Discharged 12/17/2009...approved auto loan 08/13/2010

[bxphae]

My clunker of a $900 vehicle I bought after bankruptcy had me look at my options. Mind you, I was only one month behind on all of my payments prior to filing Chp7.

After Discharge, I got an Orchard Bank card with a $300 limit (recently automatically upped to $500) and paid the full balance every month and also a Capital One card with a $500 limit with 0% interest until May 2011 that I've been paying only the minimum amount allowed to build a revolving balance to take advantage of the 0%.

8 months after discharge, I applied at Capital One Auto Finance and was approved for $16,988.40, but the interest rate was 11.94%. Good news is that I also applied at a local car dealer and got a better rate(approved for only $15,355.XX, but the interest rate was 9.98%).

I'm buying a 2008 VW GTi for $16,922 with 8,XXX miles thats CPO'd that goes 2years/24,000miles beyond the factory warranty. That just meants I have to work harder for a deal to have no out of pocket cost if I use the financing provided by the dealer. They stated the loan was through AmeriCredit.

[redhunter]

Probably doesn't matter, but GM just by AmeriCredit back in July. I think they had to buy an auto financing comany since GMAC was bought out by ALLY during the government take over.

[pris72]

I was just informed of an approval through fundingway financial. Their preferred dealer is a Nissan dealership about 30 mins. from me. My Dad made a good point to me over the phone last night. Right now the remaining 2010's have some pretty good rebates on them. He said it would be in my best interest to buy a new car and use the rebates towards my down payment, making my payments smaller and possibly even giving me a better interest rate. This way I would have a full warranty and could add an extended warranty now or in the near future if I so choose. I looked at the Nissan sentras, which have a $2,000 rebate right now on their remaining 2010's. Then there is another finance company called first investors financial services, and they use several dealers in my area. I could see about going through them, and buy a ford focus SE sedan. Right now on the 2010 SE's Ford is giving a total of $3,000 back in rebates.
I am glad to hear stories of people who get approved post discharge. It gives me faith knowing that I too will find me a car soon.

[backtoschool]

I like Nissan cars, pris72. Did you get a good interest rate on the car?

[pris72]

I like Nissan cars, pris72. Did you get a good interest rate on the car?

I am waiting on the guy to get back with me. I told him flat out that I won't even come out there, unless I know we have something worked out ahead of time. It has been 9 yrs since I bought a new car, so I am somewhat familiar with the process. I am taking my father with me. I know that sounds crazy since I am 38, but he does know his stuff and how to get good deals. He trades normally every year, or atleast every other year.
Back to BK talk for a minute,and yes this is OT from this thread. My parents had to file chapter 7 back in 1995. He was working for a company that wasn't paying him, and my Dad didn't have anything written up in a contract which came back to bite him in the butt. Anyway the home I grew up in had to go back, my car(which he was the main, and I was the co buyer on), My brothers car went back but they were allowed to keep their 2 cars due to work. He found a lease purchase home that they lived in for 3 yrs. In 1998 they bought a $250,000 home and lived there until 2009. Late 2009 He bought a 1.2 million dolllar home for $600,000 due to the housing crisis. That is one heck of a deal. They now own a Lincoln LT truck and my Mom drives a nice little infinit convertible 2010 model. Not every story is like their story, but it just goes to show that bad things can happen to anyone. I do not make the kind of money he does, so I know I won't be buying any $600,000 house. lol (oh and his FICO score is right at 800 now, maybe a little over)

[backtoschool]

Wow great story! I am taking delivery of a Nissan Rogue today that I got a great deal on. Let me know what car you decide on and how the negotiating process goes. I had to really negotiate hard to get the deal I got, but I got what is considered a "great price" by all the car review sites and price analysis sites, so I am feeling great about things.