Not sure what I was thinking...

[SubPrimeME]

So I thought I'd try the car approval thing a couple of days before discharge. I called my local credit union- whom I have had several loans through. And they treated me like a violent criminal- ok maybe not that harsh, but they told me I needed to re-establish the credit and that I needed to get a loan to do that- just not with them.... yay for my first rejection!

By the way- I called Roadloans, and Americredit, and apparently you have to go through a dealer to use them, that they don't directly loan? Is this really the case?

Maybe I buy the 1500 dollar car afterall....

[debtmonster]

By the way- I called Roadloans, and Americredit, and apparently you have to go through a dealer to use them, that they don't directly loan? Is this really the case?

By going through a dealer, you're automatically adding $1,000 to $5,000 onto the price of the car and paying RIDICULOUSLY HIGH INTEREST on top of that! Man, that is SUCH A SCAM!

I would tell them to go pound sand. Remember, hit AutoTrader and look for $1,500 cars. I saw several out there that were so-so...

Check out these beauties to get you by for now... all under 100k miles!

1996 Ford

1990 Lincoln

1995 Geo Metro
1995 Geo Metro LSI 2 door hatchback. 67,000 original miles. Runs without any problems all major systems work well (transmission, radio,engine, and A/C). Brand new battery. No accidents Please CASH only! $925 (firm) Available after 6:30 pm (weekdays). Anytime during weekends.

1994 Geo Metro
Ice cold A/C, Low mileage, New tires, Fresh tune-up, GREAT ON GAS 40mpg+, New CV joints,

93 Grand Am
no dealer fees, save gasoline on this 4 cylinder, automatic, great family car, everything works,ecxellent a/c, 2 brand new tires, brand new battery, brand new alternator, recently oil change, ready to drive. call me (786)306-9211

97 Mazda 626
1997 Mazda 626, 4dr,auto, am/fm/cd, cd player, sunroof, clean inside and out,

And I found TONS more. All you need is $1500 CASH MONEY, plus whatever it costs to go get the title changed to your name.

See! I'm lookin' out for ya!

[blankslate]

Did you get any bk financing approval offers from dealers after filing?

Most of the dealers have a financing department with a loan officer who is aware of this type of funding. Start calling around and asking. The interest rate will be between 12-21.99% and they usually do long payment terms like 60-72 months. That's ok, it keeps your payment low even though the interest is high. Just keep paying that low payment on time for 6 months and then refinance it for a lower rate once you've started re-establishing your credit.

[debtmonster]

I could never deal with no $1,000 to $5,000 markup anymore. People need to start hitting Auto Trader and buy from INDIVIDUALS, not DEALERS. Why pay a middle man? Get the car for thousands cheaper and help out some poor soul who's desperate to get out of a car.

[BrokeAzzez]

Don't feel bad I applied for an auto loan the day after my discharge and got denied....said I needed a co-signer. Oh well...I guess I wait. Gonna need something soon though, we are adding to our family of 4 in weeks and will all need to fit.

[debtmonster]

There's lots of mini-vans out there for under $4,000 with under 80k miles that are perfect for a family of 4. Don't waste any money at dealers!! All you're doing is making payments on THOUSANDS of markup which you pay extra INTEREST on top of that markup.

CREDIT IS NOT FREE! You have to pay for it.

If you learn anything from this forum it's NOT TO GET INTO DEBT!!!
I'm begging you. DO NOT FINANCE ANY MORE CARS, TRUCKS OR VANS! PAY CASH!

PLEASE!!!

[BrokeAzzez]

I know but I worry about realiability since this will be our only vehicle and we commute 30-45 one way to work each day. I can't afford to have something break down and hubby is NOT a mechanic of any sort

[SubPrimeME]

Did you get any bk financing approval offers from dealers after filing?

Most of the dealers have a financing department with a loan officer who is aware of this type of funding. Start calling around and asking. The interest rate will be between 12-21.99% and they usually do long payment terms like 60-72 months. That's ok, it keeps your payment low even though the interest is high. Just keep paying that low payment on time for 6 months and then refinance it for a lower rate once you've started re-establishing your credit.

I did... I haven't acted on them as I wanted to get the discharge thing done first.

[SubPrimeME]

I could never deal with no $1,000 to $5,000 markup anymore. People need to start hitting Auto Trader and buy from INDIVIDUALS, not DEALERS. Why pay a middle man? Get the car for thousands cheaper and help out some poor soul who's desperate to get out of a car.

I agree, that was what I was trying to do do get some cash from my credit union. The deal is I am in a crazy payment right now, so I am surrendering the car, but I don't have much to put down on something as I am worried about dipping into the emergency/the economy sucks fund.

So my choices are- drive my car till it get's repo'd, by a 500 dollar car, or finance a car at a dealer. I live in MN, and I have to tell you MN winters are very hard on older cars. I also have a two year old and a new one due in may, and I really don't want to strand them somewhere in 20 below weather....

I found a car on Ebay that would be great, but it's getting the money.

[SubPrimeME]

I know but I worry about realiability since this will be our only vehicle and we commute 30-45 one way to work each day. I can't afford to have something break down and hubby is NOT a mechanic of any sort

Yes, my point exaclty, sure I can buy a car with 100k miles on it, but what's lurking under the hood? Do I have to put 2500 into it?

So ya, the dliema.

[debtmonster]

I just called the redemption loan people about my car. They said it doesn't qualify because I put too many miles on it.

So now officially... BOTH OF MY CARS GO BACK. NO REDEMPTIONS ON NEITHER!

This is so depressing. Now I am in the same boat as many people here and will have to refinance a car at 23.99%. That's the lowest they start out with for people after BK.

I will have to hit Auto Trader HARD after I file and try to save CASH MONEY either to buy a car outright or to put a huge down payment.

[BrokeAzzez]

I feel your pain subprime....becoming a family of 5 with 3 small kids I need a good realiable car. My sister in law bought a 5000 jeep with decent miles and she has had more problems with it breaking down on her. Our winters aren't quite as harsh as MN but we still have crappy ones. I'm just scared we are gonna be stuck with a POS and have to sink money into it. Money I know I don't have.

[SubPrimeME]

I feel your pain subprime....becoming a family of 5 with 3 small kids I need a good realiable car. My sister in law bought a 5000 jeep with decent miles and she has had more problems with it breaking down on her. Our winters aren't quite as harsh as MN but we still have crappy ones. I'm just scared we are gonna be stuck with a POS and have to sink money into it. Money I know I don't have.

Ya it's definetly a crap shoot hoping that who ever had that car before you changed the oil, did the maintenance etc.

Ugh I am depressed.

[debtmonster]

I am just as depressed as you guys. This is why I beg EVERYONE to use Amsoil. If everyone in America used this oil, pretty much any used car you'd buy would be good no matter how many miles it had on it. But since people neglect the transmission, rear axle, etc... cars have so many problems.

If you think our cars are a nightmare... look how this guy had $37,000 in repairs on his BMW 7-series! He documented everything. Look at the horrors!!

http://my750.com/mystory.htm

[relief13035]

I called 722 redemption months ago when I first filed. Get this - they told me they couldn't work with me UNLESS I was surrendering my house. What the heck??