Buying/Leasing a car after BK

[sobroke]

I wasn't counting on refinancing. I am grateful that I got financed at all! I ended up getting an 03' Explorer. I got a decent deal on it. We will see how things go in 6 months or so.

[StaciMM]

I misunderstood-thought you meant that you financed a brand new vehicle.

Since it is a a few seasons old already & its an SUV, it shouldn't depreciate as quickly now. (And I agree that your rate is not so bad. The last thing we financed pre-BK, 2 1/2 years ago, was ~13%.)

I wasn't counting on refinancing. I am grateful that I got financed at all! I ended up getting an 03' Explorer. I got a decent deal on it. We will see how things go in 6 months or so.

[down @ out]

auto after bankruptcy

have to agree with folks that after a bankruptcy unless your sitituation is just different you are better off buying a used car.

Having said that about 6 months before my bankruptcy my car was about shot and I still had great credit. Got a new honda at a good price with 2.9% financing. The monthly payment was importent in getting my bankruptcy discharged and now I have a car with a reasonalble payment and I can count on for a few years to have little or no cost associated with upkeep.

I checked recently and was told that if I could get the same car today my monthly payment would be about 235 more. Talk about a mess.

Also since I filed under the old laws i was able to re-affirm without signing anything and if i ever don`t want the vehicle i can call honda up to come get it and I don`t owe anything.

Don`t know how it works under the new laws any thoughts? I filed pro-se.
Glad I filed on the last day 10/14/06. Don`t know if I could do this now.



Down & Out

[jetset]

My discharge is coming up soon, and I plan to rebuild and buy/lease a new car by the end of this year.

My mother just leased yesterday a brand new Saturn Ion Quad. This deal has been in the works for about a week now, they had to find the right color/trim my mom wanted. Her BK was dcharged just over a year and a half ago, and she hasn't touched her credit. She continues to make her mortgage payment and that's it. They qualified her for the special lease rate, the lowest one possible. I was hesititant about getting my hopes up for her because I know how car dealers (usually) work...get you in, get you tired, they say "ok, well we weren't able to get you that rate, but can you A) Put more money down, or B) Pay an extra 100 bucks a month, Well...After she added some onstar features and some warranty plans, she's paying $222.70/month for 36 month lease with only 1,000 down!

GO TO SATURN! They have a great company wide practice of because straight forward, up front, no haggle, and bottom line pricing. I know this now because last week when they said my moms payment would be "AROUND" 215/month...I thought, yeah right, your credit hasn't moved a point since your discharge, and they're gonna give you the special lease offer?? Well they did, and I will problem go with them for my next car.

I don't know if this is true for all GM dealers...but at least Saturn will be upfront with you, and not beat around bushes.
And saturn does have nice cars now...I'm glad they moved away from the outdated L2/L3 models and got real cars.

adam

[Anassa613]

I was not approved for a car loan through roadloans.com I called them and asked them when is it best for someone with a bankruptcy to apply and the lady told me as soon as your discharged.

[marinewife98]

My husband got him a 2006 Dodge Ram 1 week after bankrutcy. He went online an searched for companies that pulls one credit report and send it out to several dealers and that is how he got approved and for35000. We where only at the dealership 1 hour. In and out. He picked a vehicle signed paperwork and it was done.

[babybankruptcy]

Which Loan Companies pull which Credit Reports?

Which sites did your husband find that would tell him which credit reports companies pull?

Filed:2/8/06
341:3/7/06
Last day to object:5/8/06

[HRx]

FilingOnMyOwn
Registered User
B/F Guru


Join Date: Oct 2005
Posts: 1,017 Before You Go and Get Ripped Off on Your New Auto Loan...

--------------------------------------------------------------------------------

I've been reading all these posts about getting 'approved' for auto loans. Getting 'approved' can also apparently mean that you should prepare to bend over and get raped it seems. Before you sacrifice your new financial virginity after bk, let me show you how bad the damage can be:

"Approved" for 30k @ 16% interest for 60 months = You Pay $43,772.40

Thats $ 13,772.40. In interest charges alone. Money lost. Flush down toilet.

Or a milder less painful one I read. "Approved" for 28k @ 13% interest for 60 months = You Pay $38,798.40

Thats $ 10,798.40, once again, in interest alone.

Thats a down payment on a house. And a really big housewarming party.

[Minnymouth]

THANKS HRx - THAT'S AN EYE-OPENER FOR SURE........

Hope they all look at those figures and weigh the pros and cons of it......

What "looks like a great deal" - can be a costly one for sure.....

Minny

[HRx]

THANKS HRx - THAT'S AN EYE-OPENER FOR SURE........

Hope they all look at those figures and weigh the pros and cons of it......

What "looks like a great deal" - can be a costly one for sure.....

Minny

Glad you found that bit of information helpful!! But i didnt type that, another member did...i just copied and pasted it in this forum.

[FilingOnMyOwn]

Yeah, and why did my thread get deleted? I started it for a reason, with more info to follow. Thanks alot!!

[FilingOnMyOwn]

I went back and re-posted it. Is that ok or should I expect it to get deleted again?

[6ftladycop]

Today is 2-5-09. What Car Dealer has Been Helpful to You?

Starting today, I wanted to know if any of you have had a good experience with car dealers especially since they were on the verge of bankruptcy themselves and received bailout money. Have you guys seen a difference in the way dealers sell cars, the service they give you, are they still trying to take advantage of the little guy, are they giving out good deals....just what is happening?

[onetimeonly]

car companies and bk financing

Even with the credit market being shot, I still had a easy time financing a new car 1 month after discharge. The loan is for 20k and 18%...not bad being we had good credit prior to filing and the previous car was also 18%. I do not recommend buying vehicles right now UNLESS you have the money to give away.





Chap 7 Discharge: 11/08

[Intoodeep80]

Starting today, I wanted to know if any of you have had a good experience with car dealers especially since they were on the verge of bankruptcy themselves and received bailout money. Have you guys seen a difference in the way dealers sell cars, the service they give you, are they still trying to take advantage of the little guy, are they giving out good deals....just what is happening?

I think people are brushing the big 3 with sweeping generalizations.....

Ford is still leasing vehicles through Ford Credit. I have a friend that works at Dorian Ford in Clinton Twp, Mich. in new car sales. He's been doing good and people can lease as they did before the financial crisis.. Ford is in a relatively good spot, got rid of all of their "bad debt" and trimmed the pork out of their business way before the economy turned poo-poo.

As far as GM and Chrysler goes - Just because they arent necessarily handing out leases through GMAC or Chrysler Financial, respectively, leases are still obtainable through 3rd party financial arms. This isnt anything new either - for years if you couldnt get financed through the giants (GMAC, Chry Fi) you could go through a 3rd party.