New Car

[2fargone]

Haven't been on in a long while but I thought I would post. Our reaffirmed GM lease was ending at the end of the month. Have a friend that works for a GM dealer and the best he could do is 15% interest, with a grand down on a new equinox with a max of 26K, 72 Mo's.payment was around $540. Option to buy out our current lease, payment was going to be $520 like 17%. So on on whim we stopped by the ford dealer, all I can say is HOLY CRAP, We got a 2010 escape Limited AWD loaded.
Here is the best part 1.9% financing for 72 Mo's. no money down and got a traitor rebate of $1500.00. Both of our credit scores are in the lower 6oo's. So I guess my message here is there is some financing life/hope after BK.
I know a lot on here say don't buy new buy a beater but I guess it depends on where you live and you personal circumstances. I do plan on picking up a second vehicle at some point it will def be a beater at best.

[workingboy]

Finally, some good news! I've been searching form some uplifing posts. Thanks for sharing and congrats. It pays to shop around.

[mom2three09]

that's awesome!! Congrats!!

We, too, financed a new(er) vehicle right after our BK. Best decision we ever made & we could not be happier!

[teacher]

I like the "traitor rebate". That's funny.

What did your payments come out to be?

[2fargone]

$460.00 with 5/75 extended warranty Just about what we were paying for our lease, so no big increase!

[Intoodeep80]

Congrats

My friend has a 2009 Escape (V6, 2wd) and loves it. It has the Microsoft Sync in it and navigation. Vedy vedy nice.

Enjoy your new ride and thanks for supporting Ford (Im a shareholder )

[ROB37LAW]

Haven't been on in a long while but I thought I would post. Our reaffirmed GM lease was ending at the end of the month. Have a friend that works for a GM dealer and the best he could do is 15% interest, with a grand down on a new equinox with a max of 26K, 72 Mo's.payment was around $540. Option to buy out our current lease, payment was going to be $520 like 17%. So on on whim we stopped by the ford dealer, all I can say is HOLY CRAP, We got a 2010 escape Limited AWD loaded.
Here is the best part 1.9% financing for 72 Mo's. no money down and got a traitor rebate of $1500.00. Both of our credit scores are in the lower 6oo's. So I guess my message here is there is some financing life/hope after BK.
I know a lot on here say don't buy new buy a beater but I guess it depends on where you live and you personal circumstances. I do plan on picking up a second vehicle at some point it will def be a beater at best.

Was that offer through Ford Motor Credit? If so, do you know which one of the three credit reports they pulled?

[OregonMom]

Did you get a for sure deal, as in you signed all of the paperwork right then and there for the loan? Last time I was at a Ford dealership they told me it was a done deal and then called back two weeks later and said we couldn't get financed and to bring the car back. We did eventually work out a deal on a cheaper car, but I wasn't too happy about that.

[2fargone]

Yes it was through Ford Motor Credit. I saw the report but didn't notice which one. She told us what are scores were. It showed our BK closed etc...

We made the deal on Monday and and signed all the paper work on Friday afternoon and took the car home.

[redquartz]

We just tried to get a car loan, and our scores are in the 500's because our mortgage, and present car loans are listed as being in Chapter 7 bankruptcy.....is this correct? If they were exempt from bankruptcy how do they supposed to get reported to credit bureaus? How are yours being reported?

[mom2three09]

We just tried to get a car loan, and our scores are in the 500's because our mortgage, and present car loans are listed as being in Chapter 7 bankruptcy.....is this correct? If they were exempt from bankruptcy how do they supposed to get reported to credit bureaus? How are yours being reported?

What do you mean by "they are exempt from BK" ? Do you mean you signed reaffirmation papers on them? If you did NOT reaffirm then yes, they should be showing as IIB with a $0 balance. If you DID reaffirm these debts then they should NOT show as IIB and should still be reporting your payments every month.

It takes time to rebuild your credit/scores after a BK. You will be very hard pressed to find a lender who will loan to you with scores in the 500's.