Help With Car purchase during open Chapter 13 BK

[max2k10]

Needing help from everyone on this board. Currently have a lease that is up at the end of this year. Back in March and also May, I attempted to get financing thru a Nissan Dealer here in NJ with no success. They tried multiple banks but no luck. A few weeks ago received Pre Approval offer from Capital One for Honda dealer in NJ. Went to Honda dealer and was pre approved at 15.18%. Extremely high but that's expected with an Open Chap 13 and a 543 credit score. Anyhow, question here is can anyone recommend or knows of a bank, dealer that works with people in an open bk. I have to replace this lease soon so any help you can provide is greatly appreciated.

[kmjatl]

The fools that stole my identity and tried to buy a car went through RoadLoans. "I" was approved (until I saw their e-mail and stopped the loan), but as I recall the vig was in the same ballpark.

Make sure you have trustee approval to seek credit and make a purchase before you proceed though. In my case, I made sure to file a police report and let my attorney know just in case it bit me on the tail. And I froze my credit.

Be careful if you apply on any websites. I think some of them are not legitimate.

[max2k10]

I actually have an appointment with the attorney this Thursday to take a contract I received this weekend. I'm just trying to have options. I filled out a capital one auto loan for my wife last week and she was denied. Funny thing is her score is at 635 and she got denied and I'm at 543 and I got approved. Go figure.

[Pjmax]

Score isn't everything, income is factored in also.

[AngelinaCat]

I got denied for the 'Bill Me Later' feature of PayPal, when I applied a few weeks ago.

[frogger]

Have you already obtained trustee approval?

[max2k10]

No approval from trustee yet. Have appt with attorney this week. He will file motion to incur new debt. Hope no issues getting approval since current car payment is $350 and the sales order I received is for $450. Keeping fingers crossed.

[max2k10]

I applied with road loans tonight and my wife got approved. Just have to pick an option as depending on down payment determines the interest rate. With $4500 down apr is 13.88. We were planning on $4000 down anyhow so just have to save $500 more. Since it takes up to a month for approval, it should not be a problem I hope.

[max2k10]

Another question here. Lets say I get approved for the $450 a month deal and $4000 down, would I be able to go to a different dealer for a better deal? How about down payment? Would I be able to put less or more down or am I stuck with the deal the dealer wrote up?

[KAM465]

I recently went through this same thing back in May dealership was able to get approval with Friendly Finance out of Baltimore, MD

$500 down @ 15.5% for 72 months

[KAM465]

Also have the Dealership try using Prestige Finance out of Salt Lake City, UT. I was approved through one dealership from this company and it turned out that this is the company also funds the loans for open Ch13 for http://www.722redemption.com/

[max2k10]

Thanks for providing this info. My attorney had given me the number to 722redemption but I had forgotten. I researched that company a few months back and saw some complaints so I stayed away. Might just try them out just in case.

[papie]

I applied with road loans tonight and my wife got approved. Just have to pick an option as depending on down payment determines the interest rate. With $4500 down apr is 13.88. We were planning on $4000 down anyhow so just have to save $500 more. Since it takes up to a month for approval, it should not be a problem I hope.

I used Roadloans in November to buy a car. The financing limits and the rate were set by Roadloans. I applied on roadloans.com and they gave me a list of participating dealerships and multiple financing rates that were determined by the downpayment amount. But, regardless of what dealership I used, every dealership offered the exact same options set by Roadloans.

I haven't had a problem with RL. I read a lot of their reviews online and the seem to be on par with most big banks. Most of the people complaining were angry because their car was repo'ed after months of non-payments (shocker. lol)

My only issue is that they charge to make an online payment. So I decided to mail my first payment in...and they claim to never have received it. So I put a stop payment on the check and paid it online and paid the fee. My first payment was late. They were really nice about it though. I kept them updated and it was only 7 or so days late.

The rates obviously suck, but I'm just happy to not have a car that doesn't need $500 in repairs every month. Or even worse, using one of those shady buy here/ pay here places, where they want you to pay $20k for a 15 year old vehicle 165k miles. No thanks!

[mrobinette]

I applied with road loans tonight and my wife got approved. Just have to pick an option as depending on down payment determines the interest rate. With $4500 down apr is 13.88. We were planning on $4000 down anyhow so just have to save $500 more. Since it takes up to a month for approval, it should not be a problem I hope.

In a chapter 13, how on earth were you able to save ANY money?? All of my cash has to go to the bankruptcy....I don't have anything left, let alone $4500!!

[max2k10]

The down payment is our income tax return which I guess we are lucky that the trustee does not request to give back. I was able to keep my tax refund last year as well as long as it was less than $5,000. Not sure if this is based on state but I'm in NJ. Had appt with attorney today and they put the papers together to file motion. Now just have to wait and pray it gets approved. As far as Roadloans, I read a few reviews that people were unable to get a dealer to work with them. For some reason they charge the dealer a very high bank fee which in my case will be almost $3k. Just going to stick with the approval I received from Capital One at 15.18%