Kind of wierd questions about financing car while on S.S. Disability before chapter 7

[shoopy]

I have not financed a car in over 15 years, have paid cash for various used cars, so my knowledge of the application process is somewhat lacking.

I haven't filed yet, so my FICO is still pretty good.

A local credit union has arrangements with most local auto dealers where you can you your their credit union and get a auto loan right at the dealership. Who knew? Anyway when I spoke to the CU representative, I was told that with "current" FICO, I would qualify for a sub 4% no money down loan. I am guessing that the application will ask my source of income. Will the fact that my only source of income is SS Disability blow the deal for me? I realize that payments must be made in order to keep the car.

My wife works, and her CU has pre-approved her at 7.50%, so we can fall back on the higher rate, but the sub 4% is more appealing.

Any thoughts on getting the loan in my name while on SS Disability?

[btbeme]

Hard to say, since all banks calculate your ability to pay in different ways. My gut says that your wife's pay will be important to closing the deal, but you can always negotiate terms such as the interest rate.

Also - what the dealership (and the finance manager, and the sales manager, and the salesman, etc.) say you can/will qualify for makes no difference whatsoever. In fact, I have seen many people drive off in their new car with a "great deal" on financing only to have the bank disqualify them for that rate - or for a loan at all - a day or two later. Such is the Golden Rule...

...He Who Has The Gold Makes The Rules.

[tobee43]

if your credit score is good enough, most don't really care where the income is coming from as long as it has been steady and will keep coming.

if you have excellent scores and are on permanent disability, you have a right to own a safe and new car, just because the funds for paying them come from your check...which by the way is for your living expenses which includes transportation, housing, food, utilities..etc.

i say go for it, what do you have to lose, just a denial at the worse and then you have your wife's credit union to fall back on anyway. i would apply two ways, one with both of you and then maybe with just you and see what happens. if she has excellent credit as well, they you have a better chance of getting one of those wonderful interest rates.

best of luck to you!