Bankruptcy and Vehicle Financing



  • alfoxalfox Member Posts: 708
    It's always nice to have another view on the subject. We're not all hard noses, just been around a while and heard most of the arguments before. FWIW, two observations:

    1) fezo's OK - he's a generous man, hence the second chances.

    2) Your assistant was right on!

  • lleroilleroi Member Posts: 112
    buying a new car following a BK is probably over optimistic-given the situation.If one is given the opportunity to become debt free;why assune $15-20k of new debt?The fear of $500-$1000 in repair bills should not should not "force"someone to replace this"fear"with the reality of 60 months of payments.
    Certain cars like an Olds Intrigue or Saturn can be purchased at good rates and still be covered by warranty-esp the OLDS which has a 60,000 mile warranty.This would put Mazda in a situation where he should remain right side up in his loan.
    While I see nothing wrong with a BK,I think one should always be in a situation that in a worse case scenario,one can sell off and break even.New cars become used cars with large payments quickly
    As far as hiring people with BKs or financial problems goes,my best salesman is a man who lives constantly over his means.When the bill collectors start calling the office ,I know he will set new sales records.He seems to thrive under financial pressures.I would trust this man with anything I have.
    Stinky,a thief is a thief and as far as I have observed has nothing to do with their credit ratings or personal finances.Perhaps you experiences have been different.
    Nazda,the only advice I have for you is -just because someone extends you credit does not enhance your ability to pay.Be very careful in making financial commitments at this point.
  • stinkypinkystinkypinky Member Posts: 27
    The difference, is that a salesman can make himself more money by working harder if he needs to. In my line of work, employees are salaried. If they work hard, they'll get good raises once a year and a nice bonus once a year, but there won't be any immediate payoff like there is with salesmen.

    Therefore, if they get themselves in a pinch, there's not really any way to immediately get out. That's when they might start looking for 'alternative' methods of paying off creditors.
  • lleroilleroi Member Posts: 112
    Those "alternative methods"could be a problem.
    Mazda being self employed may be in a position to work harder.The only thing that concerns me with Mazda's idea of getting a new car; is that the peace of mind he feels he will get by having a new car maybe short lived once the payments begin.Then again it may stir him to redoubling his efforts.
    I still think a right side up deal on a good warrantied used vehicle is best for him now.If his business takes off he can always get the new car in a year-at no risk.With the safety net of a BK removed for 7 years this would seem the prudent thing to do.
  • mrcortezmrcortez Member Posts: 3
    Or did Mr. Mazda say he was working a regular job and that the idea of self employment was in anticipation of losing his current position?

    To my observation I would think that the combination of possible loss of current employment combined with self-employment, a recent bankruptcy and and a new car loan would be quite serious indeed. Why do dealers allow such a thing?
  • eharri3eharri3 Member Posts: 640
    Too many people take it for granted that they'll be healthy and gainfully employed forever, so why tie up monthly income in a savings account or short term investments? A word to the wise: Financial planning is least effective if you wait until things go wrong to get started.

    As for buying new after bankruptcy: You never NEED to buy a brand new car. You can find a reliable car to fit almost any price range right down to about 5-6 thousand dollars. Friend of mine works for Vanguard, pulls down well over 100K per year. Never EVER pays more than 5 thousand dollars for a car. Has never financed one. Never gets rid of one before 150-200 thousand miles.

    Used cars still have a stigma from back in the days when your average car was only good for 100 thousand mile relatively trouble free. But cars are better now. You can get 200 thousand miles out of most of them, usually well over 100K before major repairs come due. Think its cheaper to get new than to repair your old car? Add in all the insurance finance companies make you get.
  • lemkolemko Member Posts: 15,261
    ...some guys I know with a lot of money just buy junkers for a couple hundred bucks, run them until they die, and then get another junker.
  • mazdaprofourmazdaprofour Member Posts: 202
    Hello folks, I am in the process of moving back to VA and still awaiting my letter. To clear up some things:

    1- I was 52,000 dollars in debt
    2- I had a 430.00 a month car note.
    3- I had 300-400 a month payments on credit cards.
    4- I have been at my job for over 4 years.
    5- I was never late on my own car note or credit cards prior to filing... the cards that I had joint with my dad became late after he fell ill.
    6- I am planning to start a photography business on the side.
    7- I have 700.00 a month freed up right now.
    8- I was doing overtime to save money for a car and my company cut the overtime but I have managed to save 2000.00 that I will use as a down payment.

    I need a new car because I can not afford to miss a wedding due to car problems. That is unacceptable and the results of something like that can be far worst then a 330 or 360 a month car note. I could loose out on a thousand or so bucks and ruin my reputation and may place myself into a legal situation that could hinder any future progress. Once you are in the line of work that I will be, you can not afford to ruin your reputation.

    As for buying used, I have seen WAYYYYYY too many nightmare cars that it has completely changed my way of thinking on used cars. I am going to keep this car till it is paid off and drive it till it dies. I am not one to abuse my cars so I know it will last. I have always had friends that saw the way that I care for my cars and said that they would buy my car from me if I ever wanted to sell it. This car is also going to make me money so I am not going to say "well let me save 100 bucks a month but loose a 1000-4000 dollar account". I am going to buy a toyota corolla and I know for sure that it will keep its value. My wives celica is worth 16K and we owe 12k so you can actually be right side up also on a new car. I will still be saving 400 a month even if I buy a new car so I will not be loosing sleep at night where as I will loose sleep at night if I have to worry about the cluncker.
  • alfoxalfox Member Posts: 708
    Good luck. With hard work you can do well in the photography business. A car that starts and runs reliably, every time, is a necessity.

    FWIW, all three of my last three cars had to be towed to the dealer at least once while under warranty. I suggest you plan for a backup somehow, whether you buy new or used.
  • isellhondasisellhondas Member Posts: 20,342
    It seems like Mazda suddenly finds himself with 700.00 in "freed up" money every month.

    It seems like the BK could have been avoided had those dollars been repaid to the creditors through a CCC account or through arrangements with the creditors.

    Did I miss something?
  • stinkypinkystinkypinky Member Posts: 27
    No, you didn't miss anything. He didn't want to pay off his creditors, he wanted to keep his money for himself to blow on a new car. He also wasn't willing to work OT to pay off his debts, but he's willing to work OT when the money's going in his pocket.
  • alfoxalfox Member Posts: 708
    The $700 is what he used to waste paying back his creditors. See how bk can "free up" your cash?

    Man, why didn't I think of that before?! If I free up the cash I'm throwing down the rathole every month to those thieves who hold my mortgage, I can afford my M5! All I need to do is declare bankruptcy.

    Wait! Better yet - if I buy the M5 first, then declare bk, I can free it up again! Brilliant!!
  • isellhondasisellhondas Member Posts: 20,342
    Now I get it!

  • hicairahicaira Member Posts: 276
    I still question whether this is all just a hoax. Assuming he's for real I have to wonder where he got the money to start a photography business "on the side". Professional grade equipment, lighting, developing and re-touching equipment is not cheap. People are not going to pay for snapshots. So, was the camera gear purchased prior to the BK, and discharged? How much debt did you add after you first considered filing? I know you don't like the moral lecture Mazda (people who lack morals usually don't), but how do you sleep at night? What if you lose your job now (you said it was a a concern and you also think the economy will tank)? What are you going to do with that new car then, when you cannot maintain payments? Don't count on your $2500 in equity (which is much less after taxes & fees anyway) - that is gone the moment you drive off the lot.

    It's just one rationalization after another....

  • stinkypinkystinkypinky Member Posts: 27
    I suspect the photography equipment pushed his total from $42,000 (that he said it was at the beginning of this topic) to the $52,000 that was finally discharged.

    Where did that extra $10,000 come from, mazda? You said yourself at the beginning of this topic that you owed $42,000 ($8,000 from dad's medical bills, $20,000 on the Protege, and $14,000 in credit card bills). Did you go on down to the photography store before you filed and finance $10 grand worth of equipment that you knew you weren't going to pay for?
  • alfoxalfox Member Posts: 708
    is pretty marginal for professional-quality equipment for a wedding photographer unless he's going to have developing and printing done by others. If that's the case, about 2/3 of the profits go to the developer/printer.
  • stinkypinkystinkypinky Member Posts: 27
    I think you're giving him far too much credit for thinking the whole thing through (he's proven that foresight isn't his strong suit). He probably owns a professional grade camera and lighting equip and not much else.
  • alfoxalfox Member Posts: 708
    Sorry - thinking ahead is one of my failings, I guess...
  • lokkilokki Member Posts: 1,200
    Seriously -

    Why can't you drive your wife's reliable Celica when you need to and have her drive an older, cheaper car - perhaps the one you own now?
  • stinkypinkystinkypinky Member Posts: 27
    You're making sense!
  • alfoxalfox Member Posts: 708
    he has failings too.
  • lokkilokki Member Posts: 1,200
    I didn't mean to spoil the fight, or anything...

    Anyhow, I'm sure there's a good reason this won't work for him... I'm just waiting to hear what it is so we can get back to our regularly scheduled ,uhm, discussion.
  • mazdaprofourmazdaprofour Member Posts: 202
    The mean Mazdaprofour is about to come out....hey guys, I will not be pulled into another childish argument with you each his own. I repeat I WILL BUY A CAR AND WILL POST MY EXPERIENCE HERE....EVEN IF IT IS BAD.
  • lemkolemko Member Posts: 15,261
    ...would someone with poor credit do with the 0% financing offers available. I know for sure he isn't going to get the 0%, but would he get better percentage financing than he would if 0% wasn't offered? Who knows? Maybe those with poor credit could get what would be considered a reasonable rate when 0% wasn't offered. Look for those manufacturers offering 0% to those with Tier I credit. Maybe those with shakier credit can still get away with 10%. Have you explored this option, Mazda?
  • stinkypinkystinkypinky Member Posts: 27
    Why won't you answer lokki's question? Why can't you use the Celica when you have to be somewhere for work?

    Also, where did the last $10k come from?

    Pretty simple questions if you ask me.
  • gmanusmcgmanusmc Member Posts: 699
    I think we have all come to recognize that this guy is very selective in what he addresses and what he does not want to address. Seems like the stuff that makes sense and is logical, responsible thinking, he ignores. Interesting that he brags about the equity his wife's car has but yet he decided to stiff his other creditors and go BK (To clear the way to buy another car to trash).
    2016 ES350 Lux/Atomic Silver
    2017 Accord Sport CVT Mod Steel Metallic
  • stinkypinkystinkypinky Member Posts: 27
    You got that right. I seriously think he went out and rang up an additional $10k once he decided he was going to file, too. How else did $42,000 become $52,000 by the time he actually filed?

    Figured that if he was going to hose his creditors, might as well go all out, I'll bet. I'm right, aren't I, Mazda?
  • lleroilleroi Member Posts: 112
    the BK sourt would have refused to approve this BK.If the court approves mazda's BK he has done nothing wrong.I don't understand this" holier then thou attitude in here.How many in here choose not to take a tax deduction for moral reasons?Or not sell off some "losers"to cut capital gain tax?
    Is impoversment the more moral road?If car dealers are willing to finance a BK and mazda is willing to pay the penalty(higher rates)what is the problem here?If mazda can put down a large amount of cash-what business would turn him down?These same moral business will sell a house,car,whatever to a drug dealer who comes in with a suitcase full of cash.Do you guys really believe that BK'S make you pay more for your "stuff"?
    Has mazda's poor handling of his personal finances caused the stock market to drop?I doubt seriously if Donald Trump or Alan Greenspan is impressed by all the "i pay my bills on time"posters in here anymore then the lord of the manor was impressed by the "good serf".
    Stick to the topic-will mazda be approved for a new car after declaring bankruptcy?What will he encounter that will be different then prior to his bankruptcy?Give the courts some respect or do you think think they are involved in a conspiracy with mazda to lower our morals?
  • manamalmanamal Member Posts: 426
    I know BK's hurt more that just the evil companies. Several years ago, I owned a townhouse. For job reasons, I could not live in it, so I rented it out. After about three months, the tenant stopped paying rent. At 4 months, I started eviction proceedings....then he filed for BK...suddenly, it was illegal to event him (according to my laywer). He was in the house for nother two months, untill I got approval from BK judge to that time, he was $4000 behind in rent, and I had about $1000 in legal fees...well the $3400 of the $4000 were "forgiven" in BK, then he paid the remaining $600. Legally, he was current with his rent.

    There was nothing I coul do. He also did not move out at the end of his lease....but then he was evicted.

    Don't tell me BK's don't hurt people. I am not rich...
  • alfoxalfox Member Posts: 708
    Nobody questions mazda's legal right to declare bankruptcy, or has said anything negative about those who are bankrupt in general. An unfortunate number of responsible people are forced into bankruptcy by conditions beyond their control, be it illness, failure of their employer, whatever. That's not an issue for moralization - it's just fact. All bankruptcies have a cost to society, and in most cases it is one that we all are willing to carry to help those who get knocked down by the system.

    The negative comments have been aimed at those who chose bankruptcy unnecessarily as an easy escape from their responsibilities. They are misusing a legal tool for personal convenience, and add unnecessarily to cost we all carry. Many are simply inept, some are lazy, and a few are true willful users who lean on society to pay for their toys. Most of these people will ultimately repeat the same downward financial spiral.

    The discussion is about his decision to buy a new car. That decision tends to suggest that mazda is in one of the latter two categories. We have been trying to convince him not to buy a new car at all, but a serviceable used car. That advice is good. Why try to insulate him from it?
  • stinkypinkystinkypinky Member Posts: 27
    Mazda did this to himself. I feel zero pity for him. And he's about to start right back down the path that already got him once. He doesn't need a new car. His wife has a Celica that he could use for times that he's really got to be somewhere. He just wants a new car and wants us to endorse his choice. Sorry, ain't gonna happen.

    Unless he tells me where the extra $10,000 came from, I'm going to assume he went out and added on $10k worth of consumer debt because he knew he was going to file (I'm sure he was smart about not blowing his BK status so he did it just outside the 3 month window, or whatever it is). He's already proven that he doesn't care about the affects of his filing on others, hasn't he?
  • hicairahicaira Member Posts: 276
    The credit industry has successfully lobbied congress to make BK MUCH harder to file. The reason they were successful (in addition to campaign contributions :)) was that the current BK laws were being abused by many people. BK should be a "last resort", and was always intended to be so. It was never intended to be a convenient way of discharging debts just because people got tired of carrying the debt.

    In mazda's case, he could have paid off his debt if he chose to. He chose not to. Further, it appears that he may have increased his debt load after he decided to file knowing all along that he would simply add it to the BK discharge. Sorry, but that IS a moral issue, not just a legal one.

    Anyway, the result of the cumulative behavior of the mazda's of the world is that the laws will change in such a way that people with REAL reasons for filing BK, people with REAL hardships that could not be avoided or anticipated, will not be able to discharge their debt and get a fresh start. And that is a shame.

  • mazdaprofourmazdaprofour Member Posts: 202
    This is soooo interesting. Hey folks I am not here to get approval from you guys. I also do not have to explain what amount was filed and go over each item with you guys. If you have issues with people who file for bankruptcy cause they are lazy, find a forum that is in regards to that. We are not here to debate what I have done or discuss your personal feelings towards me filing. The post is here to just discuss APPROVAL FOR CAR LOANS AFTER BANKRUPTCY. For the folks suffering from attention deficit disorder, try to focus. The title is at the it and remember it. Any further questions in regards to why I filed and why I do not want a used car should no longer be asked. I will not answer them because they are not relevant to the topic. They are just personal issues that some have. So once again, stay focused. If you need to argue over morality, check out another site. If you want to stick to the real issue, which is getting loan approval and how the process works, lets talk...
  • alfoxalfox Member Posts: 708
    I can't imagine why someone like you would start a public topic with total strangers unless you somehow wanted to talk about it. Don't you have friends or family to advise you? Seems like the consensus answer here to the topic name is DON'T. You're just not listening to the answers you don't want to hear.

    So why are you here asking the question? Seeking validation for a decision you've already made? Not getting much of that, are you?
  • mazdaprofourmazdaprofour Member Posts: 202
    Alfox, is it really that hard to understand?

    ********* HERE IT IS AGAIN***********

    I am not seeking any ones advice on if I should buy a car after bankruptcy.

    I am not interested in your personal feelings about bankruptcy.

    I am not seeking for any ones approval or moral advice.


    So just because I have posted a topic that is touchy to some, this does not make it a free for all to just start blurting out personal opinions about bankruptcy or to throw attacks against me.


    THE TOPIC IS "APPROVAL AFTER BANKRUPTCY".... again if you wish to hear my personal experience with getting that FINANCIAL car loan approval, lets talk. But if you wish to continue to want to redirect this forum to meet your needs, please open another topic on a web site that would be about this. This is a CAR site and by staying on the financial approval topic here, we can all be helpful to others. So Alfox, before you reply, make sure that it is on topic...not what is running through your mind.
  • alfoxalfox Member Posts: 708

    Actually, there was essentially none until you started the topic. So, what? You only want applause, and any opinion that doesn't conflict with your own. Sorry, life doesn't work that way.

    Completely on topic: My best advice on loan approval after bankruptcy is to minimize the loan as much as possible, which means don't buy a new car. You don't "need" one, you just want one. If you plan on giving in to your wants even before the bankruptcy is final, you will be back into the same debt cycle all over again.
  • tblazer503tblazer503 Member Posts: 620
    Here's my take on this...
    First my understanding... So mazda, you just filed BK7, moving back to VA, does this mean you are quitting your job? Does that mean that your "photography business" is the primary means of income? That does not sound very promising in terms of an auto loan.... In my experience, banks don't care much for self-employed people--unless they have a nice long history of their income from the business(reliable income) I wouldn't quit the job just yet...
    I'm just trying to figure out your finances... roughly I'm assuming about $700 freed up w/ no payments lets say 500/mo for rent and a couple hund for food, blah... So... about 1500/mo, I heard somewhere that banks will finance up to 20% of your income to a vehicle... (they tried to approve me for a caddy @ 700/mo..) 2k down on a lets say 16k car plus tags, etc, 17k. finance 15k @ 20.0% is going to be 397/mo plus insurance on a new vehicle... say 100/mo full coverage(since most major insurance co's go for a CR now) ouch. You will have about 200/mo not including the gas bill, @ 50mi ea way 100/day 500/wk Civic/Corolla ave 30-35mpg about 15gal/wk @ 1.49/gal about 100/mo for gas...
    I don't think you are a bad person, apparently you have your reasons... those that feel that you have to shoulder the burden of his BK, you don't have to get credit... if you pay off your CC's every month, you don't pay interest... therefore you won't be shouldering his burden. I do have to say that you can easily get a one year old Civic/Corolla top of the line for about 13-14k and can get an extended warranty for approx 700-1000 for 6/72k if you want... Personally, IMO, if you can, shell out the bucks for an extended warranty since you plan to drive it into the ground. I don't buy 'em, but then again I've been buying either new every 24mo's or very old... =oP
  • fezofezo Member Posts: 10,384
    stinkypinky -

    I owe you an apology. This guy insn't interested in what's best and is educating us on the realities of something he hasn't yet done - actually buy a new car after a bankruptcy. All moral issues aside (and I am appalled on what he is now passing off as either moral or not relevant) he has not yet bought a car after a bankruptcy and is lecturing on the topic.

    My apologies to the realists in here. Have a nice life.
    2015 Mazda 6 Grand Touring, 2014 Mazda 3 Sport Hatchback, 1999 Mazda Miata 2004 Toyota Camry LE, 1999.
  • stinkypinkystinkypinky Member Posts: 27

    Mazda, you still didn't answer my questions. You sure are selective about the questions you'll answer, aren't you?

    And call it whatever you want, but going out and buying more stuff you know is going to be discharged in a BK is most certainly immoral. I'm sure you've found a way to rationalize it to yourself. That's OK, you don't have to answer to me, but you will eventually answer to a higher authority.
  • mazdaprofourmazdaprofour Member Posts: 202
    My total debt (including stuff with my dad) was 52,000. The reason that this may have gone up was because I found more cads that I was joint on. Not that I went out and rang up a bunch of stuff. I could have done that, but I did not. This is the last time I am addressing this.

    As for buying used, I do not think that paying 13 or 14k is a good idea on a used car when a new honda civic will run in the same range new or a corolla will cost 2 grand more new.

    As for moving, I am not going to move to VA. I can not afford to buy a home for 300,000 or pay 1,000 a month for a 1 bedroom apartment.

    I am keeping my job that I have had for 4 years and will do my photography thing on the side.

    Today is the 25th, my case closes on the 28th. I shall have my discharge letter by the 15th.

    I will take my 2,000 and use it as a down payment. I will also sell my sable at a later date to pay off some of my wives credit card debt. She only owes 3k. Any questions?

    "That's OK, you don't have to answer to me, but you will eventually answer to a higher authority".

    Again, this is not a moral issue.... it is a post about getting credit approval. Any further questions that you may have that are off topic will not be answered. This is like arguing religion with someone. It does not belong here.
  • stinkypinkystinkypinky Member Posts: 27
    You still won't admit that you don't NEED a new car, you WANT one (you certainly could use your wife's 2 year-old Celica when you really have to be somewhere, couldn't you?).

    You admitted yourself way back in the beginning that you confused your needs with your wants and that's what got you in trouble in the first place. You think maybe it's happening again?
  • CarMan@Edmunds[email protected] Member Posts: 38,514
    Hi everyone, it appears as though this discussion is going in circles. Those of you who disapprove of mazdaprofour's actions have made your points abundantly clear. Rather than constantly repeating questions like why doesn't he use his wife's car, why doesn't he want a used vehicle etc... let's try to move on. Perhaps we can use this discussion to relate stories about people who have filed for bankruptcy and their experiences in purchasing a new or used vehicle afterwards. That sort of information would be very helpful for some people and belongs in an automotive community like the Town Hall, unlike general moral debates about the bankruptcy which have nothing to do with the automotive industry. Thanks.

    Smart Shoppers / FWI Message Boards
  • lokkilokki Member Posts: 1,200
    The question at hand is not whether it's right or wrong, but how to do it best.

    Let's proceed.
  • bretfrazbretfraz Member Posts: 2,021
    Why are you letting this discussion continue to revolve around one person and their selfish view of the topic?

    I'll tell ya what's abundantly clear, it's the fact that Mazdaprofour wants a topic all to himself and does not want to allow public debate and discussion. Essentially he wants TH to provide a soapbox so he can talk about himself while at the same time prevent anyone else from being part of the conversation if he decides he doesn't like them. Don't believe that? Re-read his posts #384 and 386.

    I agree with your comment about using this thread to relate stories about car buying after bankruptcy. I've got stories I can tell from personal experience. But if you are going to allow Mazdaprofour to completely control the discourse in this thread, why would anyone want to jump in and offer their thoughts and opinions?

    There are many threads in TH where a few people have been allowed to control a topic. But I think this one's a first in TH - one person being allowed to completely hijack a thread for their own selfish desires.

    The only reason this thread has gone in circles is because Mazdaprofour has turned the topic towards himself at every opportunity. The commentary from others has been valuable as its provided interesting viewpoints about a delicate subject. I think you should allow it.
  • mjday1972mjday1972 Member Posts: 77
    I tried that same tact and got my post deleted, without an explanation mind you.

    I still contend that this forum is not constructive and should be shut down.
  • alfoxalfox Member Posts: 708
    if we can't discuss the relative merits of seeking loan approval after bankruptcy (which is the topic, right?), and nobody else wants to discuss their bk experiences (and nobody has, from the start, right?) then that leaves the topic to mazda to make whatever points he choses without rebutal. So, the mic is yours, mazda.

    (I said the same thing earlier too, and my post was also deleted without comment.)
  • jocko9jocko9 Member Posts: 65
    Kill this absurd thread now. It's serving no useful purpose.
  • CarMan@Edmunds[email protected] Member Posts: 38,514
    Bretfraz, it is impossible for one person who posts once every several days to "...completely control the discourse in this thread...." Even if there are a large number of posts on this individual's situation, I don't have a problem with that given the fact that they were actually the one who created this discussion. You are absolutely free to share your stories on purchasing a vehicle after filing for bankruptcy. I am sure that we would all love it if you would do so. It's great to get real-world tales about subjects in this forum. My problem with this particular discussion was that it had broken down to a bunch of people hammering on one poster who filed for bankruptcy, dissecting every part of that person's life and story and telling him what he had done wrong. The only posts that have been deleted are ones that continued to go in this direction after I posted a warning not to. Although I certainly have been tempted to close this discussion, I still believe that this area can be a valuable place for people who have had past financial difficulties to talk about their experiences in trying to finance a new or used vehicle, after all this is the Finance, Warranty, and Insurance Message Board.

    Smart Shoppers / FWI Message Boards
  • fezofezo Member Posts: 10,384
    I think what many are saying is that the original post sought actual experiences of people that have been through the process and possibly experts opinions of what to expect. Reasonable enough.

    This is now post #400 (not including deletes) and there has not yet been a single poster who has been through this and reported the results. There have been experts offering opinions - we've had care sales people, finanace manangers, CPAs, financial advisors, human relations folks who actually screen potential employees all of whom gave advice. Rather than take in any of the advicethe poster - not the host - dismissed such advice as off topic.

    Well, once he had changed the topic to strictly hearing from others who had been through the process it was. People offering honest advice got annoyed and the resultant sniping back and forth was very easliy predicatble.

    I believe any potential usefulness of the topic has been destroyed by a poisoned atmosphere to which the person seeking advice has become a major contributor. Anyone in here can tell you I am a long time in coming to this conclusion.

    I'd love to know how it all turns out but we may be looking at a lost cause here.
    2015 Mazda 6 Grand Touring, 2014 Mazda 3 Sport Hatchback, 1999 Mazda Miata 2004 Toyota Camry LE, 1999.
  • afk_xafk_x Member Posts: 393
    I've sold plenty of cars to people with BKs.

    A BK is just a data point to the lender. By itself it doesn't exclude someone from approval.

    Madzaprofour is in a tougher situation, since he has a fresh repo and a BK. Still, with $2000 down, and a 4 year job, he most likely will be approved for a new Toyota, just at a high rate. 20 percent or more.

    Banks also tend to take a bigger chance if they have good prior history. For example, someone with a couple paid GMAC loans will have a better chance of approval that someone with a similar score and no prior loans with the lender.

    Then again the reverse is true. If you have a GMAC repo odds of approval are extremely low.
This discussion has been closed.