Toyota turned me down. :(

[basketsbears]

Hi,
I lurk on boards anymore more than I post, and thought I would apply at Toyota and Capital One to see if we would be approved. Capital One approved us up to $30,000 72 months, around 8%. Toyota turned us down. We were discharged one year ago, but we have not opened any credit since then. The Toyota man said to come in and he would see what we could do as we have good income and scores low 600's. I prob shouldn't have applied, but was curious what would happen. Still paying on Jeep we didn't reaffirm at $500 month almost 10% interest. Balance on that $9100 approximately.

My husband would like to stay with Jeep and wait until it's paid off. I am not sure what to do, or if we should just sit tight.

I will be paying on student loans soon, so maybe that will help credit???

Any advice?

I guess the thing is I am not even sure I want to get a newer vehicle. I was just curious if we would be approved. On the other hand, my husband and I had both thought we wouldn't borrow again for anything - so maybe this is a blessing. Still feels bad tho'.

[Logan]

Do you want/need a new car?

[basketsbears]

Do you want/need a new car?

Good point. I think we will stay put. I think I was trying to justify it. Probably a good thing we were turned down by Toyota. I guess this is when God is looking out for me, when I am not thinking straight!

[Logan]

Good point. I think we will stay put. I think I was trying to justify it. Probably a good thing we were turned down by Toyota. I guess this is when God is looking out for me, when I am not thinking straight!

I drive 127 miles to work 5 times a month and I have a car without cruise control and would really like a new car. But I like the fact that I have no debt and don't have to pick up extra work to pay another bill more than I'd like a new car.

[basketsbears]

I drive 127 miles to work 5 times a month and I have a car without cruise control and would really like a new car. But I like the fact that I have no debt and don't have to pick up extra work to pay another bill more than I'd like a new car.

I hear ya. I am in my car all day driving - usually 50-100+ miles daily (mainly in inner city neighborhoods - so I don't want to break down either!). I had thought of getting something more economical than the Jeep, since it's not paid off yet - but I also didn't reaffirm the debt. But, one way or another whatever I do, will have paid off 6-12 months.

Thank you!!!

[tobee43]

we jumped the gun with the car buying, but actually are not sorry. cap one gave us 5% but now i see that wasn't that bad. we never dared asked lexus!!! we freaked out when our 13 year old car needed work. we never put a dime in that old lexus...it cost $500 and guess what??? it's perfect!! i think that car other than oil changes costs all toll $1500 all these years. (i should bite my tongue here and hope nothing else goes wrong).

we got the other car anyway. i almost paid cash but i took some of the 5% money to help our credit since i new we were going to move or move part time. we only owe now about 6k left on it. now that car sits in the garage with like 2 miles on it LOL!!!!!!! so don't do what we did. i could have used that money for our new home instead of having a car sitting about doing nothing.

[basketsbears]

we jumped the gun with the car buying, but actually are not sorry. cap one gave us 5% but now i see that wasn't that bad. we never dared asked lexus!!! we freaked out when our 13 year old car needed work. we never put a dime in that old lexus...it cost $500 and guess what??? it's perfect!! i think that car other than oil changes costs all toll $1500 all these years. (i should bite my tongue here and hope nothing else goes wrong).

we got the other car anyway. i almost paid cash but i took some of the 5% money to help our credit since i new we were going to move or move part time. we only owe now about 6k left on it. now that car sits in the garage with like 2 miles on it LOL!!!!!!! so don't do what we did. i could have used that money for our new home instead of having a car sitting about doing nothing.

Thanks for info! Like I said, don't know what to do. Jeep is not reaffirmed have about 20 more payments. 77,000 miles. I do like 4 wheel drive, but mpg is like 14-16 mpg. Also, idk why, but I am always having some type of light come on, like engine light on and off for awhile. Just kinda worries me at times.

Thanks!

[tobee43]

i hear you. see for me, i like the safety of having the new car, so i think i would do it again i just feel more secure.

[Greysky]

Stay with the jeep. Try to throw some extra payments in if you can and have a paid off car within a year. We drive a 2002 nissan and a and old toyota and its so nice to not have payments. We keep an emergency fund for repairs but haven't had to dip into it. We do keep them well maintained. Once the jeep is paid off start saving the payment for the new car. One thing I have learned post bankruptcy is that cash is king and you can get great deals. Never buy new. Don't trade in an old car, sell it yourself, you will get more money.

[Greysky]

Oh and get that engine light checked. Small problems can become big problems.
I'll stop now.

[basketsbears]

Stay with the jeep. Try to throw some extra payments in if you can and have a paid off car within a year. We drive a 2002 nissan and a and old toyota and its so nice to not have payments. We keep an emergency fund for repairs but haven't had to dip into it. We do keep them well maintained. Once the jeep is paid off start saving the payment for the new car. One thing I have learned post bankruptcy is that cash is king and you can get great deals. Never buy new. Don't trade in an old car, sell it yourself, you will get more money.

That's what are plan has been. I sometimes just get where I think maybe it would be better to have something different. But down deep prob more of a want than a need. Our plan was to get to paid off by summer.

[basketsbears]

Oh and get that engine light checked. Small problems can become big problems.
I'll stop now.

I know. It seems to come on when we hit certain miles? If that makes sense. Gonna get the oil changed and have it checked out.

[basketsbears]

That's why I love this forum. Always great to have people give honest feedback. Thanks to all!

[kmjatl]

Thanks for info! Like I said, don't know what to do. Jeep is not reaffirmed have about 20 more payments. 77,000 miles. I do like 4 wheel drive, but mpg is like 14-16 mpg. Also, idk why, but I am always having some type of light come on, like engine light on and off for awhile. Just kinda worries me at times.

Thanks!

Check engine light on a Jeep? Having no specific info (model / year) this may not work, but try it:

Turn the key from off to on 3 or 4 times. The digital odometer should change from the mileage to a code number. That's the code the check engine light throws. Then google it and see if it's a major or minor problem. Mine used to go off all the time for "loose gas cap"

[basketsbears]

Check engine light on a Jeep? Having no specific info (model / year) this may not work, but try it:

Turn the key from off to on 3 or 4 times. The digital odometer should change from the mileage to a code number. That's the code the check engine light throws. Then google it and see if it's a major or minor problem. Mine used to go off all the time for "loose gas cap"

Thanks! I've been having engine light on and off, gas cap even when it's on OK. Just kinda weird. I may look at used smaller SUV with 4x4, that I can still payoff in a year. May look for certified used. Not going to jump into anything for sure!