You won't believe this!

[paula61]

We are two weeks discharge from a Chapter 13 bankruptcy plan. We needed a new car and we got financed by Chrysler for a new Jeep at 14.99%. I knew my interest rate would be high, but I didn't figure that we could get financed by Chrysler and get a fairly good interest rate just two weeks status post discharge.http://www.bkforum.com/images/smilies/yahoo.gif

[Flamingo]

Dealerships are hurting really bad and need to move cars so that probably worked in your favor. I am wondering if in the past you had successful car loans financed via Chrysler also - that always works in one's favor if one had favorable, paid off/on time payments, with the same vehicle lender in the past (it did for us via GMAC). While your interest rate is terrible (that is definately due to the BK) at least you got the vehicle and do consider yourself lucky as many are not able to get a car as quickly after discharge as you as I am sure you have seen via the numerous postings on here on the subject.

[Lacy]

Well apparently they were hurting a little over a year ago also... I got my vehicle financed for 7.99% through GMAC and I havent even been discharged from my BK13 yet... Which they will probably end up repossessing it soon if I cant find someone to take over payments on it.

[Flamingo]

Well apparently they were hurting a little over a year ago also... I got my vehicle financed for 7.99% through GMAC and I havent even been discharged from my BK13 yet... Which they will probably end up repossessing it soon if I cant find someone to take over payments on it.

GMAC will work for you especially if you had a previous loan with them that was paid on time and in full. We also prior to Chapter 13 discharge obtained a brand new 2006 GMAC vehicle at their promotional rate of 0% financing, for 3, 4 or 5 years -we took the 4 year offer. We were shocked but were told by the finance manager that our former GMAC loan several years back helped us and also how we conducted ourselves credit wise during our Chapter 13 and also our credit prior to going into Chapter 13. I always state on here that if someone had a prior successful vehicle loan through Chrysler, GMAC, Ford Credit, etc., it can and does work in your favor to get financing on another similar brand vehicle at the dealership carrying that brand vehicle.

Car sales have been at a low for a long time and they need to move vehicles. If you are discharged and in the market for a car and had previous good credit as I state above, your chances for a good deal and low rates are excellent, especially if one is handling their credit wisely since discharge.

[Lacy]

We never had a loan through GMAC before.. Did Ford Credit, that's the vehicle that's in BK13 now being paid out.... Now my oldest son had one through Chrysler and when he totaled his vehicle and it was paid off through insurance. He tried to get them to finance one again and they wouldn't. He ended up getting financing through GMAC.