Approved for New Car

[123ABC]

Discharged Ch 7 Nov 23rd 2009

Was originally going to reaffirm my car but the credit union was being ridiculous.

Today 1/14/2010 bought a new Kia.

2009 Kia Sorrento
got it for 19k out the door (they are really trying to get these off the lot)
14% interest
500 down
460 a month.
Wachovia done through the dealer.

The interest is not great but I guess I cant be picky right now.

Please refrain from the "you dont need a new car, this is how you got into this, blah blah blah" You dont know my story and I did what was right for ME.

[Mi Bankruptcy]

WOW..460.00 is allot of money per month. Of course, I don't know your monthly or annual income. Hopefully in 6 months to a year you can refinance. At least you didn't buy a 2010 car.

[123ABC]

Actually 460.00 is a lot less than the 576.00 I was paying on my previous car. I seriously downgraded. My monthly income is about 4k gross. Yes I am hoping that in a year I can get the interest rate lowered or refi. I have NEVER paid more than 5% on a car loan! 14 is crazy to me! But sometimes we have to do what we have to do and as of tomorrow I had no car! Gotta get to work. lol

[oneluckylady]

How long have you been discharged? What is your current credit score?

[NoMoreCards]

Congrats on the new car. I am happy for you.

Everybody needs to do what they feel is best for them after the BK.

For you, that includes a new car. For me, I am learning to make my own laundry soap. Lol!!!

Just be very careful with your new start, so avoid being a repeat down the road of life. I wish you the very best, and enjoy your new car. Hopefully you can refinance it a bit down the road to lower your interest.

[123ABC]

I have no idea what my credit score is. I have been discharged about 45 days.

[123ABC]

Congrats on the new car. I am happy for you.

Everybody needs to do what they feel is best for them after the BK.

For you, that includes a new car. For me, I am learning to make my own laundry soap. Lol!!!

Just be very careful with your new start, so avoid being a repeat down the road of life. I wish you the very best, and enjoy your new car. Hopefully you can refinance it a bit down the road to lower your interest.

Oh trust me I have learned to do things differently as well. I am very lucky though. I make a good living, of course its not as much as I used to make but still I shouldnt complain. I was able to get my mortgage modified and have no other bills. I am focusing on SAVING right now. My goal is to have 24k in the bank in the next 3 years. That way if I do lose my job I have enough money to sustain me till I get the next one! Thats why I say, everbodies situation is different. I had no intention of getting a new car till I was told the CU was taking my old one! And seeing as how I now have a payment that is 115.00 LESS per month than my old vehicle, and it doesnt need new tires that like that one did, I think it worked out well!!!!

[oneluckylady]

Thanks for the information and congrats to you!

[klandsb]

Congrats to you on your new car. Sometimes when u compare how much u will be paying for upkeep, repairs, and gas mileage the pmt may not be that much... And like everyone else has said . Someday u may get it refi it down to a normal percent...
OH and by the way, WHAT IS NORMAL ANYMORE