Redemption 722 turned me down!

[debtmonster]

We were turned down by 722 and then I was accepted by Prestige Financial. Turned out to be a good thing since the rate is 17% instead of 24%. They work with some dealerships in cities you can call them to find out which ones. We got a 08 Trailblazer from a Chevy Dealer (got the price down) and only put $1000 down and we were not discharged when it went thru. This is not a pitch for them only telling you about our experience.

You're better off saving the cash instead of getting ripped for 17%. We all need to boycott these loan sharks by paying cash for cars instead of us bending over and paying those ridiculous rates.

People on here need to SACRIFICE and NOT GIVE IN!! Buy a CASH CAR and drive it until you can save the money for a better one.

Just like it says on the Dave Ramsey page...

"Say you are looking into financing a sports car with payments of $400 per month. The car that you are driving now is worth around $1,500. If you take that $400 and pay yourself instead of paying it to the dealer, you will save $4,000 in 10 months. You will have $1,500 from selling your old car, so you will be able to buy a $5,500 car just 10 months from now. Continue doing that for another 10 months and you will be able to buy yourself a $10,000 car. That is only 20 months away. You can do it!"

[dogbone33]

You're better off saving the cash instead of getting ripped for 17%. We all need to boycott these loan sharks by paying cash for cars instead of us bending over and paying those ridiculous rates.

People on here need to SACRIFICE and NOT GIVE IN!! Buy a CASH CAR and drive it until you can save the money for a better one.

Just like it says on the Dave Ramsey page...

"Say you are looking into financing a sports car with payments of $400 per month. The car that you are driving now is worth around $1,500. If you take that $400 and pay yourself instead of paying it to the dealer, you will save $4,000 in 10 months. You will have $1,500 from selling your old car, so you will be able to buy a $5,500 car just 10 months from now. Continue doing that for another 10 months and you will be able to buy yourself a $10,000 car. That is only 20 months away. You can do it!"

Some of us can't buy cash cars! For one, I can't save that much cash. And I need a nice reliable car that can pull a heavy trailer for my business.

[OhioFiler]

Some of us can't buy cash cars! For one, I can't save that much cash. And I need a nice reliable car that can pull a heavy trailer for my business.

Smart use of credit is okay. It's when we need a car and decide we need a Mercedes and over-extend ourselves we get in trouble.

[debtmonster]

Smart use of credit is okay. It's when we need a car and decide we need a Mercedes and over-extend ourselves we get in trouble.

Smart use = 0%.

I can't save the cash neither... but if you're making car payments, you can save the cash. Start hitting Auto Trader and look for $500 dollar cars that RUN. Then drive them as long as possible until you can save the cash. I will be doing something similar in the future.

[OhioFiler]

Smart use = 0%.

I can't save the cash neither... but if you're making car payments, you can save the cash. Start hitting Auto Trader and look for $500 dollar cars that RUN. Then drive them as long as possible until you can save the cash. I will be doing something similar in the future.

In a simplistic approach you're correct.

However, if I can make $320 per day driving my truck plowing snow or towing cars or even getting to my job when no other means of transportation is available THEN credit is just fine. At that point I'm making money on someone else's capital.

I may be paying the bank 17% but the return on my vehicle investment may well be 34%.

[debtmonster]

In a simplistic approach you're correct.

However, if I can make $320 per day driving my truck plowing snow or towing cars or even getting to my job when no other means of transportation is available THEN credit is just fine. At that point I'm making money on someone else's capital.

I may be paying the bank 17% but the return on my vehicle investment may well be 34%.

Yeah, that's the thing. You're not going to find no $500 dollar snow plow.

[inpain66]

I called my credit union today and spoke with the bankruptcy dept and they said that they will let me keep my car no problem. It seems too easy. I asked them about the other loans and they said they would not do cross collateralization since i am current on my car and was never behind on the car.

They said I could reaffirm the car or just keep paying. it seems too easy since they are a credit union.

DO you think they are telling the truth?

I hope so!!

[justbroke]

You just have a nice credit union. Plus, in this market, they really don't want that car back. Especially since you're filing Bankruptcy, in which they wouldn't get any deficiency claim either.

[usmccop]

I called my credit union today and spoke with the bankruptcy dept and they said that they will let me keep my car no problem. It seems too easy. I asked them about the other loans and they said they would not do cross collateralization since i am current on my car and was never behind on the car.

They said I could reaffirm the car or just keep paying. it seems too easy since they are a credit union.

DO you think they are telling the truth?

I hope so!!

If you are doing a 7, and you are current before you file, you will not have to reaffirm the loan PERIOD. So, do not sign one.

[debtmonster]

If you are doing a 7, and you are current before you file, you will not have to reaffirm the loan PERIOD. So, do not sign one.

So I won't have to re-affirm my crappy Saturn that I am current on neither? I can just keep paying GMAC?

[usmccop]

Keep in mind I am not an attorney and each state may be different, but as long as you are current on the loan when you file, and stay current on it, there is no need to reaffirm. They will try and get you to do so, but you do not have to.

Once you are discharged, your liability to the actual loan is gone.. This means if down the road you default on that car loan you can dump it at any time and they can't come after you for any deficiency unless you had reaffirmed it. That's why they want you to reaffirm the debt. However, if you want to keep the car and down the road you get behind they have every right to repo it.

[debtmonster]

I'd rather not keep a car that I owe $12k and is only worth $4k. The value of that thing has fallen like a STONE with the miles I put on it. I have found so many nice cars on Auto Trader for $6,000 or less.

Just saw a 2005 Neon with 41,000 miles for $3800. There's lots of late model cars on there with low miles that are cheap. I'd rather dump this car and get one of those with NO PAYMENTS. These payments are killing me big time. Plus if the car is paid for, I can dump comp. and collission and just pay P.I.P./P.D.

[usmccop]

K.. Just dump it then. Keep the other if you want it. I highly suggest you get the one you want to keep current before you file so you don't have to reaffirm it.

I did the same exact thing when I filed my 7 in the late 90's as directed by my attorney--- same as my house back then. My attorney was adamant about this to protect me down the road in case something happened.

[lolasaurus]

I don't understand why folks go straight back out to finance another car right after BK...

Just use the bus for a month while you save enough for a beater. Drive the beater that you OWN FREE AND CLEAR for a few months while you save for something nicer. I guess everyone's situation is different but I know I have no intention of ever financing anything but a house again when I'm done.

[debtmonster]

I don't understand why folks go straight back out to finance another car right after BK...

Just use the bus for a month while you save enough for a beater. Drive the beater that you OWN FREE AND CLEAR for a few months while you save for something nicer. I guess everyone's situation is different but I know I have no intention of ever financing anything but a house again when I'm done.

There's no buses or any public transportation out here whatsoever. Everything you go to is 35-60 minutes drive one-way. Without a car, you'd die out here. Literally.

I can't understand it either. If all goes as planned, I am hoping to file in July... let the 60 day thing pass. Wait for the discharge and stock pile as much cash as I can until I have $6,000 in the bank. Then I will start contacting as many car owners as possible.

Here's the deals I am looking for... check this out!!

2004 Dodge Neon with only 2,900 miles

That's not a misprint with 29,000. That's two-thousand nine-hundred miles!

That's the good thing about old people buying a car in Florida.

If you seek, YOU WILL FIND!!! Buying a car like that with only 2,900 miles would be like buying a BRAND SPANKING NEW CAR for SIX GRAND!!!

Why are people not searching out these deals and getting into debt again after bankruptcy? And paying 24% for the priviledge of making a bank rich!??!