Just sharing my happy Car news

[Kuya]

I bought a car today, and I get to bring it home Thursday!!!!

As I have shared with others here, I have been without a car for several months, as my old car died and I could not get financed anywhere with open BK. BK discharged just a few days ago, and I needed to get a vehicle fast.

I had gone to my credit union previously and they turned me down, stating that their policy is not to extend credit to anyone until 12 months out of discharge.

Capital One denied me because my discharge was only showing on two of the bureaus. So now, my only hope was in the dealers hands.

Dealer called me back today and told me he got it done . . .for 13%. Ughhh. . I wanted to cry. That increased my payment tremendously. So, on lunch I took one last hope and ran back to my local Credit Union. I stated my case and how the other bank was robbing me at 13% . . I showed them my Trans Fico of 703, My pay stubs (I make decent money so I was hoping this would help show my ability to pay).

And the icing on the cake was the car. It's KBB value is $42,000 and I talked the dealer down to $34,995 . . . so I was in a very good equity position for the bank to be at low risk. On top of that I would be putting money down.

The credit union called me back an hour later and told me they got me financed at 5.9%. OMG . . I was sooooo happy. Thank god for local credit unions who are available to talk to you face to face like a person, and not just a SCORE.

The loan was approved with 0 down, 72 months and 5.9%. I will be putting $10,000 down as I have been saving up to buy this car as a super reward for 5 years of hell.

I am sooooooooo happy!!!

Also, it probably helped that about 8 months ago, I took out a $5,000 secured loan (where I gave the bank $5,000 and they gave me a $5,000 loan of my own money), from the credit union . . to help rebuild my credit and build a relationship with them as my bank. I walked out (discharged on 5.12.11) of my BK with a TransFico of 703.

[bobertthecat]

Congrats, Kuya! I have been reading your posts here for a few weeks. I am glad it worked out for you. I, too, have been without a car (and have a 4 hour round trip bus commute) for 5 months. I discharge this week and hope to have your "luck".(It sounds like you put some hard work into this, too!)
Enjoy your ride!
~Heather

[Kuya]

Thanks Heather!

It was ALOT of work. It is not often you get to walk out of a BK with 703 Fico . . and that was not by chance. It was from sweat and blood and sacrifice. I gave up a lot in those 5 years to make it through to the other side. I paid a LARGE amount of my debt back in my repayment plan. It was hard, but I am proud that I was able to pay it back. It was, after all, my debt.

I have read many people that got some decent rates after bk, so hang in there. My biggest piece of advice is to wait (if you can . . I could not) until all 3 credit bureaus get updated with your discharge. For me it only took 2 days for Trans and Exp to update. EQ just updated this evening . . so it's not all THAT long. About a week.

Once all three are updated - many people have had great success with Cap One. I got turned down because I grew inpatient and didn't wait until EQ had updated too.

Best of luck . . . you will feel soooooo good to be driving again! The bus (for 4 hours) sucks!

Congrats, Kuya! I have been reading your posts here for a few weeks. I am glad it worked out for you. I, too, have been without a car (and have a 4 hour round trip bus commute) for 5 months. I discharge this week and hope to have your "luck".(It sounds like you put some hard work into this, too!)
Enjoy your ride!
~Heather

[ValleYum]

Yay Kuya!!! I have been reading your car saga and I am DELIGHTED that your hard work and sacrifice to complete your Chapter 13 *and* save 10k for a down payment in the process worked so beautifully for you.

Good Job! You should be both happy and proud!

[Kuya]

Thanks ValleYum!!

I am so happy . . . I was dancing out the door at work hahaha. We went out to dinner to celebrate . .just Applebee's . . . nothing major lol. My sister said that with all the money I just saved on the car, I should have picked a better place than AppleBee's lol.. But I have learned to be a bit frugal.

My new car has a usb port for ipod in the middle compartment box, so I went to ATT store to pick up an extra usb cord to leave in the car and they were out of them. So the sales guy grabbed an extra one from the back room and gave it to me for FREE . . . today is just my lucky day hahaha

[debee]

hahaha ... kuya ... your happy news happiness is contagious. Thanks for spreading the smiles around!!

[AngelinaCatHub]

Hey this deserves a Victory Dance. Our hamsters are not reserved only for discharges.


Grats to you and here is your reward from all of us:

http://www.youtube.com/watch?v=f9aA_fba_To

[Kuya]

Somebody needs to start the smiles in motion . . . . BK is HARD lol! It is sad and frightening at the beginning. You learn to accept the struggle and live off of ramen soups and wendy's dolla menu. A year into it, you actually begin to think Wendy's Chili is pretty good. Two years into it, you can't even tell your Tshirts are grey, not white (from using cheap laundry detergent). 4 years into it you find out that you are addicted to the Fashion channel because it is the only one that comes in free . . . and that's only if you turn the TV just a certain way.

5 years ago, I thought Applebee's tasted disgusting. Fattening, high sodium garbage. Tonight . . it tasted DEVINE!! I had a Won-Ton Taco for the first time in my life hahaha. . . . . I am still dancing!!!

hahaha ... kuya ... your happy news happiness is contagious. Thanks for spreading the smiles around!!

[IBroke]

Congrats - you deserved it!

I'm planning on getting a new ride once I'm one year out of my BK. I'm currently sharing a 2000 Mercury Sable with my mother. I haven't had my "own" car for more than 4 years now. Hopefully, I can get the ride I want (Lincoln MKZ Hybrid) once the first post-BK year is over. The car I'm having now will be paid off next month.

Hopefully, my previous two repos won't make it impossible to get the car I desire (I'll be putting about $10K down as well). I hope their impact will be reduced by their age (5 years) and the fact that I have a recent paid off auto-loan on file.

I'm planning on leasing the MKZ Hybrid. Since Ford is not offering a lease on the Fusion Hybrid, the MKZ - although more expensive on its own - would cost me less each month than the Fusion...

[Kuya]

Thanks iBroke!

I am sure you will be able to get your MKZ. I looked at those too . . .but ultimately I fell in love with the Caddy SRX. Picked up a 2010 Premium Edition, AWD SRX for a steal of a price. Was concerned that the car may be TOO much for banks to risk just after BK .. . but I had a very good situation. Decent Fico, Large down payment, and a situation where I was buying a car valued at $42,000 and only paying the dealer $34,995. Hunting for that one great deal on a one year old car pays off . . . because you don't have much room to dicker on a new vehicle.

I will say that I did consider a lease to bring my payments down, originally. I found out that ALLY (GMAC) has a fico cut off of 620 for leases. Ultimately I made the decision to buy because I was putting so much down and I wanted some value to trade in on my next one, when it was all paid off. When my SRX is paid off, it is still going to be worth about $15,000 which is a great downpayment on my next car.

Good luck to you . . don't forget to shop around for rates. On the Fico website they tell you that they anticipate auto buyers will shop around for best rates and therefore they only penalize you once for auto credit checks done within 2 weeks time.

Congrats - you deserved it!

I'm planning on getting a new ride once I'm one year out of my BK. I'm currently sharing a 2000 Mercury Sable with my mother. I haven't had my "own" car for more than 4 years now. Hopefully, I can get the ride I want (Lincoln MKZ Hybrid) once the first post-BK year is over. The car I'm having now will be paid off next month.

Hopefully, my previous two repos won't make it impossible to get the car I desire (I'll be putting about $10K down as well). I hope their impact will be reduced by their age (5 years) and the fact that I have a recent paid off auto-loan on file.

I'm planning on leasing the MKZ Hybrid. Since Ford is not offering a lease on the Fusion Hybrid, the MKZ - although more expensive on its own - would cost me less each month than the Fusion...

[Kuya]

Quick update:

Brought home my new baby this weekend and I am so very happy. I have no real bills so the car is not even a burden. Closed the deal on Thursday and brought home the Cadillac

And to top it off, I was surprised with 5.74% interest instead of 5.9% because they drop .25 for having auto payments direct from your account! Yippee. That alone saved me another $1,000.

We spent all weekend cruising around in my Caddy . .

Good luck to everyone else getting ready to buy a car . . and get back on their feet after BK

[jb1231]

Congrats! I bought a car last weekend. Enjoy!