Just filed.... Car offers in the mail?

[BillyRip]

I have received no less than five offers in the mail from car dealers that want to sell me a car.

I should give up the car I have? I am WAAAAY upside down and would love to dump the car, but I need that $630 a month payment to get by the means test.

[debtmonster]

Keep the car and get a 2nd car then give back your $630/mo. one after the filing is over. Maybe we will do that and give back both of ours. Problem is, all of the car dealers in my area are all a MAJOR RIP OFF. All of them want THOUSANDS over wholesale. I want to buy a car that's just a few hundred over trade-in or wholesale and none of them ever want to make a deal. They can go get bent as far as I am concerned. Or look at the 722 Redemption and keep the car you have and that will strip off all of the negative equity.

[Flamingo]

I have received no less than five offers in the mail from car dealers that want to sell me a car.

I should give up the car I have? I am WAAAAY upside down and would love to dump the car, but I need that $630 a month payment to get by the means test.

The auto dealers sit like vultures waiting for the names of people who file Chapter 7 (public information) and they bombard you with offers. Just wait until you see what that "offer" is if you actually fall for their advertisements. When we were discharged from Chapter 13, we were deluged with auto offers...some even with checks inside for us to bring in for cash or free items just to take a test drive. We also started receiving vacation brochures.

You are just being hit with offers as anyone else either filing Chapter 7 or being discharged from Chapter 7 or 13. Don't fall for it...they know you will be debt free and want your money but wait until you see the interest rate and other fees involved due to your BK.

[debtmonster]

The auto dealers sit like vultures waiting for the names of people who file Chapter 7 (public information) and they bombard you with offers. Just wait until you see what that "offer" is if you actually fall for their advertisements. When we were discharged from Chapter 13, we were deluged with auto offers...some even with checks inside for us to bring in for cash or free items just to take a test drive. We also started receiving vacation brochures.

You are just being hit with offers as anyone else either filing Chapter 7 or being discharged from Chapter 7 or 13. Don't fall for it...they know you will be debt free and want your money but wait until you see the interest rate and other fees involved due to your BK.

To offset that high interest, I would think you would need to pick the right car that's sold for just a little bit over the trade-in amount and then put a H-U-G-E down payment.

I remember buying my first brand new car at 17% interest and my payments were only $214/mo. for 60 months. That's totally do-able and affordable... but my car was less than $10,000. It's also not a good idea to finance for 5 years anyway, but it kept the payment down. Nowadays most people are paying $20,000-40,000 for a car which is insane. On Auto Trader I have found a lot of nice cars for close to $10,000. Maybe something like that with $3,000 down and you can have a reliable, late model car with payments close to $200/mo.

The people at 722redemption.com quoted me 24% interest. I am wondering if these car dealers are all offering a similar interest. My payments would be $327/mo. from the redemption load people but that would be 30 months instead of 60. I would have to pay like $500-600/mo. to quickly pay the car off instead of paying all of that crazy interest.

[Bell30656]

I'm getting those cards and letters in the mail too... The interest rate is "in the teens." Pin them down on that one, it's 19.5%!!! Don't get me wrong, I understand that they have to make their money somewhere on the deal, after all I've proven to be a bad risk at least to the car dealers in my matrix.

One strange thing is that they all seem to want to offer 72 month financing on used or new vehicles costing at least $10,000 but under $25,000. Down payment doesn't seem to be an issue. These are name brand dealers and will do used or new.

[debtmonster]

19.5% or 500%... it's all interest-free as long as you pay it off at the end of the month. Do that and you'll be fine. We all need to learn our lessons from this credit mess and never get in this situation ever again. PAY OFF BALANCES IN FULL within 30 days. NEVER PAY INTEREST! That's when the banks win.

[dogbone33]

Good luck finding a dealer that can actually finance you!!!! They tried us banks 722 thing and we still got denied! (they are a creditor). So if you want a car just do the 722 redemption and get a new car through them.....

[debtmonster]

Good luck finding a dealer that can actually finance you!!!! They tried us banks 722 thing and we still got denied! (they are a creditor). So if you want a car just do the 722 redemption and get a new car through them.....

Yeah, that's a good idea. But financing $6000 will cost me 30 months of almost $325/mo. That's $9750. Thet make almost $4,000 in interest. These people are SICK. You have to end up paying $600-800+ per month to quickly pay it off otherwise you will be raped.

I wish I could not need a car for 6 months. I'd save up the cash and buy a used car for cash and not get ripped by all of these crooks, I mean banks.

[BillyRip]

Yeah, that's a good idea. But financing $6000 will cost me 30 months of almost $325/mo. That's $9750. Thet make almost $4,000 in interest. These people are SICK. You have to end up paying $600-800+ per month to quickly pay it off otherwise you will be raped.

I wish I could not need a car for 6 months. I'd save up the cash and buy a used car for cash and not get ripped by all of these crooks, I mean banks.

I may as well keep the '06 Mustang that I LOVE for $629 per.

[debtmonster]

I may as well keep the '06 Mustang that I LOVE for $629 per.

That is INSANE! Why would you pay so much for a MUSTANG?!?!

Is that for a GT or a 6-cylinder? I see 2006 Mustang GT's going for under $16000 right now.

Example 1

Example 2 (convertible)
I'd be able to get the convertible for $460/mo for 60/mo. for a whopping 24% interest rate through a redemption.

Payment calculator here

[blankslate]

LOL I got one of those offers too and to be honest was pretty tempted considering my current vehicles has 140k miles on it and is holding on with duct tape and a prayer.

Till I found out that offer is from 722redemtion.com. Financed through US Bank who is the only bank institution included in my bk. Oops.

Guess I'll be pouring another $1500 into repairs for a car worth 1k to keep it running for another year.

[Bell30656]

I'm in a unique situation on vehicles. I don't need another car but a few years ago my work eliminated company cars and implemented a program where they pay me $400 per month toward my car payment. So, I'll be car shopping before long.

As for getting approved, that doesn't seem to be an issue. One of the companies is Prestige Financial. (That one happened to be lying around handy.)

[debtmonster]

LOL I got one of those offers too and to be honest was pretty tempted considering my current vehicles has 140k miles on it and is holding on with duct tape and a prayer.

Till I found out that offer is from 722redemtion.com. Financed through US Bank who is the only bank institution included in my bk. Oops.

Guess I'll be pouring another $1500 into repairs for a car worth 1k to keep it running for another year.

There are other places to do a redemption loan. You don't need to go through US Bank's.

http://www.freshstartloans.com/fslc/home.asp

also try:

https://www.drivercredit.com/

I'm gonna give all 3 places a try to see what interest rate they all come up with and if they will approve me. If not, I will just continue to make the payments on my car.

If I keep the current car I have until now, it should still be running like new with 140,000 miles on it. Why are you having problems with such low miles? Haven't you been using synthetic oil in the engine and transmission since the car was brand new?

[debtmonster]

Also check out this one as well...

https://www.loanzone.com/index.aspx

Watch the interesting video:

https://www.loanzone.com/bankruptcy.aspx?val=gopfs#

[BillyRip]

I know it's insane DM. I actually got the Mustang at X Plan pricing, but I traded in the two '01 vehicles before the Mustang within 24 mos of each other. That's how I ended up so upside down. Balance carry overs...

Not sure what to do at this point. I filed for 7, so who would finance me right now? And... If someone does, do I just drop the Mustang off at the bank?

But... Without the $629 a month payment, I don't get past the means test.

:sigh: