Hi! New to Group!

[elionbel]

I was DC CH7 on 6/28, so I’m starting the rebuild process and looking forward to researching strategies in this forum.

[sophieanne]

Hi..congratulations and welcome to this site. Ask any question you have and members will share their opinions and experiences with you. Good luck going forward as you rebuild.

[elionbel]

Hi..congratulations and welcome to this site. Ask any question you have and members will share their opinions and experiences with you. Good luck going as you rebuild.

Thank you so much for the welcome I did not reaffirm my car loan, so I'm looking into the best route to get a new car. I went to the dealership this past Saturday and was basically given a "best and final" rate of 16.94% APR over 75 months, which gave me a payment of $911 not including GAP or warranties.

Outside of that, I'm looking forward to the slow and steady rebuild process.

[BxRcvor]

Welcome from Tampa Bay, FL!

[flashoflight]

Thank you so much for the welcome I did not reaffirm my car loan, so I'm looking into the best route to get a new car. I went to the dealership this past Saturday and was basically given a "best and final" rate of 16.94% APR over 75 months, which gave me a payment of $911 not including GAP or warranties.

Outside of that, I'm looking forward to the slow and steady rebuild process.

Congrats!

My friend was "forced" to buy a new car to survive the 5 year chapter 13 prison sentence and it was the same interest rate. He had no lates yet but utilization was at 98%. He was going to default on purpose with the credit cards after getting the keys. He bought the extended warranty too due to the length of the 13. His payment was almost $800 per month. Down payment was a trade-in with equity. The trustee did not like the high car payment but the other car payment was only $250/month so the trustee was talked out of an objection.

$911 per month can fund a mortgage at 3.25% for 30 years with a principal amount of $209,000. That's $209,000 of a house you can't buy anymore due to the car payment. Car payments suck even at 0%.

[Carmella]

Welcome and the best of luck with rebuilding.