top Ad Widget

Collapse

Announcement

Collapse
No announcement yet.

Fantastic car news!!! :)

Collapse
X
Collapse
 
  • Page of 2
  • Filter
  • Time
  • Show
Clear All
new posts
Previous 1 2 template Next
    #1

    Fantastic car news!!! :)

    So. . . we have a 2010 Ford Focus. We WERE going to attempt to Redeem it. US Bank comes back and wants to loan us $13,100 at *cough* 24% interest. YES, OH YES THEY DID!!! Ford does not allow ride-thru's, and they wanted $15,000 for us to keep the car. There was a Redemption hearing this past Monday, but the Judge gave a 2-week extension so that the car could be appraised.

    I knew (thanks to everyone on THIS website) that we could do better, so tonight we went shopping. Um. ..let me ask you . . .does ZERO PERCENT INTEREST SOUND BETTER?!?!!? YES, OH YES THEY DID!!!! We purchased a brand new 2011 Dodge Caliber AT ZERO INTEREST, 5-year loan, 7 year, 75,000 mile warranty (yes, the warranty will out-live the loan by 2 years), $1,000 down, and the payments are $100 per month less than the FORD!!!

    I can't wait to call the attorney tomorrow and tell him that he can let US Bank know they can take their 24% interest and STICK IT!! And then I'll let Ford know they can pick up their car in an empty lot somewhere. . . LOL

    Our credit scores were 623 and 624 on Experian - and 513 on Transunion! So not great, but still. So don't go thinking you can't get a car loan after BK. YES, OH YES YOU CAN!!!
    Filed Ch. 7 11/8/10: Survived 341 Meeting 12/13/10 Report of No Distribution!! 12/14/10Received UST Presumption of Abuse!! 12/15/10 UST states Dismissal is Inappropriate! DISHARGED!! 2/22/11
    Tags: None
    #2
    Yay for you guys, clevelandmom!!! WOOT!! WOOT!!

    ~~ Filed Over Median Income Chapter 7: 12/17/2010 ~~ 341 Held: 1/12/2011 ~~ Discharged: 03/16/2011 ~~
    Not an attorney - just an opinionated woman.

    Comment

      #3
      Wow! Cogratulations!

      May I usk how much the financing amount of the Dodge is - just to see the whole picture..
      Filed CH7 9/24/2010, 341 on 10/28/2010, Disch.&Closed: 1/6/2011. FICO EX: 9/2: 672.
      FICO EQ: pre-filing: 573, After BK Public Record: 568, 10/3: 673.
      FICO TU: pre-filing: 589, After BK Public Record: 563, 9/2: 706.

      Comment

        #4
        Thanks IBroke and ValleYum!! I don't remember the exact number, but it was around $19,000 and change. . .

        The redemption would have had us at 24% for 6 years. The deal we got was 0% for 5 years.
        Filed Ch. 7 11/8/10: Survived 341 Meeting 12/13/10 Report of No Distribution!! 12/14/10Received UST Presumption of Abuse!! 12/15/10 UST states Dismissal is Inappropriate! DISHARGED!! 2/22/11

        Comment

          #5
          Awesome!

          Keep On Smilin'

          Comment

            #6
            That is fabulous news! You give me hope. Thanks and congrats to you.
            Filed Ch. 7 on 9/30/10---341 11/12/10---Report of No Distribution 11/16/10

            Discharged 1/21/11 Closed 1/26/11

            Comment

              #7
              That's great!

              Quick question - when someone wants to reaffirm a car loan the terms change?? I'm planning on reaffirming my car. Thanks!
              "I DECLARE BANKRUPTCY!" Ch 7 Filed 7/15/11 * 3 Minute 341 8/19/11 * Discharged 10/20/11

              Comment

                #8
                Originally posted by clevelandmom View Post
                So. . . we have a 2010 Ford Focus. We WERE going to attempt to Redeem it. US Bank comes back and wants to loan us $13,100 at *cough* 24% interest. YES, OH YES THEY DID!!! Ford does not allow ride-thru's, and they wanted $15,000 for us to keep the car. There was a Redemption hearing this past Monday, but the Judge gave a 2-week extension so that the car could be appraised.

                I knew (thanks to everyone on THIS website) that we could do better, so tonight we went shopping. Um. ..let me ask you . . .does ZERO PERCENT INTEREST SOUND BETTER?!?!!? YES, OH YES THEY DID!!!! We purchased a brand new 2011 Dodge Caliber AT ZERO INTEREST, 5-year loan, 7 year, 75,000 mile warranty (yes, the warranty will out-live the loan by 2 years), $1,000 down, and the payments are $100 per month less than the FORD!!!

                I can't wait to call the attorney tomorrow and tell him that he can let US Bank know they can take their 24% interest and STICK IT!! And then I'll let Ford know they can pick up their car in an empty lot somewhere. . . LOL

                Our credit scores were 623 and 624 on Experian - and 513 on Transunion! So not great, but still. So don't go thinking you can't get a car loan after BK. YES, OH YES YOU CAN!!!
                8/4/2008 MAKE SURE AND VISIT Tobee's Blogs! http://www.bkforum.com/blog.php?32727-tobee43 and all are welcome to bk forum's Florida State Questions and Answers on BK http://www.bkforum.com/group.php?groupid=9

                Comment

                  #9
                  Hi Freddy! No, I don't believe anything changes on a reaffirmation (others - please feel free to correct me if I'm wrong). However, please, please please make sure you have a good enough deal if you're actually planning to reaffirm. I was of the mistaken idea that because I filed BK, getting a car would not be possible. Boy was I wrong! After I read AlmostAmos' story, I knew that doing a ride-thru was just not going to be possible with Ford (and the Judge would never allow a reaffirmation) so I didn't even try. THANK GOD!! We just saved a ton of money and got a brand new car! BTW, had we not filed BK, we never would have qualified for this loan because we had too much revolving credit! Go figure!
                  Filed Ch. 7 11/8/10: Survived 341 Meeting 12/13/10 Report of No Distribution!! 12/14/10Received UST Presumption of Abuse!! 12/15/10 UST states Dismissal is Inappropriate! DISHARGED!! 2/22/11

                  Comment

                    #10
                    cmom-

                    WAHOO for you!! Thanks so much for sharing your story!! Really gives me hope. We didn't have any car loans at time of bk, our cars are paid for. But, they are both old at 9 & 11 yrs - they still both run great, but you never know....

                    Now I am confident that we will be able to get a good deal when the day comes!!
                    Filed Ch 7 Sept '10, 341 Meeting Oct '10, Discharged Dec '10, Case Closed Jan '11

                    EQ 2/8/11 - 584, 6/2/11 - 677

                    Comment

                      #11
                      HOLY CARP - great news - so happy for you!
                      Filed Ch 7 Pro Se 11-18-2010 341 Meeting 12-16-2010 Discharged 2-15-2011
                      New Job 7-2011

                      Comment

                        #12
                        Originally posted by clevelandmom View Post
                        Hi Freddy! No, I don't believe anything changes on a reaffirmation (others - please feel free to correct me if I'm wrong). However, please, please please make sure you have a good enough deal if you're actually planning to reaffirm. I was of the mistaken idea that because I filed BK, getting a car would not be possible. Boy was I wrong! After I read AlmostAmos' story, I knew that doing a ride-thru was just not going to be possible with Ford (and the Judge would never allow a reaffirmation) so I didn't even try. THANK GOD!! We just saved a ton of money and got a brand new car! BTW, had we not filed BK, we never would have qualified for this loan because we had too much revolving credit! Go figure!
                        Thanks!! I have about 2 years left to pay and it's a pretty low interest rate. But good to know that I could try for something better after BK. Congrats again!
                        "I DECLARE BANKRUPTCY!" Ch 7 Filed 7/15/11 * 3 Minute 341 8/19/11 * Discharged 10/20/11

                        Comment

                          #13
                          CONGRATS! That is great news and appreciate you sharing. Who are you financed through?
                          Filed on 8/30, 341 on 9/30, Report of no Dist 10/7, Discharged and Closed 2/1/11

                          Comment

                            #14
                            That's awesome.
                            I may be smarter than an attorney, but I'm not one. No legal advice here, people.
                            Filed Ch. 7 pro se on 10/22/10 341 on 11/19/10 Report of No Distribution Filed on 11/19/10 Discharged 1/19/11 Closed 2/2/11

                            Comment

                              #15


                              Congrats, Cleveland! Nice looking car! What color didya get????
                              Chapter 7 filed 10/8/10...341 Meeting 12/6/10....Discharged 2/16/2011....Case Closed! 3/1/2011

                              Comment

                              Previous 1 2 template Next

                              bottom Ad Widget

                              Collapse
                              Working...
                              X