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

[blankslate]

From what I've seen the interest rates are between 13-20% and most of these programs have strict standards on the vehicles. Under 80k miles and between $7-20k financing. They probably figure if the vehicle is a beater and breaks down, you're not likely to be able to make that payment.

[BillyRip]

Jeez, they already have '09 models as used for less that $17K for V6 Mustangs and V6 Fusions. Hmm.... I guess I have to wait unless one of these dealers will make a deal now, right?

[BillyRip]

I loved my Z28's that would do 0-60 in 5 to 5.2 seconds, just as well... and the would get up to 28 MPG... but I managed to live without them (I've had many.)

If I go used, I would look at a Camry, 4Runner, or Acura TL.

Back to Auto Trader.

[debtmonster]

I'm paying 5.9 and 10% on the cars I have now. On the Z28's I had I was paying anywhere between 3.9% and 9% from GMAC. With the 722redemption.com people, they quoted me 24% after the bankruptcy.

After the discharge, I am going to try with these lenders and see what they say before going back to 722redemption.com:

https://www.drivercredit.com/form.php?state=722%20Redemption

http://www.gopfs.com/

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

My options after the discharge:
1. Just keep paying the car I have now at 5.9% and deal with being upside down like I am now (I have no plans on re-affirming anything.)
2. Use the redemption people and knock off almost $6,000 in negative equity and re-finance $6,000 balance at 24% (I'd make huge extra payments to accelerate the pay off.)
3. Give not only the SUV back, but also the sedan I have and just get a totally different car and pay the 24%.
4. Don't finance with anyone and just find a $1500 dollar car on Auto Trader and then save up the cash money over the next 6 to 24 months for a better used car and then not pay interest to anyone (the most miserable option, but probably the best option. My wife won't like it one bit.)

[debtmonster]

Jeez, they already have '09 models as used for less that $17K for V6 Mustangs and V6 Fusions. Hmm.... I guess I have to wait unless one of these dealers will make a deal now, right?

IMHO, I would not waste money on a V6 Mustang. I'd buy a GT and be done with it. You buy a car like that to go fast since you can't do anything else with it. They are totally NOT practical... just as bad as a Camaro. The "speed" is the only fun factor with those kind of cars. I don't know why people waste money on V6 Camaro's or Mustangs. I wish they never bothered making the 6-cylinder versions. If you don't want to go fast, there's plenty of other cars as alternatives.

[debtmonster]

If I go used, I would look at a Camry, 4Runner, or Acura TL.

Back to Auto Trader.

Those are good alternatives. My friend has a 2001 Camry that he told me the lowest he'd sell it would be $3k. The car still runs good. He's just bored of it.

[dogbone33]

If any of you get financed while in OPEN BK, let me know where! We tried freshstart but they aren't licensed in OH. 722 redemption, well they are a creditor so got denied. We have tried everything. Need a truck to pull a trailer for my business. Anyways, We owe 18k on Jeep and the bank said they would give it to us for 10k. Well, it needs work and really isn't worth that. Our lawyer offered them 6 to start. We had to take it to them so they could look at it. The chick checked the mileage and walked around it, ahhh don't you need to drive it? So we don't know what we want to do. Our lawyer said we still aren't guaranteed a loan after our discharge.

[blankslate]

722redemtion.com is the one that loans during an open bk. They are financed through US Bank. If you go to their website it explains it all in pretty simple terms. Good luck!

[jeb]

Use the redemption people and knock off almost $6,000 in negative equity and re-finance $6,000 balance at 24% - DM

I checked about a redemption and they cut 5 grand off the loan amount - and RAISED the payments by some 30 bucks. - jb

[dogbone33]

722redemtion.com is the one that loans during an open bk. They are financed through US Bank. If you go to their website it explains it all in pretty simple terms. Good luck!

US Bank is one of our creditors, we got denied....

[blankslate]

Yea it's the ONLY bank in my bk and one that honestly, I'm feel pretty good about discharging. I was told it didn't matter but I also see on their application that they ask if US Bank is one of your creditors.

Here is one that I believe serves Ohio https://www.fundingway.com/ace/app_f...?affid=ap00869

[debtmonster]

I am not including any of those 722 redemption loan companies in our bankruptcy... so I hope I have a shot.

[StartingOver08]

My options after the discharge:
1. Just keep paying the car I have now at 5.9% and deal with being upside down like I am now (I have no plans on re-affirming anything.)
2. Use the redemption people and knock off almost $6,000 in negative equity and re-finance $6,000 balance at 24% (I'd make huge extra payments to accelerate the pay off.)
3. Give not only the SUV back, but also the sedan I have and just get a totally different car and pay the 24%.
4. Don't finance with anyone and just find a $1500 dollar car on Auto Trader and then save up the cash money over the next 6 to 24 months for a better used car and then not pay interest to anyone (the most miserable option, but probably the best option. My wife won't like it one bit.)

I think option 4 is your best option. That gives you six months to come up with the $$$ for a better car WITHOUT making payments. Gives you time to plan and decide - because you are also needing to find a place to live. JMO. It is similar to what I am doing. I only financed $3900 which will be paid off in just a few months. I am enjoying the very, very small payment for just a few months instead of the large interest rate/payment that was my alternative!

[debtmonster]

I think option 4 is your best option. That gives you six months to come up with the $$$ for a better car WITHOUT making payments. Gives you time to plan and decide - because you are also needing to find a place to live. JMO. It is similar to what I am doing. I only financed $3900 which will be paid off in just a few months. I am enjoying the very, very small payment for just a few months instead of the large interest rate/payment that was my alternative!

The problem is that any $1000 dollar car will have a ton of problems that will cost another $1000-1500 to fix. That will be throwing good money after bad.

I saw a 2006 Ford Escape for $6000 on Auto Trader but now I see it's gone.

I'd rather put that $2000 on a beater into the $6000 Ford Escape. Problem is that Ford's are so prone to having problems.

I would much rather spend $12,000 on a late model Honda Pilot.

In 2006 they came out with stabilty control. These vehicles were like $30k new. Now look at them:
http://www.autotrader.com/fyc/vdp.js...ealer_id=96804

That's HUGE depreciation there in such a short time. I hate spending money on repairs from the previous people who neglected the vehicle. Most people are either too broke or do not know how to properly maintain a vehicle. Sometimes you get lucky, but most of the time you don't.

There's timing belts, transmission flushes that need to get done periodically. Most people just drive until the car dies. Timing belts can cost up to $1200 for the whole package. That's why you see a ton of cars for sale right at the 60,000 mile mark. That's when it's time to dump them.

We had a shop in our family and I know what it takes to properly maintain a car. It's more than just oil changes. I don't have all of the tools to fix a car and now many shops want $80-100/hr. while they pay their mechanics $10-14/hr. That's a HUGE scam there. I wish all mechanics could work out of their homes for $20-30/hr. That would be a better deal.

[jeb]

Yeah, those Kia Sephia's are made VERY poorly.

Kia - and Hyundai - have made major improvements in the last few years. Some of the top rated cars on the market now and several with 10yr/100,000mi bumper to bumper. I LOVE MY AMANTI!!! - jb