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    #1

    Is this the part where it gets worse...

    before it gets better?

    I have been lurking for a while and appreciate everyone's comments and information.

    Our situation: Filed 13 10/1 in a foolish attempt to hang on to our home at $2300 a month on a $202K mortgage that started out at $1531 a month when we bought house. After a dose of reality, we converted to Ch 7 on 1/25. Our 341 was on 3/19 and all is well. Citifinancial has petitioned for the stay to be lifted on our vehicle so they can reposess. We do not want to reaffirm as we were finallly able to get our amount in arrears from Citifinancial and we owe $2k on it just to stave off the reposession. We are upside down by about $4k on the vehicle.

    Problem: We cant borrow a car to make it to discharge. Have been declined by Capitol One/Road Loans. Prestige has not called back. We have 2 children under 3 and need a vehicle. Husband has a 562 FICO score and we have a cosigner with 760 FICO.

    Does anyone have any suggestions? I've been working on this for 2 days and cant get anywhere....
    Last edited by infrontofus; 03-31-2008, 08:28 AM.
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    #2
    Is there anything particularly wrong with the vehicle. You may want to look into "redemption" financing and redeem your current vehicle. But granted, redemption loans have lousy terms, but since you are getting denied left and right, it may be your only choice.

    By redeeming the current vehicle, you would pay its current market value (not how much you owe).

    Comment

      #3
      "You may want to look into "redemption" financing and redeem your current vehicle. But granted, redemption loans have lousy terms, but since you are getting denied left and right, it may be your only choice"

      The vehicle is in good condition. Here's a scenario: What if we got the redemption loan and then traded in with our co-signer in June so we could capitalize on better payment available w/ a cosigner?

      Would you have any info on who to contact for a redemption loan?

      Comment

        #4
        Any chance you can scrape up a few hundred dollars to buy yourself a junker until after discharge?? All you need is something to get you through until then. You will have a LOT more options for financing AFTER discharge. Believe me.
        I would hate to see you hang onto a car you 4K upside down on, just to get you through the next couple of months............

        I just re-read your post, and see where you have a co-signer...........
        Any chance they would be willing to do the purchase for you by themselves? Just something inexpensive to get you through till disharge.....then after the discharge you could "buy" it back from them (with you making the payments in the interim)

        Just a thought....................
        Last edited by krielly; 03-31-2008, 09:24 AM.
        You can't have your cake and eat it too. But you can dip your finger in the bowl and lick the icing

        Comment

          #5
          Originally posted by krielly View Post

          I just re-read your post, and see where you have a co-signer...........
          Any chance they would be willing to do the purchase for you by themselves? Just something inexpensive to get you through till disharge.....then after the discharge you could "buy" it back from them (with you making the payments in the interim)

          Just a thought....................

          I agree. My mom was considering that option as well until we decided we didn't want a car note at this time.

          Comment

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