owner over 2 years. Break it down monthly Einstein, thats an additional $700 per month, on top of the regular $325 monthly dues. This also makes it damn near impossible to sell the property to somebody else so i could have gotten out of it.

I don't know what type of financial shape you're in, nor do i care, but i guarantee you that most, if not all middle-income people would have a difficult time to say the least to come up with an additional $800 or so a month just to cover the bills.

Thanks for the concern...

[Minnymouth]

I have to agree with HHM,

What are you thinking??? You cry because your townhouse expenses are unreasonable?? YET, you want to invest $23,000 in a auto that is 5 years old (just because you like it)????

You can buy a new vehicle for $23K.......

You filed Chapter 7 to clean you debts up...... NOW you want to go back into debt with a 5 year old auto for $23,000.....

Not only were you NOT SMART in purchasing your townhouse, your even worse when it comes to buying an auto........

Yep, $23,000 at about 11% - 14% or more interest, can turn into a very expensive auto with NO RETURN in investment........

Now, even most middle-class folks know the difference between a "good deal" and "wasting their fresh start" they acquired by filing bankruptcy......

I agree with HHM, your headed back down that same road with poor financial decisions.....

My $.02.................

[Flamingo]

Wow, you're a prophet!!! Congrats!!! Actually, my Ch. 7 filing had nothing to do with my personal spending and everything to do with the my homeowners association at my former townhouse.

Kinda hard to make a mortgage payment on my home AND pay monthly dues which are at $325 (they were $240 per month last year)per month PLUS a special assessment of $16k per owner over 2 years. Break it down monthly Einstein, thats an additional $700 per month, on top of the regular $325 monthly dues. This also makes it damn near impossible to sell the property to somebody else so i could have gotten out of it.

I don't know what type of financial shape you're in, nor do i care, but i guarantee you that most, if not all middle-income people would have a difficult time to say the least to come up with an additional $800 or so a month just to cover the bills.

Thanks for the concern...

You file Chapter 7 and then go on to buy a hard to find sports car at an interest rate you do not disclose but at the cost of $23,000? While I understand this is probably a dream of yours as I have a husband who drools over the older model Mustang GTs and cried when he had to sell his 1983 Mustang GT when our second daughter went to college in the early 90s, I gotta say your priorities are off track here. Remember, you cannot file bankruptcy again for, I believe, eight years after filing Chapter 7 so I am assuming you know what you are doing or you are just posting to boost your ego as to this purchase or to try to flaunt it to others if it actually true.

[quazimoto]

You file Chapter 7 and then go on to buy a hard to find sports car at an interest rate you do not disclose but at the cost of $23,000? While I understand this is probably a dream of yours as I have a husband who drools over the older model Mustang GTs and cried when he had to sell his 1983 Mustang GT when our second daughter went to college in the early 90s, I gotta say your priorities are off track here. Remember, you cannot file bankruptcy again for, I believe, eight years after filing Chapter 7 so I am assuming you know what you are doing or you are just posting to boost your ego as to this purchase or to try to flaunt it to others if it actually true.

Don't blame me for your husband having to sell his beloved 1983 Mustang GT so you could put your second child thru college. If anything, you should be thanking me, as us people who don't have children ending up footing the bill to send your kiddies to school in the first place.

Let me see if i have this right, i don't get some chick knocked up with a few kids, so no tax deductions for me. Yeah, that sounds fair to me. And then, if i buy a new home, i get hit with a $6,000 "impact fee" for the public schools, even though i don't have any kids using up these precious resources. You should thank us more responsible people who don't tax our public resources with kids and then look for handouts. Your welcome.

And i'll take my $23,000 supercar with an "undisclosed" interest rate, thats the least i deserve for putting up with people with kids.

[quazimoto]

I have to agree with HHM,

What are you thinking??? You cry because your townhouse expenses are unreasonable?? YET, you want to invest $23,000 in a auto that is 5 years old (just because you like it)????

You can buy a new vehicle for $23K.......

You filed Chapter 7 to clean you debts up...... NOW you want to go back into debt with a 5 year old auto for $23,000.....

Not only were you NOT SMART in purchasing your townhouse, your even worse when it comes to buying an auto........

Yep, $23,000 at about 11% - 14% or more interest, can turn into a very expensive auto with NO RETURN in investment........

Now, even most middle-class folks know the difference between a "good deal" and "wasting their fresh start" they acquired by filing bankruptcy......

I agree with HHM, your headed back down that same road with poor financial decisions.....

My $.02.................

Yeah, silly me, i should have used my Nostradamus-like powers and projected into the future to see the forthcoming special assesments. Sorry, silly me.

As for my automobile not being a "sound investment", show me one that is oh all-knowing wise one. I guess if it isn't a "wise investment" we should all be riding around in horse and buggy. Yeah, i'm sure thats your mode of transportation.

Sounds to me like some of you have a bit of sour grapes. It's not my fault you live in a 1-bedroom loft and drive around in a 1987 Honda Accord.

In life, there are winners and losers. Don't be a loser.

[DVDFreaker]

In my opinion, you need to get off her back, let her do what she wants, she isn't even spending your money either