10.4% one week post discharge!!

[debtmonster]

Like I said, there's nothing wrong with CarMax as long as you don't mind spending thousands above wholesale. They do a very good job at cleaning their cars and make used cars look almost brand spanking new.

It's just now I am looking for super good deal. If CarMax paid $8,000 for a car, I can't see paying them $13,000 for the same car. To me, that's simply not fair.

I would rather go to another dealer and buy the same car for $8,500 to $9,000. I always do a KBB lookup on the car and work from the bottom up and not the retail down.

I just read that article about negotiating for a used car. It looked pretty good. I already have a good chunk saved to put down on my next car. Having $12,000 cash saved would be the sweet spot. There's a lot of used cars out there that at late model that I could buy for that price.

When it comes my turn, I will be lucky to have between $7,000 and $9,000 as a down payment.

Another thing I do is pick a year, make and model that I like and then find the same one at multiple dealers. Then I show the dealer I am at what I could buy the other one for. They will either lower the price or I will walk.

Use AutoTrader as your tool. Don't be afraid to walk. Stand your ground.

From what I heard, CarMax does not really negotiate on prices. Is this true?

[jespencer]

So you want a dealership to sell a car to you at what they paid for it??? Sorry, but we live in a capitalist country and that is how they make money and stay open. If you can get a car at wholesale price, go for it, but you cannot expect any business to not make money off of a deal...that is why they are there! Carmax or any other dealer is not there as a service for people to sell their car to them and then carmax turns around and sells it for the same price. Why do you think many people try to sell a vehicle themselves rather than trade it in? Almost all of the time you get more money selling it yourself rather than trading in. As far as it being "fair" paying more than a dealer paid for a car....get a clue...life is not "fair."

You say you only make 33k a year yet you can put 7k to 9k down on a car....sounds a little fishy to me. Back when I was 19 and had very little in living expenses and made that kind of money I definitely didn't have that kind of extra cash to put down on a car.

[Gillsbroke]

Just wanted to let everyone know there is a possibility that you can get decent auto financing after BK. Today we purchased a car from Carmax financed through Capital One at 10.4%. The total price of the car was 25,900 with extended warranty, tax, license, etc. We put 2000 down.

Do not apply to Cap One if you BK'd them. Originally we had wanted to finance under both of our names to build credit...forgot that I had a Cap One card included in BK. Applied another day with different dealer (Carmax) and only put it under DH...approved!

Before filing for BK we only had a 30 and maybe some 60-day lates on our credit reports that were immediately before filing. My understanding is that if you had good credit before and had minimal lates before filing you have a better chance at getting a good rate.

Had great credit immediately before filing....704 score - got financed today at 6.75% - 12 days post BK