Hope for those buying a car after a successful Chapter 13 Discharge

[johnt02180]

Hi All,

Just wanted to share some news. I had planned on buying a car and leasing a car directly after discharge. We had been saving and budgeting for a couple years to make it happen. I was discharged on 8/13/13 and was able to buy two new cars on 8/20/13.

I was approved through Capital One and JP Morgan Chase at 3.8% for a used 2013 Nissan Altima with 13K miles ( I went with JP Morgan Chase). I also was able to lease a new Civic for my wife through Honda Finance! We upgraded from a 2000 Chevy Tahoe with 220K miles and a 2004 Civic with 133K miles. Our combined monthly payment is just under $500.

Things are getting better! Stay positive!

[kmjatl]

7 days after your discharge date? Was it already showing on a credit report, or did you have to provide documents to the lenders?

Any idea what your score was?

[grndmom53]

Glad to hear this. we make our last payment in April 2014 & we are hoping to get financed in May or June for a new car! I just hope the discharge doesn't take months to get. Do you know what your credit score is?

[Nursemikki]

That's good news!

[tobee43]

well we have out of bk for a few years plus now, credit scores in the low 700 and we still got 5.1 from cap one. we brought the car 2 weeks ago tomorrow, i put down a large down payment and used 33k of the check which i will pay off shoot i thought it was going to be sept., i'm going to pay it down 24k sept 1 then pay off the rest within a few months. that way no one gets ANY interest!!! but we got our new car a better credit rating too.

[kmjatl]

well we have out of bk for a few years plus now, credit scores in the low 700 and we still got 5.1 from cap one. we brought the car 2 weeks ago tomorrow, i put down a large down payment and used 33k of the check which i will pay off shoot i thought it was going to be sept., i'm going to pay it down 24k sept 1 then pay off the rest within a few months. that way no one gets ANY interest!!! but we got our new car a better credit rating too.

When you pay the 24K, keep a copy of your statement (I don't think you can pay that much online, depends on the bank) so you have your account number and payment address. Many moons ago instead of making a large down payment, I made a huge first payment. So the finance company stopped mailing me statements. When I called them, they said I didn't have a payment due for another 11 months, and they would send a statement then. 'twas a really sneaky way to get me to pay interest.

But tobee43, you're probably already hip to that scam

[tobee43]

When you pay the 24K, keep a copy of your statement (I don't think you can pay that much online, depends on the bank) so you have your account number and payment address. Many moons ago instead of making a large down payment, I made a huge first payment. So the finance company stopped mailing me statements. When I called them, they said I didn't have a payment due for another 11 months, and they would send a statement then. 'twas a really sneaky way to get me to pay interest.

But tobee43, you're probably already hip to that scam

why km i most certainly am those sneaky nasty people will do anything to get your money. LOL don't we all know that. i'm making the large payment by phone as a separate principal payment. i will have 9k left on the car after septs 24k payment, at which point i will do auto payment for 9 months for 1k each month. HOWEVER i will most likely pay more and once it's done in, i hope a few months (you know the best laid plans lol!), but this way our payment is covered either way.

[johnt02180]

Not showing on credit report yet but somehow they knew. Credit score was 680...