I can't find anyone to finance a car for me...

[Air00Max]

I'm desperate...I had a lease that was $550 a month and is getting ready to come due in 2 months. The trustee at my 341 meeting suggested that I dump it and get a new car. My wife is pregnant with our 2nd child, and I need a car that is going to be reliable when I have my kids. I also commute quite a ways to work. I'm looking in the $19K range for a vehicle, which would actually drop my payment by quite a bit over what I was paying on the lease (putting $ down). However, I'm not having any luck finding anyone that will finance me. Roadloans approved me. However, they said I had to trade in my wife's car that is financed through Santaander finance. I can't do that, because my wife needs her car too.

HELP!!!!!!!!!!!!!

[sheilaE]

Have you actually gone into an auto dealership? We were too embarressed to go into a dealership because our credit rating had already dipped into the 500's so we applied online everywhere only to be turned down. Finally we went into a dealership and had no problem getting approved. The interest rate is super high and they wanted $2000.00 down, but at least we got the car.

[Flamingo]

To the OP - I read your other posting and you are in an active Chapter 13. First you cannot get a car loan while in Chapter 13 without Trustee permission. If you have not already done so, call your attorney after the holiday and advise him/her of your situation and what you need to do. Most places will not even touch you without that permission in hand so get that first and your attorney can also clue you in to some dealerships that will help those in Chapter 13. If you have a vehicle in the past that you paid off on time and in full (i.e. say through Ford Credit or GMAC), that can be of some help to you and give you an edge as to possible financing. You will have to go visit several dealerships with your approve to be able to obtain financing - the best thing to do is to go in and ask directly for the finance manager and sit down and talk.

[Exployer1234]

I need a car that is newer as well, but I refuse to put myself in debt right now. Is there a way to save up the money to buy a used car that is dependable that does not cost 19K? Most places will require a hefty down payment or your interest rates may be very high. Say for example you get approved for a loan at 19K and your interest rate is 13%. That is still $2,470 dollars added on to the 19K loan. That put's you at 21,470. If you are able to finance that for 60 months it does lower your payments to 357.83, but chances are you will be underwater after a couple of years, because to finance at 60 months you need to buy a brand new car or close to a brand new car.

What I would do is save up, find a car that is less than 10K and finance that for 2 years. You will come out better in the long run only financing 5K then 21K. Plus if you financed 5K for 2 years at 13% interest your looking at a payment of 118 dollars a month.

[Air00Max]

I spoke with my attorney, and he told me that I would need a pre-approval letter with the terms of the approval so they could submit it to the trustee...It was the trustee's recommendation at the 341 hearing that I get a new car.
This may sound stupid...but I don't want to finance a very small payment, because any difference between my current auto lease payment and the new car payment would go into my BK plan anyway...I'd rather spend that money on a newer, nicer car than throwing it to my creditors...That may sound selfish, but that's how I feel

[Flamingo]

I spoke with my attorney, and he told me that I would need a pre-approval letter with the terms of the approval so they could submit it to the trustee...It was the trustee's recommendation at the 341 hearing that I get a new car.
This may sound stupid...but I don't want to finance a very small payment, because any difference between my current auto lease payment and the new car payment would go into my BK plan anyway...I'd rather spend that money on a newer, nicer car than throwing it to my creditors...That may sound selfish, but that's how I feel

You will find out that in filing BK that you can't always do what you want to do. Your finances are not in your control but in the control of the trustee. The reality of filing sometimes bites hard as you are finding out. You may have to investigate another lease if they would approve you or find a dealership that will work with you as to financing something you can afford. You probably will not be able to find any dealership willing to finance a high priced vehicle while in an active Chapter 13. Get a decent used car that will last you or try for a new vehicle at the low end of the cost spectrum; i.e., Versa, Rio, etc. You may have to substitute what you want for what you can actually afford.

[lorelei]

Take a look at the Hyundai Elantra. It gets excellent reviews and I think it's one of the better small cars on the market. They have a $2,500 rebate on them now - ends Tuesday but it may be extended when the new incentive lists come out Wednesday. I'm not a salesperson, I swear, but I've had an Elantra trouble-free for the past 7 years, 118,000 miles, and I plan to get a new one in a few days. With the incentive, some fanagaling with the dealer and a trade-in, I've got the price down to about $13,000.

The Chevy Aveo would probably be even cheaper than that, though its reviews aren't as good.