a little help please....

[justncase]

I have searched and there are a lot of similar scenarios but as you all know I am very careful with my credit these days so I was hoping I could get some feedback from someone in my position...or real close

BK was discharged in june of 09. I did include a vehicle in that discharge.
Girlfriend and I bought a truck on her credit about 6 months ago.

I wanted to now trade her truck (my payment) in for something else in order to get it in my name. So as to improve my credit score with the timely payments. This will improve my credit right??

The truck is probobally close to what we owe but may be a little upside down considering it would be a trade in and only purchase a short time ago.

My credit score today is 620 with one small credit card (first premiere) that is a low balance.

Will I qualify only one year out of BK? I keep seeing Chase on here....
Will I need a deposit or will they roll over the balance from other loan?

Any additional thoughts?

What about refinancing the current truck in my name? anyone do that or will that work?

Thank you in advance! Justin

[justncase]

dont everyone chime in at one time now..... ;-)

[Amy26]

LOL, I'll try to assist you but I don't have all the answers.

If you really want a car loan with a bankruptcy you can get one... I got one 3 days after my discharge and my score was like 598. Its the terms of the loan you'd have to contend with. I was able to get a 2010 Ford Edge, zero down payment, at 17.9% 3 days after my discharge with Americredit (this was at the ford dealership).

As for trading it in... I'm not sure how it works trading in someone else's car to get a loan in your name. Specially if they aren't your spouse or something. Assuming that would allow this, they should roll the negative equity into the new loan. However, with your BK and your credit score you would probably get hit with a down payment.

Refinancing could work... I'm not sure however the mechanics of refinancing someone else's car into your name. However, if it was possible, then you could try it. I just refinanced my 2010 Edge with my credit union down to a 9% rate. My score wasn't too much higher than yours I believe it came in at 658 when she pulled it. Credit unions seem to be the best bet for post bankruptcy lending. I was not able to get any approvals from standard banks.

How is your credit otherwise? Is it all clean with all accounts showing IIB and no car repossessions on file?

[SMinGA]

First, you're not on that title or loan. So you can't trade in her vehicle. You could try doing a joint application/loan for the vehicle you want to purchase, trading the truck in - her name must be on the new loan in order to trade in a vehicle that is solely in her name. But since its upside down then you'll be financing negative equity, and that doesn't make it any easier.

[Exployer1234]

I believe she would need to sign the car over to you, but to do that you would need to aquire the loan yourself. If it was already paid for she could just give you the car as a gift and you could retitle it.

Now if she co-signed the loan you could trade it in.

The only thing I could see as a problem would be that you are upside down, which is then going to roll the negative balance onto the new car. That will make the new car that you are buying upside down as well. You may want to try and sell the car. It might be easier then rolling over a negative balance onto your new car.

I bought a car in 07. I had a small balance left on the car I traded in. They added the 2000 dollars I owed onto the new car I purchased and before I knew it 1 year later I was upside down on the car by 7K. The car ended up declining in value when the economy tanked. So I would make sure I would think through before purchasing another car to rebuild your credit.

[StartingOver08]

Have you saved any cash?

You could "buy" the car from your girlfriend but you would need to pay cash for the amount that could not be financed. You might be able to get financing from a credit union like Amy above, but rolling in negative equity on a trade (even if you could do it) is not the right thing to do financially.

How upside down are you? What is the value and how much remains on the loan?
Get an approval from the CU first then you can figure out if the purchase of your vehicle from your girlfriend is doable. Technically its not a refi because you are not on the current loan.

If you are looking to build credit you don't have to run out a borrow a lot. You can rebuild with a small car loan - or even none at all. Be careful.

As Explorer notes above, they get you coming and going on the trade in's...don't let them do it.