Need new car

[aogolden24]

My husband filed Chapter 13 about 5 yrs ago and Chapter 7 about 4 months ago. He recieved his discharge papers, but no one seems to want to finance him for a vehicle. We have a down payment of $1500.00. All of the dealerships continue to tell us that 2 bankruptcies are showing on his credit so they can't help us. Anyone have this problem before or just have advice??? I'd appreciate anything.

[bkfiler]

under the old laws they had a good point. happened too many times. i thought they usually have a problem if you had a car dealt with in the bk. how many cars did you bk before total?

under the new laws, which they are certainly ignorant off, they are dumb not to offer you a car at a high APR imo.

[StaciMM]

"Fool me once, shame on you. Fool me twice, shame on me" logic applies here. I'm not pointing fingers, that is not my intent, but this is at least part of the reason that a person with multiple BK's has a hard time...

If someone filed ch. 13 5 years ago, they can't be more than 2 years out of the payment plan. Since then, they accumulated debt AGAIN to the point of filing ch. 7. While they can't file BK again for 4 more years, a creditor would be nervous. There is no evidence that the person has reached any sort financial stability. And, since they just came out of BK-it is perhaps assumed they have no serious assets so if they DO default, it won't be easy to collect.

What about putting that $1500 into a used car?

[bkfiler]

look at the pot calling the kettle black(er) lol

[StaciMM]

Not quite sure if I get the joke?

For someone who filed once, there is the benefit of doubt that things were beyond their control and that they have learned from the ordeal. If you keep needing to file, though, that goes out the window.

And, as I've said before, part of re-establishing is starting small and building history to SHOW that you can be a good credit risk. Nothing gets handed out on a silver platter. It has to be earned.

[bkfiler]

you dont get the joke?

ok you are a pot. you are sitting on the stove. you are black.

and you look over and see another person over on the other burner and they are a pot too...

oh never mind! lol

[pink_amulet]

My husband filed Chapter 13 about 5 yrs ago and Chapter 7 about 4 months ago. He recieved his discharge papers, but no one seems to want to finance him for a vehicle. We have a down payment of $1500.00. All of the dealerships continue to tell us that 2 bankruptcies are showing on his credit so they can't help us. Anyone have this problem before or just have advice??? I'd appreciate anything.

My hubby has two bks on his report both CH 7..and we have talked to many dealers and they will work with him, we are just waiting for the right car....so look around. They are out there. All they care is that the BK is discharged, and you can afford the MONTHLY payments!!

We used Bar None, auto financing for the last 3 Good autos we had and we never were turned down.

pink

[StaciMM]

I have this habit, as annoying as it may be, that I try to think about all angles in a logical manner. If I were the lender, those would be my issues. From a personal perspective, I realize that things sometimes get worse before it gets better, and filing BK 2X doesn't make them a bad person. While getting credit after BK is possible, its a big strike and having a 2nd BK makes it harder. If someone can understand the mentality from the other side-they can combat it better. (By going to a place where they'll listen to your situation and not just look at #'s on a page.)

you dont get the joke?

ok you are a pot. you are sitting on the stove. you are black.

and you look over and see another person over on the other burner and they are a pot too...

oh never mind! lol

[bkfiler]

ok but did you get the joke?

[StaciMM]

Yes, I did thanks.

[bkfiler]

did you at least laugh?

[StaciMM]

Sorry-I forgot to.

[Jenny]

It would be better and easier to buy a cheap used car with cash than try to get financing. Two bankruptcies in 5 years looks pretty high-risk to a lender.

[StaciMM]

That was my point, LOL, though I said it with an essay I suppose.

It would be better and easier to buy a cheap used car with cash than try to get financing. Two bankruptcies in 5 years looks pretty high-risk to a lender.

[bkfiler]

again, the new laws are on the side of the car dealers. they too will soon be changing their minds after they figuer it out.

i think it has to do with cards that you cant cram down or strip liens and all that stuff. cant just pay what the car is worth either if you want to keep it. keeps more people into the car because they dont have the money to get another one.