Car buying... in Ch13

[jibb3r]

I was thinking buy here pay here because they'd be the ones that would finance someone with BK, which OP has to do now since lease is ending. But if you can find a better deal, definitely go with it.

I thought the same thing, cheaper, and would deal with me. I didn't mind the years, or some of the prices. It was the outrageous amount of miles on ALL of their cars, that drove me away.

jibb3r, I hope you can drive stick shift because what I would get is the cheapest new car available. Look at what the pricing is over the internet. Play one dealer against another.

Eh? New car you say? It's actually possible to buy a new (brand new) car with an active bankruptcy?? I don't mind cheap, I'm down with a cheap 09. lol

I'm having a hard enough time finding one dealer to work with me, let alone two to play against each other. I think I gonna read on here a little bit more about the online loan places that deal with bk. Seems some have had good luck with them.

[maddog2112]

I bought a brand new car 6 months into my 13 when my lease had to be turned in. First I had to find someone who would finance me. I found drive financial out of Dallas. 18% fixed rate,then had to find the car I wanted with total price, then have the purchase price and payment , which was the same as the lease approved by the trustee. The approval process took about a month. I understand that time frame is normal. If I were you,I would wait for discharge to get a better interest rate. You can always rent a cheap car until then with a debit card. At the time in 08 I would have gotten a 13% rate if my 13 had already been discharged. Good Luck.

[crookedoak]

I have done many different options during my 13 life.

#1
One of my vehicles died 2 years ago. I went out and purchased 1 cheap used car for 1500, ended up putting about 1500 into and got about 1 1 year out of it.
#2
My second vehicle died leaving me with nothing but the beater, and then the beater died.
I worked out a deal with a Rental car company for 2 brand new vehicles long tem renting a very ggod rate similar to a monthly car payment. I did this for a year and half.
#3
In January I went to a local dealer that has what is called a rent to own program. I was in and out the door with 2 used cars with 2 1/2 year warranties, a fair payment for 30 months In the end if I would pay the amounts over 30 months I would get robbed. The plan is to pay off early and still do ok as far as full payment.

I kow that I am paying a little more that normal, but there is nothing else I can do.

[spearmint]

I bought a brand new car 6 months into my 13 when my lease had to be turned in. First I had to find someone who would finance me. I found drive financial out of Dallas. 18% fixed rate,then had to find the car I wanted with total price, then have the purchase price and payment , which was the same as the lease approved by the trustee. The approval process took about a month. I understand that time frame is normal. If I were you,I would wait for discharge to get a better interest rate. You can always rent a cheap car until then with a debit card. At the time in 08 I would have gotten a 13% rate if my 13 had already been discharged. Good Luck.

I am surprised you got financed DURING the Ch13. Did Drive Financial limit what kind of car you could get? I wonder if they finance across the country or just in Texas.

[jibb3r]

I bought a brand new car 6 months into my 13 when my lease had to be turned in. First I had to find someone who would finance me. I found drive financial out of Dallas. 18% fixed rate,then had to find the car I wanted with total price, then have the purchase price and payment , which was the same as the lease approved by the trustee. The approval process took about a month. I understand that time frame is normal. If I were you,I would wait for discharge to get a better interest rate. You can always rent a cheap car until then with a debit card. At the time in 08 I would have gotten a 13% rate if my 13 had already been discharged. Good Luck.

18%, nice! I was quoted 24.99% across the board, if they even talked to me at all. Most said NO when I mentioned open bankruptcy. I even tried RoadLoans, and other online places, no luck. I'm sure it has a lot to do with my scores being ~560 too. I think I am going to wait until I am discharged. Hopefully that will make some kind of improvement, or even give me another dealer option, that would be nice.

One question; The trustee said payments would be made on 4/1 - Discharge would be June 1 at the latest. Does that sound right? I'm obviously hoping for a sooner date, but hoping it's not several months either.

[maddog2112]

The vehicle I purchased is in Kentucky from drive financial, and nothing was said as far as vehicle type. The trustee never asked what type of vehicle I was buying either, only concern was that the payment would be approximately the same as my old lease. The new vehicle was about 20 dollars a month more.

[optimistic1]

Wow, thats interesting as Roadloans touts that they can approve you even in a open 13, I searched for dealers using Drive Financial, it did not bring up a thing in Arizona. Getting a car in an active 13 is my worst nightmare, although, the idea of a straw buying a new car with someone elses help sounds perfect, I would have to beg my dad for that.

[spearmint]

Drive Financial rip-offs:

http://www.ripoffreport.com/searchre...rive+financial

[spearmint]

Just found this link, too, where you can search for subprime auto financing in your own state:

http://www.autocreditexpress.net/resources/lenders/

[chicklet]

I too got car with Drive Financial

Hi,
I also got a car loan thru Drive Financial 5 months into my chapter 13 plan last year.. My son had totaled my car on labor day weekend.. I went to my attorney. He filed a petition to let me out of the next month payment in order to cover a rental car for approx one month.( but I had rental insurance)Also filed for permission to buy replacement car. Also filed to modify my payment plan to allow to pay for another car outside of plan. I did what I had to do and had a better car with cheaper . payments and interest within two weeks. MY total payments are the same as I has started with. I recieved a approval from trustee to buy car a couple months later.. but there were no stipulations or amounts and never was asked about the replacement car or had a limit. And my insurance paid the other car off completely inside my plan. I think it was an act of god, because I was freaking flipping out sitting at work and wondering what I was going to do to get a car figuring, i couldnt cuz of the bankruptcy, the court,etc. whatever.. One day outa the blue I got an email from Drive Financial saying I was allready approved for also %18 interest and total of $18,000.00 to buy any car I wanted at any dealer. I folowed thru and the next day had a fed ex envelope on my porch with the directions and a blank check in it.. I had been looking at cars and new where to go.. that afternoon I had my new car.. I couldnt believe how sweet and easy it was.. ALSO !!!!! IMPORTANT...... i ONLY HAD TO PURCHASE gap AND EXTENDED COVERAGE IF i WANTED AND IF SO DRIVE iNSURANCE WILL ADD THAT ONTO YOUR LOAN , IF YOU WANT AND SALES TAX IF WANTED... the dealer did not push me to purchase these... my new car payment is 1/2 the price of the other and it is a upgraded model of what I lost..

P.S. I also read some bad rap of Drive Financial however I had no other choice, and to tell the truth I ve had them 6 months now.. they are no problem.. dont even hound me if Im a couple days late like FORD and everyone else.. they were a GODSEND to me.. try them!!!!!!!:

[NowImDownInIt]

I bought a brand new car 6 months into my 13 when my lease had to be turned in. First I had to find someone who would finance me. I found drive financial out of Dallas. 18% fixed rate,then had to find the car I wanted with total price, then have the purchase price and payment , which was the same as the lease approved by the trustee. The approval process took about a month. I understand that time frame is normal. If I were you,I would wait for discharge to get a better interest rate. You can always rent a cheap car until then with a debit card. At the time in 08 I would have gotten a 13% rate if my 13 had already been discharged. Good Luck.

UGH... Drive Financial is one of the reasons I am in a chapter 13 in the first place...

[jibb3r]

To all of you that have used Drive Financial, how do you apply? I went to the site that Spearmint posted, and it looks like they only work through dealers? But if you applied, and they sent you a check for any dealer, how is that possible?

It's not making sense in my mind...

[chicklet]

Im trying to research back and remember how I got them.. I did not directly apply to their website.. I got the email from THEM with the deal.. Im attaching a link to the original website I think I applied to that matched Drive to me .. I remember looking up "auto loans in bankruptcy" and checked out a few sites. a few days later I recvd email with the guaranteed approval..I think it was this one that got me to my new car. Yes they sent all the info , next day FED EX. With the blank check in it. and directions.. You can use any dealer of your choice but it has to be a regular large dealership not a small car lot.. I was looking to replace my mustang so I checked with all the FOrd dealers around here and they gladly worked with and accepted the check as full payment from DRIVE. (I cant see why not if you went their website and applied, the situation could be the same, dealer of your choice)

http://www.driverloans.com

[maddog2112]

I don`t remember where I got the info about drive financial. When I found the car I wanted after approval from trustee,The major dealer I was working with couldn`t find anyone who would finance. I heard of drive and called the dealer finance gal, she called me back and said I was approved thru drive. That was 2 years ago and no tack ons or problems, but I did have to buy the extended warranty which I wanted anyway.

[spearmint]

Hi,
I also got a car loan thru Drive Financial 5 months into my chapter 13 plan last year.. My son had totaled my car on labor day weekend.. I went to my attorney. He filed a petition to let me out of the next month payment in order to cover a rental car for approx one month.( but I had rental insurance)Also filed for permission to buy replacement car. Also filed to modify my payment plan to allow to pay for another car outside of plan. I did what I had to do and had a better car with cheaper . payments and interest within two weeks. MY total payments are the same as I has started with. I recieved a approval from trustee to buy car a couple months later.. but there were no stipulations or amounts and never was asked about the replacement car or had a limit. And my insurance paid the other car off completely inside my plan. I think it was an act of god, because I was freaking flipping out sitting at work and wondering what I was going to do to get a car figuring, i couldnt cuz of the bankruptcy, the court,etc. whatever.. One day outa the blue I got an email from Drive Financial saying I was allready approved for also %18 interest and total of $18,000.00 to buy any car I wanted at any dealer. I folowed thru and the next day had a fed ex envelope on my porch with the directions and a blank check in it.. I had been looking at cars and new where to go.. that afternoon I had my new car.. I couldnt believe how sweet and easy it was.. ALSO !!!!! IMPORTANT...... i ONLY HAD TO PURCHASE gap AND EXTENDED COVERAGE IF i WANTED AND IF SO DRIVE iNSURANCE WILL ADD THAT ONTO YOUR LOAN , IF YOU WANT AND SALES TAX IF WANTED... the dealer did not push me to purchase these... my new car payment is 1/2 the price of the other and it is a upgraded model of what I lost..

P.S. I also read some bad rap of Drive Financial however I had no other choice, and to tell the truth I ve had them 6 months now.. they are no problem.. dont even hound me if Im a couple days late like FORD and everyone else.. they were a GODSEND to me.. try them!!!!!!!:

Does Drive Financial put a limit on the amount you can borrow? How much is it? Do they restrict the sort of car you can get?

I don't understand why some of the special financing companies restrict the cars offered.