new car ?

[95kindebt]

We stopped paying all our cc's about 3 mos ago. dh just pulled his fico and it is 515! OUCH!! We plan to file in October, but need to get a newer car with a warranty before we file. We're looking at finiancing $12,500 for a newer car. Do you think we'll be able to get financing for it? it's a 2009 Hyundai sonata (USED)
We currently have 1 car we're going to cram down and 2 other beaters with 200k miles on them.
hubs thought about calling the finance company that we have our tahoe finainced through, and we've NEVER been late on a secured debt, but "if" they finance the new car, how will it affect when we cram one down?
Thanks in advance.

[lrprn]

Are you trading in one or both 'beater' cars to help offset the loan cost?

How much are you putting down?

Also with such a low credit score, it's going to be very hard to get financing. If you do get financing, brace yourself for a high APR - like 18-22%. It's going to create a car payment that will very likely exceed your state's car exemption.

Have you considered looking for a reliable used car that's a few years older? Some dealers have a one-year warranty on their certified used cars. Also try the smaller local car lots to find a car - they tend to be more lenient in their financing.

Good luck. Hope things work out for you.

[95kindebt]

we're selling one of the beaters, and not sure about the other.
putting 2k down from a tax refund (attorney said ok)

if we cant get this car, then we'll go to plan "b" a smaller lot, not as good as a warranty.

We want to get something that we know will be warrantied and last us the 5 years of our plan.

[lrprn]

if we cant get this car, then we'll go to plan "b" a smaller lot, not as good as a warranty. We want to get something that we know will be warrantied and last us the 5 years of our plan.

Sounds like you have a plan - always a good start! Hopefully you find a good car with a reasonable loan that meets your needs. Please come back to check in and share your car-hunting progress with us, ok? Good luck!

[95kindebt]

Ok, so we got a car. A 20078 Hyundai sonata. We put $2k down (tax refund) and financed the rest (about 11k) at 19% interest! OUCH! our montly payment is $315. So there is hope for those of you out there. My next question is: Can the trustee negotiate our new interest rate DOWN to get more money to the creditors?
Thx