Interest Rates on car loans

[montana]

I have posted before that we are in the process of trading in our vehicle as this month it will be paid off. Our attorney has advised that this will be the best thing to do as if we don't that extra money that we have been paying will go to the trustee. My question is what others in an active 13 got for an interest rate when buying a vehicle?

[NowImDownInIt]

I am interested in this as well. I am currently shopping for a car loan as well and it sucks.

[getback]

I first starte with 20% with Roadoans. Roadloans said to head to carmax. Carmax got me 15%. After I got he go ahead from the judge, I am being offered ~10....
This was over the course of 4 months.

[sharina]

Buying a car is not fun in a Chapter 13. You have to use buy here, pay here places or roadloans / carmax - neither of them in my area. Most lenders will not touch an open 13. Me, I'm saving cash to buy a car - doubt I'll use credit for much ever ever again. and yes, I tried to get a loan thru a dealer - the only lender that would touch me (out of 20) said the 13 had to be discharged. I just had my plan modified to a lower payment so we could take on a loan and that isn't gonna happen. I am picky about what kind of cars I buy - not luxury and not expensive - I am picky about the dependability.

[lockedout]

I first starte with 20% with Roadoans. Roadloans said to head to carmax. Carmax got me 15%. After I got he go ahead from the judge, I am being offered ~10....
This was over the course of 4 months.

What area are you in. Carmax told me they would not do a open 13 car loan. I have been looking for a dealership that will do open 13 with no luck.

[Flamingo]

0% (we lucked out and got the going advertised good credit rates at that time; 0% financing or rebate, 1.9% financing, GMAC); however, we were at the end of our Chapter 13 and had all payments on time and bought out early which one could do prior to 10/05. Goes to show everyone what can occur if you successfully complete your Plan or what you can do towards the end of it.

[NowImDownInIt]

I can't wait to be in your shoes Flamingo.. This process is not fun.

[sharina]

Things have changed since Flamingo exited chapter 13 and got a car loan. Lenders are scarce, pretty much non-existent. Lenders that used to finance open 13's are not doing them anymore. I had heard Carmax would do it, but maybe they are changing that too. Chapter 13 is getting to be more like a debtors prison everyday. They change the laws to make you pay it back and you get penalized every step of the way for doing so. If you do buy a car, buy something known for reliability, you'll need it.

[lockedout]

Things have changed since Flamingo exited chapter 13 and got a car loan. Lenders are scarce, pretty much non-existent. Lenders that used to finance open 13's are not doing them anymore. I had heard Carmax would do it, but maybe they are changing that too. Chapter 13 is getting to be more like a debtors prison everyday. They change the laws to make you pay it back and you get penalized every step of the way for doing so. If you do buy a car, buy something known for reliability, you'll need it.

Amen, feeling the same as you. Looking to replace a 94 truck due to it being on last leg, I have yet to find a lender who will lend. I guess I will start saving and buy something in cash.

[getback]

What area are you in. Carmax told me they would not do a open 13 car loan. I have been looking for a dealership that will do open 13 with no luck.

I did it in CT. I would first apply online with ROADLOANS. They will tell you go to carmax once approved.
good luck!

[montana]

Well we just got word from the dealership. They found someone to to give us a 6.5% interst rate, Holy Crap! surprised us. Now on to submitting everything to our lawyer and then play the waiting game.

[sharina]

wow! that is great. care to share details in case it could help someone else? I just paid cash for a great used car.

[montana]

We went through a dealership and they took all of our info. Chase Bank was the one to give us 6.5%. Which is crazy because they were one of the creditors we had to file against. I will keep you updated as it still has to go through to the trustee and judge. We are keepimg our fingers crossed that this is a smooth transition.