Got approved with Capital One...

[debtmonster]

$4000 down and rejected........guess I will just keep saving. We are almost 6 months post discharge and thought somebody would finance a car for us.

Wow!!! I am TOTALLY SHOCKED! 6 months past discharge with a whopping $4,000 down and STILL rejected?!?! That is totally uncool.

So I guess this is what I will be up against.

I wonder if I could put $7,000 down (not any time soon, but when it's time) on a $12,500 2009 Hyundai Accent. Don't the Hyundai dealera have a lot of sub-prime lenders at their disposal?

My wife absolutely hates Hyundai's, but I would not mind owning a new Accent. The re-design looks nice and many people who bought them gave excellent reviews on Edmunds.

What about all of these lenders on Autotrader that say "guaranteed financing"?

I checked with a Mercedes dealer who had a demo smart car for sale and they told me that they would finance me after discharge if I put a significant amount of money down. But after reading the reviews and seeing that the Hyundai Accent is capable of getting 40 MPG's on the freeway, I wouldn't mind having one of those.

[relief13035]

Relief13035, I just have to ask...who was the HELOC with and who was your 1st with? That is fantastic!

Both were with CitiMortgage

[relief13035]

What about all of these lenders on Autotrader that say "guaranteed financing"?

Tried that = REJECTED

I saw that SmartCar when I surrendered my Mercedes. Wayyyy too small.

It's not like I am trying to get some sports car, just a 2007 Honda.

[debtmonster]

Tried that = REJECTED

I saw that SmartCar when I surrendered my Mercedes. Wayyyy too small.

It's not like I am trying to get some sports car, just a 2007 Honda.

BIG WOW!!!!

Even the "Guaranteed Financing" turned you down?!?! I AM FLOORED!!!

The smart car is fine for my needs. I would buy a brand new Yamaha Majesty scooter and be done with it if it didn't rain here so much. My wife howled and moaned about me buying one, so we need a car with A/C and all that.

But if you're having all of these problems getting approved, I am betting that I will be in the exact same boat. Now I'm nervous.

Most 2007 Honda's here are expensive. I have to search high and low to get any kind of good deal on one of those.

[relief13035]

BIG WOW!!!!

Even the "Guaranteed Financing" turned you down?!?! I AM FLOORED!!!


Most 2007 Honda's here are expensive. I have to search high and low to get any kind of good deal on one of those.

Yep - we are "guaranteed financing" rejects! I am just going to be patient, which is NOT one of my better qualities.

I want a Honda because of the reliability and resale value.

[killinstinct]

Yep - we are "guaranteed financing" rejects! I am just going to be patient, which is NOT one of my better qualities.

I want a Honda because of the reliability and resale value.

How long you figure you need to wait? Any ideas. I see it's been about 6 months. I'll probably have to drive $500 cars for the next several years if anything happens to mine.

[debtmonster]

Yep - we are "guaranteed financing" rejects! I am just going to be patient, which is NOT one of my better qualities.

I want a Honda because of the reliability and resale value.

When the Honda commercial boast "resale value" they are talking about what they sell them for "retail", not what you're going to get when you trade it in. They give you crap for a trade-in, just as they do any other car.

I bought a brand spanking new Honda Civic for $13,500 with 2 miles on the odometer. I kept it for a year and a half. It was well-kept. Not a ding or a scratch. The interior was immaculate. The car was all detailed right before I drove it back to trade it in. They only offered me $4,000 for it. There was absolutely nothing wrong with it at all. The car was never modified. They could have literally taken the car out of my possession and not done a single thing and put it straight on the showroom floor. With my car and a brand new car sitting next to it, you could virtually not tell the difference if the car I was trading in was new or used other than looking at the odometer.

So if I were to buy a Honda, I wouldn't do it for resale value. I would do it because as long as you don't wreck them, those cars will give you the least amount of problems compared to most all of the cars on the market.

If you can buy a 2007 from a private owner and talk him down to the KBB trade-in price, you'd be doing very good.

If you had a used 2007 Honda Civic to trade in, you'd be lucky to get $10,500 to $11,000 for it as a trade-in.

The cheapest 2007 Civic I could find was this one:

2007 Civic Automatic 19,000 miles for $8,900
"1.8 liter V-tech, Fully loaded, Great MPG, warranty, Runs & drives great, One owner $8900 (person's phone #)"

Here's one:
2007 Civic Automatic 30,000 miles for $9,499
"CIVIC AUTOMATIC 4 DOORS, FULL POWER, REMOTE POWER LOCK, CRUISE CONTROL. AM FM AND CD PLAYER READS MP3, ABC, 1.8 L VERY CLEAN INTERIOR AND EXTERIOR. OPTIONAL SPOILET."

Those are both from a private owners. That's the best way to buy.

So when you're out shopping for a 2007 Civic near you, keep those prices in mind so that you don't overpay.

[relief13035]

Unfortunately, I don't have enough cash to buy from a private party. I'm looking for a CR-V. Civic's are great (actually have had one b4) but looking for something bigger. Wanted a 2007 because it is the new body style, but beggers can't be choosers. Will start looking at 06's.

Every "reject" letter that we have received says:

1) Recent bankruptcy
2) Delinquent past credit experience

I have made it through so many obstacles during this process so far. I know there is a solution out there for me - I just need to figure it out! I never give up!

[debtmonster]

Unfortunately, I don't have enough cash to buy from a private party. I'm looking for a CR-V. Civic's are great (actually have had one b4) but looking for something bigger. Wanted a 2007 because it is the new body style, but beggers can't be choosers. Will start looking at 06's.\

I will have the cash, but not for the kind of cars that I want.

I've looked at those CR-V's... the new style is EXPENSIVE!

Look at them all here. Everything under $14,000 in the entire country is either wrecked or has way more miles than I would ever spend that kind of money on a car. This is awful.

http://www.autotrader.com/fyc/searchresults.jsp?num_records=25&search_lang=en&page_location=findacar%3A%3Aispsearchform&search_type=both&distance=0&address=60008&marketZipError=false&style_flag=1&make=HONDA&model=CRV&make2=&start_year=2007&end_year=2010&min_price=&max_price=14000&seller_type=b&transmission=&engine=&drive=&doors=&fuel=&max_mileage=&color=&keywordsrep=&keywordsfyc=&keywords_display=&sort_type=priceASC&body_code=0&certified=&advanced=y&highlightFirstMakeModel=&showZipError=y&default_sort=priceASC&awsp=false&systime=&rdm=1252754602602

I would not buy a 2007+ CR-V based on those prices. Just like you, I like the new style MUCH better than the old style. It's like it's a completely different car, only with the same name.

Based on those prices, I would pick another vehicle. The last thing you'd want is an expensive vehicle after a bankruptcy. For the interest that they will charge you, it's not worth it. I am trying to stick to vehicles under $12,000-13,000.

I went to the Hyundai dealer looking for the cheapest Hyundai Accent's I could find and anything I would want to take home was like $15,000.

This is what I want in my next vehicle:

Automatic wiper sensor
Daytime running lights
ABS brakes
Electronic Stability Control
Tire Pressure Monitor System
Power door locks
Power windows
Fog lamps
Power Steering
Anti-theft alarm

The only vehicle that I can find that's a 2008 model and about $12,000 is the smart car... and not many to pick from for that price.

[lovebirds]

Yep - we are "guaranteed financing" rejects! I am just going to be patient, which is NOT one of my better qualities.

I want a Honda because of the reliability and resale value.

I just bought a 2000 Honda Accord for exactly $4000. It was nice writing a check for a car and being paid in full.

[debtmonster]

I just bought a 2000 Honda Accord for exactly $4000. It was nice writing a check for a car and being paid in full.

I just hope it didn't have 100,000+ miles. I am highly against buying high mileage cars.

[lovebirds]

I just hope it didn't have 100,000+ miles. I am highly against buying high mileage cars.

It sure did. Doesn't matter about a Honda having high mileage if it was maintained correctly. If you want something the dump after 100k you should stick to American. Super cheap and useless after 80-100k.

I found a one-owner gorgeous Honda that checked out perfectly (by my wonderful father) except for road chips and it was low on brake fluid. No accidents or anything. Immaculate records. Found it at the BMW dealership. A man traded it in the day before we found it for a brand new BMW.

I feel so incredibly lucky to have found this since the used car market is changing after cash-for-clunkers.

[debtmonster]

It sure did. Doesn't matter about a Honda having high mileage if it was maintained correctly. If you want something the dump after 100k you should stick to American. Super cheap and useless after 80-100k.

I found a one-owner gorgeous Honda that checked out perfectly (by my wonderful father) except for road chips and it was low on brake fluid. No accidents or anything. Immaculate records. Found it at the BMW dealership. A man traded it in the day before we found it for a brand new BMW.

I feel so incredibly lucky to have found this since the used car market is changing after cash-for-clunkers.

My concern with the 100k miles on a vehicle is the service that has to be done to the timing belts soon (or should have been done in the past) and if the transmission fluid wasn't changed religiously, you're looking at a nice $2,000 bill to fix it. I've seen it too many times.

My father-in-law had a Honda Odyssey that was in beautiful shape. When the van hit 130k miles, the transmission went out and cost him $2,000 to fix. Plus that engine has a dual overhead cam with 2 timing belts, so you're looking at a 4-digit bill to maintain that.

When I buy used cars, I am always anticipating what my expense will be in the not-to-distant future. I am super picky when it comes to maintenance. I try not to buy any vehicle that has over 50,000 miles.

That $4,000 dollar vehicle can quickly turn into a $7,000 dollar one in no time.

When I check Auto Trader, I always look 300-500 miles out from my zip code. I am ALWAYS willing to make a long drive for a car if the price is right. Saving $2,000 to $5,000 is well worth a 4 to 12 hour drive for me. I could not earn that kind of money in that time period. So I will sacrifice my time to find a good deal.

I guess in a nutshell, I am "cherry picking" the cars, so to speak. I want my cake and eat it, too. The deals I look for are very rare and require a ton of research to find. Many emails and phone calls have to be made to find the deals I discover.

High-mileage cars have too many "what-if's" to deal with. There's a reason why those people got rid of the car in the first place. They probably got tired of dumping money into it. So now you get the car and now it's your turn to start dumping money into it. Been there, done that. Can't afford it right now.

Another tip when buying a used car is to invest in a "paint meter". This will help you discover if the car had any body work.

[Bubblebowl]

Relief 15035,

How did you modify your heloc, after chap 7 discharge.

I had to reaffirm primary mortgage with Wamu/Chase and have my heloc with Citibank.

on the road to recovery





Filed 7/28/09
Meeting of creditors 9/16/09:

[Bubblebowl]

Relief 15035,

How did you modify your heloc, after chap 7 discharge.

I had to reaffirm primary mortgage with Wamu/Chase and have my heloc with Citibank.

on the road to recovery





Filed 7/28/09
Meeting of creditors 9/16/09: