Tide water motor credit came thru for me open chp 7

[mjjjlove]

Hi I am new here; I figured I would post my experience. Recently filed Chapter 7 9/9/2013..341 meeting 10/11/13... 10/19/2013. WE redeemed one vehicle with Santander, surrendered our other one with Capital One. Prior to BK, we have 8 car loans paid in full/never later/paid as agreed; I walked into Ford dealership on 10/19/2013; Tide water motor credit approved us right away for a brand new 2014 Mustang GT 5.0 with low monthly payments no hassle at all; beleive it or not. Picking up the DRS or green slip this week.. The car we surrendered is much more expensive and the maintenance lights are all on, figured no point on reaffirming it or buying a beater and getting stuck with more problems down the road and more money spent for nothing. I learned alot with the BK. Once we are discharged, and so far no news is good new...so I guess that is awesome, I am going to do things right, re-open up some credit cards and start rebuilding our credit and never again will we be stupid with credit cards. I am just happy to walk out of there with a brand new car, I thought I was stuck going to a "buy here pay here lot" the income is still good for both of us, but hard times hit us including a garnishment from the IRS. I wanted to say that there is not a better feeling in this world than getting a second chance on having good credit again someday. I just thought I'd share my experience. Thank you.

Our FICO last month was at 451.. I started disputing alot of the collections with the credit bureaus within a month, our FICO went up to 568; I was surprise, didnt think it even went up..But we got a lender to approve us. Alot of banks turned us down due to the BK being open still, and all wanted a discharge paperwork which i could not provide just yet, and were down to 1 car; I am just grateful that Tide Water Motor credit gave us a fair chance... I will just refinance later on when the BK ages and get financed by a better bank.

[twiz88]

Hi I am new here; I figured I would post my experience. Recently filed Chapter 7 9/9/2013..341 meeting 10/11/13... 10/19/2013. WE redeemed one vehicle with Santander, surrendered our other one with Capital One. Prior to BK, we have 8 car loans paid in full/never later/paid as agreed; I walked into Ford dealership on 10/19/2013; Tide water motor credit approved us right away for a brand new 2014 Mustang GT 5.0 with low monthly payments no hassle at all; beleive it or not. Picking up the DRS or green slip this week.. The car we surrendered is much more expensive and the maintenance lights are all on, figured no point on reaffirming it or buying a beater and getting stuck with more problems down the road and more money spent for nothing. I learned alot with the BK. Once we are discharged, and so far no news is good new...so I guess that is awesome, I am going to do things right, re-open up some credit cards and start rebuilding our credit and never again will we be stupid with credit cards. I am just happy to walk out of there with a brand new car, I thought I was stuck going to a "buy here pay here lot" the income is still good for both of us, but hard times hit us including a garnishment from the IRS. I wanted to say that there is not a better feeling in this world than getting a second chance on having good credit again someday. I just thought I'd share my experience. Thank you.

Our FICO last month was at 451.. I started disputing alot of the collections with the credit bureaus within a month, our FICO went up to 568; I was surprise, didnt think it even went up..But we got a lender to approve us. Alot of banks turned us down due to the BK being open still, and all wanted a discharge paperwork which i could not provide just yet, and were down to 1 car; I am just grateful that Tide Water Motor credit gave us a fair chance... I will just refinance later on when the BK ages and get financed by a better bank.

That's good to hear Tidewater kept sending me approvals for an Auto loan in the mail did you have to put anything down with them? I was approved with Cap1 for an auto loan just went with them for my vehicle.

[mjjjlove]

Yes we did, since it was an OPEN Bk 7 they gave us right off the bat 17% and I volunteered to put down 7k to bring the price of the car down so it is not too high of payments and they funded the loan right away, i will be picking up my green slip this week. I had no problems getting in with Tide Water..they are the only ones that will touch me right now, the rest will; including Ford Motor but they wanted a discharge in hand. I also had use a Ford X plan, and with rebates. The car was 35k with tax, and out the door after everything is said and done it came out to 27k. I will just rebuild for now after discharge and refinance the loan. I am just happy I even got to leave the dealership with a brand new mustang GT. I am very grateful! I do know one thing, the higher the income and down payment, the better your chances of getting the car you really want so you dont have to settle for a beater while rebuilding, if I got stuck with a beater or a decent used car, i will still be paying the same interest, so I am very happy. You are less of a risk to the bank, and they know you will not and cant file BK again for years, and will not repo the car if you put a reasonable down payment. The car we surrendered thats owned by capital one is 860.00 a mos, 100k plus miles on it, all the service engine lights are on.. so getting a new car made more sense to me, plus the warranty we got with it.... thanks :-)