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We got approved for an auto loan--11.45%!!

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    We got approved for an auto loan--11.45%!!

    Hi all!

    Just wanted to share that we got approved for a car loan.

    As most of you know, I have an Escalade that I have been trying to get rid of since we were discharged. We're upside down in it.

    The main reason I wanted to get rid of it was to downsize into a minivan for myself and then buy a car for my husband.

    Since then, I have realized that I will never be able to get rid of this Escalade until it's paid off....We owe too much on it and it's worth too little...so, 3.5 years to go.

    BUT, I told my husband that if he could find a car, say around $5K and get a 48 month loan on it, we could afford it.

    On Friday, my husband went to our local credit union that also has the lein on our Escalade. We got approved for a $5K loan @ 11.45% for 48 months.

    We were STUNNED. Every other interest rate offer we've ever gotten was always 15% to somewhere over 20%.

    On Saturday, my husband went out and bought a car!! He purchased a 2000 Pontiac Grand Prix GTP--supercharged, fully loaded, leather, sunroof..for $4800. Our payment will be around $120/mo. My husband can now store my Camaro with almost 200K miles on it.

    I just had to share my good news. I didn't even know it was possible to get a rate that low after bankruptcy!!
    Filed Chapter 7: 3-22-08
    341 Meeting: 5-15-08 It went great!!!
    Last day for objections: 7-14-08
    Discharged and Closed: 7-21-08

    #2
    Congratulations on your new car! That is a terrific rate and a good payment.
    Filed CH 7 9/30/2008
    Discharged Jan 5, 2009! Closed Jan 18, 2009

    I am not an attorney. None of my advice is legal advice in any way..

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      #3
      Wow! That is awesome - $120/mo seems like such an incredible amount for a car payment!
      BKForum Blog: The Journey

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        #4
        I should also add that we have NO DOWNPAYMENT, nothing, nada, zilch..and we still got approved!
        Filed Chapter 7: 3-22-08
        341 Meeting: 5-15-08 It went great!!!
        Last day for objections: 7-14-08
        Discharged and Closed: 7-21-08

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          #5
          Wow congrats!
          Discharged 6/23/08

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