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I Bought a Car Yesterday

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    I Bought a Car Yesterday

    My husband and I filed Ch. 7 in July 2009, gave our 2003 Ford Expedition back to Wells Fargo in October and paid cash for a 2004 Doge Grand Caravan. We were discharged from our Ch. 7 on 11/6/09. We checked our reports in December and everything was showing IIB with a $0 balance. I was able to get 2 credit cards fairly quickly later that month (Orchard Bank and Capital One). My husband decided to wait to apply for any cards.

    So in January we applied for an auto loan with Cap. One Blank Check. We were denied but they sent our info to Road Loans and they approved us for $25k at 23% with $1500 down. We said NO Thank you right away. So my husband decides to go ahead an try to open at least 2 credit card accounts to help with the rebuilding process. He was denied by Orchard, Capital One, Credit One, and Hooters. I was like hold up a minute, stop applying for all these cards and let me check some things out.

    I get his credit reports again and low and behold, Equifax and Transunion had changed some of our accounts that had been listed as IIB with a $0 balance, back to open accounts with past due balances. And were not talking about a few collection accounts. They had our second mortgage and car loan with Wells Fargo so it amounted to almost $100k. So I filed online disputes and it took Transunion 2 days to fix the problem and it took Equifax 2 weeks.

    Once everything was fixed, we reapplied with Cap. One Blank Check and we were approved for $30,000 at 9% with $1500 down. Yesterday we bought a 2009 Certified Used Camry (the recall repairs have already been made) from Carmax. The car was $15,899 with 17000 miles and was used by the service center as a loaner car and has a 7 yr/100,000 mile warranty. We put $4000 down so our payments are set at $237.75 for 72 months but we will be paying a lot more than that to pay it off early.

    In 2006 when we bought our 2003 Ford Expedition at 18% for a payment of $599/month, I left the dealer with a nagging feeling that we were doing something wrong. But last night I left happy and stress (but not debt) free. Good luck to everyone!

    #2
    Wow! That's a good post! I think some people don't check their credit thoroughly.

    Sounds like you guys wound up with a really good deal.
    4/09 Converted to a Ch 7 due to loss in dh's income
    5/09 UST now involved no idea what happens next
    7/09 UST has decided to withdraw his motion to dismiss!
    7/27/09 DISCHARGED!!!

    Comment


      #3
      Originally posted by KMB582 View Post
      My husband and I filed Ch. 7 in July 2009, gave our 2003 Ford Expedition back to Wells Fargo in October and paid cash for a 2004 Doge Grand Caravan. We were discharged from our Ch. 7 on 11/6/09. We checked our reports in December and everything was showing IIB with a $0 balance. I was able to get 2 credit cards fairly quickly later that month (Orchard Bank and Capital One). My husband decided to wait to apply for any cards.

      So in January we applied for an auto loan with Cap. One Blank Check. We were denied but they sent our info to Road Loans and they approved us for $25k at 23% with $1500 down. We said NO Thank you right away. So my husband decides to go ahead an try to open at least 2 credit card accounts to help with the rebuilding process. He was denied by Orchard, Capital One, Credit One, and Hooters. I was like hold up a minute, stop applying for all these cards and let me check some things out.

      I get his credit reports again and low and behold, Equifax and Transunion had changed some of our accounts that had been listed as IIB with a $0 balance, back to open accounts with past due balances. And were not talking about a few collection accounts. They had our second mortgage and car loan with Wells Fargo so it amounted to almost $100k. So I filed online disputes and it took Transunion 2 days to fix the problem and it took Equifax 2 weeks.

      Once everything was fixed, we reapplied with Cap. One Blank Check and we were approved for $30,000 at 9% with $1500 down. Yesterday we bought a 2009 Certified Used Camry (the recall repairs have already been made) from Carmax. The car was $15,899 with 17000 miles and was used by the service center as a loaner car and has a 7 yr/100,000 mile warranty. We put $4000 down so our payments are set at $237.75 for 72 months but we will be paying a lot more than that to pay it off early.

      In 2006 when we bought our 2003 Ford Expedition at 18% for a payment of $599/month, I left the dealer with a nagging feeling that we were doing something wrong. But last night I left happy and stress (but not debt) free. Good luck to everyone!
      May I ask what your credit scores were?

      Comment


        #4
        Originally posted by ROB37LAW View Post
        May I ask what your credit scores were?

        Comment


          #5
          If you don't mind me asking: what was the income that you used on your application? Mine was $100k/yr and I didn't get approved for Cap1 blank check. My credit scores were 528/560/568 and my credit report was 100% right at the time of application...

          EDIT: the reason they declined me was that it was not more than 1yr after the discharge. They said my salary and credit score was ok.
          Filed CH7 on Aug-06-2009 -- DONE!
          341 meeting on Oct-01-2009 -- DONE!
          Discharged on Nov-12-2009 -- DONE!
          Case Closed on Jun-15-2010 -- DONE!

          Comment


            #6
            Originally posted by RBisDebtFree View Post
            If you don't mind me asking: what was the income that you used on your application? Mine was $100k/yr and I didn't get approved for Cap1 blank check. My credit scores were 528/560/568 and my credit report was 100% right at the time of application...

            EDIT: the reason they declined me was that it was not more than 1yr after the discharge. They said my salary and credit score was ok.
            Dude, there's no rhyme or reason to it all, it's just a crap shoot.
            Attorney Retained/Paid: 1-4-10
            Online CCC-Completed & Cert Received: 1-8-10
            Filed Chapter 7 1-18-10.
            341 3-10-10 ~~~ Last Day to Object: 5-10-10

            Comment


              #7
              Originally posted by RBisDebtFree View Post
              If you don't mind me asking: what was the income that you used on your application? Mine was $100k/yr and I didn't get approved for Cap1 blank check. My credit scores were 528/560/568 and my credit report was 100% right at the time of application...

              EDIT: the reason they declined me was that it was not more than 1yr after the discharge. They said my salary and credit score was ok.
              Our combined annual income is a little over $94,000. But it is over $100k if you include the child support that my husband receives. We included the child support amount on the application, but they only asked for verification of our earned income, so I assume they didn't include the child support in their decision. As for being approved so soon after discharge, I don't have any answers for you.

              Comment


                #8
                I could have written this post

                we gave an expedition back and after discharge we got orchard and cap one cards.. also we both got loans from cap one for cars. our scores and creidt report all great 680 scores.

                hubby got on an accident thurs his car is totalled cap one turned him down, we checked our report, it is 13 months out of discharge and our scores from experian were 642. some things showing IIb an ) balance now show in collections and 60 or 120 days late, we disputed everything, transunion is fixed already 1 day. waiting for the others.

                We need to get hubby a car loan and quick wonder how long we should wait? or who to try?
                wonder why this happens on credit?
                B x
                filed Ch 7 Oct 31st 2008.
                341 Dec 10th 2008.
                DiSCHARGED Feb 10th 2009

                Comment


                  #9
                  KMB582, I am sort of in the situation you were in. I'm converting from a chapter 13 to a chapter 7. I am going to surrender my Jeep which is financed through Wells Fargo. I just paid to convert today. I asked the attorney when will I have to surrender, and he said that usually after the 341 meeting, is when they will want it back. I see you filed Chap 7 in July and you didn't surrender the vehicle until 3 months later. So did they give you a set time when you had to surrender. I'm asking because my attorney said the discharge cannot take place until 60 days after the 341 meeting, so I'm trying to figure out how long I could possibly be without a vehicle within that period. Any info will be helpful! :o)
                  Filed Ch.13 August 2008,
                  Converted to Ch.7 03/31/10, 341 Meeting 05/05/2010, Discharged 07/16/2010

                  Comment


                    #10
                    Hmmm ... I see a pattern here that folks who buy an Expedition land up in BK.

                    Comment


                      #11
                      mermaids614 - I think it varies when surrendering happens. I had two vehicles financed through HSBC and they were contacting me about surrendering right after 341 meeting. Meeting was held on 1/7, cars were surrendered on 1/22. I have a car finance thru Nuvell that I plan to surrender but no one has contacted me. So it varies.

                      Comment


                        #12
                        Originally posted by oneluckylady View Post
                        mermaids614 - I think it varies when surrendering happens. I had two vehicles financed through HSBC and they were contacting me about surrendering right after 341 meeting. Meeting was held on 1/7, cars were surrendered on 1/22. I have a car finance thru Nuvell that I plan to surrender but no one has contacted me. So it varies.
                        Wow, and this is more than 2 months after your 341 and you still have one of the vehicles. I'm dreading that period. Because I'm afraid I'm going to buy the first thing I see so that I don't have to be without a car. The legal assistant said the lienholder really doesn't even have to set up a date with you. He said they legally can take it at anytime once you file chapter 7 and don't reaffirm it. He said to make sure after the 341 meeting that I keep all of my personal belongings out of it just in case.
                        Filed Ch.13 August 2008,
                        Converted to Ch.7 03/31/10, 341 Meeting 05/05/2010, Discharged 07/16/2010

                        Comment


                          #13
                          I was discharged yesterday am I sure the third vehicle will be up for grabs at any minute. Thankfully, we do have vehicles to drive.

                          Comment

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