Well I was discharged on Thursday (thank god), they took my truck back in May. Then it was auctioned off two weeks ago, so I entertained buying a "beater" but I owed Uncle Sam about $4500 in taxes. I sent that money on the day I received the discharge notice to settle up with the government. Used car prices have risen to crazy levels for some reason, I was finding new cars for less than used ones. So I wanted to make the right decision and borrowed and rented cars for the last month and a half.
After my discharge I got more serious about my vehicle search I did not have enough cash to get a decent vehicle, so financing was unavoidable. I called a few dealers who ran credit and a few didn't call back, but surprisingly most of them did. Once I sent them proof of my pay they said they can help me, but didn't disclose details. I drove down to the dealership ready to walk out if I didn't get a rate I liked.
He showed me a used truck about $18,000 with 30k miles, then he showed me a brand new truck one year later model for $23,000 with 26 miles. He told me Ally Financial approved me for 14%, which I was happy with only being discharge for one day. I elected to finance the new vehicle only because my last vehicle was new and I drove it for 7 years without an issue before it was taken in the BK.
For my situation this was the best move as I did not re-affirm anything and erased my $2000 a month mortgage in the BK, so I pulled the trigger. I am not thrilled about having a payment again, but the payment is well within what I can afford with no mortgage or credit card payments anymore.
P.S. - I get to live in my house for at least a year to two years without making payments before they kick me out since I included it in my BK. That is why financing worked for MY situation, I urge anyone to explore all options before making a decision.
After my discharge I got more serious about my vehicle search I did not have enough cash to get a decent vehicle, so financing was unavoidable. I called a few dealers who ran credit and a few didn't call back, but surprisingly most of them did. Once I sent them proof of my pay they said they can help me, but didn't disclose details. I drove down to the dealership ready to walk out if I didn't get a rate I liked.
He showed me a used truck about $18,000 with 30k miles, then he showed me a brand new truck one year later model for $23,000 with 26 miles. He told me Ally Financial approved me for 14%, which I was happy with only being discharge for one day. I elected to finance the new vehicle only because my last vehicle was new and I drove it for 7 years without an issue before it was taken in the BK.
For my situation this was the best move as I did not re-affirm anything and erased my $2000 a month mortgage in the BK, so I pulled the trigger. I am not thrilled about having a payment again, but the payment is well within what I can afford with no mortgage or credit card payments anymore.
P.S. - I get to live in my house for at least a year to two years without making payments before they kick me out since I included it in my BK. That is why financing worked for MY situation, I urge anyone to explore all options before making a decision.
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