Need Auto Loan

[chucksherm]

Our #13 plan was just confirmed 6/22/08. My wife's car lease is up 10/20/08. The lease is thru Ford Credit. We're presuming that Ford Credit will not give her a new lease even though she's always paid on time.
We'd like to know what we can expect tring to finance another car, either new or used. Any suggestions on the best way to go about this.
We know that the trustee has to approve any new deal.

Thanks, Chuck

[rrockinggramma]

talk to your attorney about 722 redemption. They might be able to help you get into another vehicle.

[FloridaGuy]

Here's a reason to clean up

Opppssss.... Wrong thread

[lrprn]

We'd like to know what we can expect tring to finance another car, either new or used. Any suggestions on the best way to go about this. We know that the trustee has to approve any new deal.

The biggest problem you may run into is the extremely tight borrowing market right now as the economy tanks. Even folks with 800 credit scores are finding it difficult to get credit. The more cash you can put down, the better. However, looking back to our own 13 filing, we didn't have several thousand dollars lying around to give to a car dealer.

Assuming your lawyer was aware this car was a lease before you filed, did you discuss what you were going to do when the lease was up four months after filing? Have you discussed what options you have now with the lease ending very soon?

[kmb]

Did you try talking to Ford to see if you can work out anything with them? I was in the same situation with VW, my lease was up in Feb 2008 and we filed BK in June 2007. I called them and they offered to let me buy out my vehicle at the same payment and interest rate (3.9%) that I was paying under my lease. I'm paying for another 34 months, which means I'll still be in Chp 13 when I'm done, but at least I'll own it. My car was in good shape and had very low mileage on it, so it was worth it for me to just keep it, since I knew there was no way I was going to get 3.9% interest anywhere and I didn't have anything to put down or buy something outright.

If you've been a good customer with them, they may be willing to work with you, given in this economy they probably don't really "need" another used vehicle on their lots.

[ansky0007]

Definately call Ford... Right now these companies are geting killed on leases. They wrote you the lease expecting the car to be worth a certain amount of money at the end of the term. They are finding these cars are worth much less so they are loosing alot of money re-auctioning these vehicles when they are returned. They will probably work with you if you want to keep the vehicle.

[chucksherm]

Did you try talking to Ford to see if you can work out anything with them? I was in the same situation with VW, my lease was up in Feb 2008 and we filed BK in June 2007. I called them and they offered to let me buy out my vehicle at the same payment and interest rate (3.9%) that I was paying under my lease. I'm paying for another 34 months, which means I'll still be in Chp 13 when I'm done, but at least I'll own it. My car was in good shape and had very low mileage on it, so it was worth it for me to just keep it, since I knew there was no way I was going to get 3.9% interest anywhere and I didn't have anything to put down or buy something outright.

If you've been a good customer with them, they may be willing to work with you, given in this economy they probably don't really "need" another used vehicle on their lots.

That's our plan right now...buying the car she's in. Ford might say OK. I'm just trying to have a plan-B or C in case plan-A doesn't work. Thank you for your response I appreciate it.
Chuck

[kmb]

Chuck,

Save yourself the aggravation and call Ford first. I did exactly what you're doing now, tried to find something else before talking to VW and it had me in tears more often than not. I was getting turned down left and right. I was even afraid that VW was going to turn me down, they took my information and then said they would "get back to me" the next day. It was over a week before I heard from them and after leaving several messages for the person I originally talked to, someone else called me back and congratulated me on my new loan. Needless to say, I was also in tears when I hung up with them, but they were happy tears for once.

Talk to Ford first and then worry about plans B and C if needed.

[Punkin]

You probably will not find anything reasonable. In my experience, you will have two options. Find something cheap and pay it in full. OR go thru a local car lot that will approve 'buy here, pay here'. Either way you will probably not be happy or drive a car as nice as you in right now.