oh well

[bigjoewebb]

i just left the stealership trying to purchase an 05 magnum rt, financed of course.......needless to say, they couldnt help, he said my 13 was the reason and the only way id probly get financed is if i put $5000 down on a "vehicle", and it would probably be something that i wouldnt want........can ANYONE in the Chicago/Northwest Indiana area point me to a dealer that assists people like me.

[Stilltheone]

LOL, I am in the same boat. I have had 2 dealerships now tell me that unless I have $10K down, they can't help me....OKAAAAYY, I'll just write out the check! LOL

[Never_Again]

Unfortunately, it is one of those things. Credit lines for car loans have really tightened up. That situation has eased a bit over what it was last year, but banks are still skiddish. You aren't seeing any 125% of value loans right now, that is for sure!

Also, it is a byproduct of bankruptcy. You are not as good of a credit risk, and are going to have a more difficult time getting approved.

You may want to try another dealership. I know that some dealers have better finance departments than others, and will work harder to sell your loan to other banks.

[wickedlate]

Try Rizza Chevrolet, 8200 South Harlem Ave Bridgeview, IL 60455

[HHM]

Generally, you will need money down to buy a car after BK. That really shouldn't come as a surprise. And really, a Magnum RT, try setting your sights to something a little more reasonable

[mom2three09]

I'm just south of you by an hour or two probably. My dh and I went into the Dodge Dealership yesterday... we were looking at a 2005 Durango Limited (Loaded w/heated leather seats, etc & 41K miles) ... would be financing $14,100 after our trade in (no cash down). We did BK (voluntary surrender) a 07 Durango thru Chrysler Financial (was just discharged last month -- chpt 7) but it shows as paid/closed on our reports. And we also have two other auto loans on our reports with perfect payment history. Anyway, they were only able to get us approved thru Americredit --- 18% interest for 6 yrs Payment isn't bad at all, but we would be SOOOO upside down on it within the first year unless we paid a lot extra on the principle every month. So yes, they got us an approval but with very unfavorable terms IMO.

[bigjoewebb]

latest update.....went back to the stealership yesterday, got approved by Roadloans for $15k, car is only $12k, and i have to put down $1250. My lawyer said that I needed to get a bill of sale from the stealership to get things rolling. So i get there sit down with this jerk, and he tells me i need to put down an ADDITIONAL $1500....i was dumbfounded!!! So i left....i loathe car dealers that try and act like, JUST because you dont have perfect credit, they can do what they want and charge you whatever they want!!!

[frogger]

Find you a $500.00 car that runs from Craig's List or the local shopper newspaper. Run it till it quits and get another one.

Why jump right back into the sinking ship that you just got out of?

If you can't afford to pay for it, you don't need it.

[bigjoewebb]

i CAN afford the car payments, now, but if the finance company said my down payment is ONLY $1250, why would i give the stealership any additional $$?

[NHC]

i CAN afford the car payments, now, but if the finance company said my down payment is ONLY $1250, why would i give the stealership any additional $$?

Here is my alternate solution (and I don't know if this will work for you)...if the bank does not want to reaffirm my auto loan...there are a number of 'buy here, pay here' dealerships with cheap cars (I've got my eyes on a 93 tahoe 2 dr)....they want 1000 dollars down and then the car payment will be about 235 bucks for 24 months....(The car is listed at 4 grand)...I know enough mechanically inclined guys that the car will be on the road for a few years....

This website does a pretty good job of explaining some of the 'scams' being run by stealerships.....

http://www.carbuyingtips.com/scams.htm

I found the 'gap insurance' part the most interesting read...since I almost fell for it at the stealership.....

[rrj]

check with your police auctions and siezed autos

for the past two years, I have bought two cars they each ran about 1 year before i junked them, so, technically after i got my money from the car crusher I really have not spent any money on cars maybe a total of 100.00 or 200.00 for simple repairs

my thinking about dui cars they had to be running when they got pulled over

http://www.asset-auctions.com/cgi-bin/mncal.cgi?sallen/type/GV

if the link is not allowed im sorry mods
this one has PA OH TN MN
I have not any problems getting tags and title, you have to live in the state you purchased from and take the bill of sale to the dmv to get your tags and title

[Never_Again]

i CAN afford the car payments, now, but if the finance company said my down payment is ONLY $1250, why would i give the stealership any additional $$?

Affording payments AND affording the purchase are two different things. We all could "afford" the payments at one time, and (with the exception of medical expenses) yet we still arrived here. Something happened so that we were not able to afford them any more. And, given that you can not discharge again for many years, why put yourself at risk?

Also, if the dealership "wants" an additional $1500 down, it reduces the amount financed. It isn't extra profit for the dealership. Dealerships want to ask for as little down as possible... makes it easier to sell. It is the banks that ask for the down payment, and that would be normal with a bankruptcy. You are a higher risk, and they want more security. A borrowers risk is not the fault of the dealership.

[JustFileSuit]

Anyway, they were only able to get us approved thru Americredit --- 18% interest for 6 yrs .

Paying 18% for six years will effectively DOUBLE the purchase price of the auto. This is not a smart move. Americredit is probably paying about 2% for the cash they are lending out to you. Just lovely.

As I recall, (could be wrong, my memory is getting foggy in these later years of life), Americredit has had serious tangles with financial regulators in the past, including some heavy-duty fines. Check further before anyone else here gets caught up with these guys.

[mom2three09]

Paying 18% for six years will effectively DOUBLE the purchase price of the auto. This is not a smart move. Americredit is probably paying about 2% for the cash they are lending out to you. Just lovely.

As I recall, (could be wrong, my memory is getting foggy in these later years of life), Americredit has had serious tangles with financial regulators in the past, including some heavy-duty fines. Check further before anyone else here gets caught up with these guys.

yep, we're smart enough to figure that one out on our own --- which is why we didn't take the loan

I know I didn't update this post but we actually went to the friend of ours who owns a used car lot & he ran our app thru one of the local credit unions... once we're 90 days post discharge we will be approved @ 9.9% interest & $0 down ... the new-ness of our BK discharge was the only thing keeping us from being approved.

[JustFileSuit]

ran our app thru one of the local credit unions... once we're 90 days post discharge we will be approved @ 9.9% interest & $0 down ... the new-ness of our BK discharge was the only thing keeping us from being approved.

Good move, "Mom"! Now you can start living like a human being again and put some of your cash into your savings bank instead of the pockets of Americredit.

My best wishes to you.