Bankruptcy and Vehicle Financing



  • mazdaprofourmazdaprofour Member Posts: 202
    Car_Man, thank you for making the point. I am trying to get folks away from the judgment side and more towards the issue at hand. I find that most people here seem to have personal issues against people whom file bankruptcy and do not wish to discuss the financial steps required to get a loan after a bankruptcy. Some may say that I just want a soap box to stand on and preach, but I am not looking for such a thing. All I want to do is to post my experience (even if it is bad and I am wrong for filing BK)for others to see and also to kill any misconceptions about bankruptcy. I may be the worst person in the world, but I would still like to keep this forum going. Lets all try to stay focused and productive.
  • mazdaprofourmazdaprofour Member Posts: 202
    alfk_x, thank you for your post. This certainly is a good reassurance. What I fear the most is them selling me a car and then calling me in a few days to say that the paper work did not get approved. What is the best way to avoid the dreaded call back and to insure that your are actually approved for the loan? I know that buying on the weekend is not so good do to the fact that most banks are closed. The dealerships give you the car based upon your credit and try to work out the stuff on Monday. Is it better to buy during the week to avoid any future problems?
  • manamalmanamal Member Posts: 426
    Best thing to do to avoid the "dreaded call back" is not to take the car until the financing is complete and in place. That protects you because it helds you remain emotionally detached from the car. The dealers know that once you leave the lot, you will probably agree to any other words, you leave the lot expecting a 10% loan, and they come back and say the best that can be done is know the rest.

    On the other hand, if you do not have the car, the FI guy might work harder for you, and if things do not work out on you r terms, it is easier to walk from the deal.

    One thing to avoid is any dealership that (givin your credit) will let you leave with the car. This was a discussion on another forum about this practice. I think it was inconsiderate salesmen...

    There are some F & I people that post in here that could give you an assessment of your situation.

    Again, the best thing to do is not to take the car untill financing is approved.
  • stinkypinkystinkypinky Member Posts: 27
    Says that Kia doesn't care if you're credit sucks or if you've filed bankruptcy. All you need is $199 and a job.

    Go get a Kia, Mazda. Topic closed.
  • fezofezo Member Posts: 10,384
    alfk_x and manamal - you may keep this topic rolling yet! Actual advice.

    stinky - yeah, we get those ads here and the "anyone with $19 down and $199 a month can get into a car!" These are of course scraemer ads and not to be believed under ANY circumstances.

    20% is a bundle particularly in today's market but that may be reality - and that advice of not taking posession of the car until the financing has been approved is an absolute must.

    There are so many ways they can take you off your price and financing on a new car. In my observation there are fewer on used cars in that the options are either there or not. You aren't looking at "we have close to what you are looking for but withthe XYZ package - it's only $20 more a month."

    And so it begins.....
    2015 Mazda 6 Grand Touring, 2014 Mazda 3 Sport Hatchback, 1999 Mazda Miata 2004 Toyota Camry LE, 1999.
  • manamalmanamal Member Posts: 426
    Thing about not getting the car before financing...that is one of the penalties of bad credit. If you know you will get credit, you can go ahead and take the car. I did. However, if you are unsure. have some patience.
  • mazdaprofourmazdaprofour Member Posts: 202
    Well I know that often they want to send the car home with you so that you get attached. So what happens once you sign the paper work. Cant they come back and say that it got turned down. I was going to get pre-approval through a credit union that is based out of Florida. I have heard that for some reason they approve more people with bk. Some say that Florida has a lot of Bk's so the banks are use to it. The credit union told me that if they approve me, they do not exceed 10%. I am not sure if the only option that I have is the dealership do to the Bk.
  • manamalmanamal Member Posts: 426
    They can say that it is turned down, please return the car. In reality, they will probabbly pressure you to buy the car at even less favorable terms. If you have any doubt...wait. They can not force you to take it. If they pressure you, walk to another dealer.
  • mazdaprofourmazdaprofour Member Posts: 202
    I do hope that 2,000 down is enough. I hope that I do not run into any problems. I was going to get a corolla, but now I see that I can save 1-2K on a civic. Not sure what to do. So far the dealerships have all seem pretty confident that they can get me a loan but I guess I will find out by the 15th.
  • afk_xafk_x Member Posts: 393
    Used 2001 or 2002 L200 Saturn. Drive one before you say not interested.

    I don't think a credit union will approve you, at least I've never heard of one. I'm sure you'll let us know.

    You're special finance material for sure. Americredit, Capitol One, Triad.... and that means 20 percent or more.

    No disrespect but shouldn't you have the ability to save up more than 2000 now that you're debt free?
  • manamalmanamal Member Posts: 426
    Can you live another week with the old car? If so, then buy, but do not accept delivery untill all ducks are in order.

    If you can not wait....well....

    This is a time for you to be real conservative.
  • mjday1972mjday1972 Member Posts: 77
    buying a used Protege? I hear they are nice cars, anyone here have experience with them?
  • mazdaprofourmazdaprofour Member Posts: 202
    mjday 1972, I had a 2001 Protege LX 2.0 that I did a voluntary repossession on during my bankruptcy. The car had a few problems. Now I know that they are usually good cars, but all the late model ones have been ford products. I am not going to buy used and risk problems. I have seen too many nightmare stories.
  • mney6mney6 Member Posts: 116
    Most dealers will spot good to marginal credit customers.
    With people who have BK's or repo's I doubt any dealer would spot a car.
    There are to many hoops to jump through to get a person like Mazda done.
    I personally never spot deliver a car to a sub-prime customer.
  • mazdaprofourmazdaprofour Member Posts: 202
    mney6, Could you explain what you mean by spot deliveries?
  • oldharryoldharry Member Posts: 413
    Don't take delivery until approved! With your $2000 down, if you walk away because they changed terms, you won't get all your money back. They will deduct for whatever use they think you have put on the car, and if the amount is excessive, they have your money. You would have to sue to recover, and that may cost more than you recover.

  • mazdaprofourmazdaprofour Member Posts: 202
    I answered my own question.

    A spot delivery is the acceptance of a vehicle when the contract is not fully completed. "Spot" deliveries are often made before a credit application has been processed, and after banks have closed for the day, or on weekends and holidays. Many dealerships will take a consumer through the purchasing process, including the consumer signing the installment sales contract. However, until that contract is signed by the dealership or an authorized agent, the contract is only binding on the consumer. If, under these circumstances, the consumer drives off the lot, and the dealer is unable to find a lender to purchase the contract, the dealer could require the return of the vehicle and charge the consumer for any mileage or damage done.

    Finally, consumers should never sign a blank installment contract or any contract that has not been filled out in its entirety. Regardless of what a dealership may say, or any verbal agreement a buyer has with a sales person, the information on the contract becomes the binding terms of the agreement. As always, consumers should read and understand everything they sign.

    How can I insure 100% that the loan has actually been approved prior to taking possession of the car?
  • cliffy1cliffy1 Member Posts: 3,581
    Ask to see the approval letter from the bank to the dealer.
  • mazdaprofourmazdaprofour Member Posts: 202
    Is the letter something that is sent to them instantly or is it something that is mailed to them at a later date?
  • lemkolemko Member Posts: 15,261
    ...following a bankruptcy, I've heard that you're allowed to keep your car but it can't be worth more than a set value. Is this true?
  • mney6mney6 Member Posts: 116
    In most cases a Approval Letter is faxed to the dealership.
    It will detail out all the conditions of the sale.
    In your case you will need to bring a full copy of a Phone bill,Pay-check stubs,6-10 personal references with names,phone #',and addresses.
    Proof of insurance,copy of drivers license and in some cases at least 3 payments up-front.
  • mazdaprofourmazdaprofour Member Posts: 202
    Well I thought that my coolant was leaking on my sable since the level kept going down. I took it in and asked them to check the water pump (since they recently replaced it). They called me back and told me that I have crack somewhere in my engine block and that is why I also had the smoke coming out. The total cost was 600.00 to repair. I told them no thanks and I will pick up the car next day. The car is only worth 1000-1200 so I am not going to dump any more money into it. That is a used car for you. I just spent 250 on a water pump last month. I plan to donate it to a charity and they will give me a receipt for Kelly blue book value. I will have them pick it up this week. I hope that I can get my letter and car soon.
  • fezofezo Member Posts: 10,384
    No - that (in my book) is a Taurus/Sable for you. That is a pretty typical thing for those. 3.8 engine?

    I've gotten well over 100,000 miles on Hondas and Nissans that someone else put the first 30 or 40 thou.
    2015 Mazda 6 Grand Touring, 2014 Mazda 3 Sport Hatchback, 1999 Mazda Miata 2004 Toyota Camry LE, 1999.
  • mazdaprofourmazdaprofour Member Posts: 202
    Well I have a 3.0 engine. It is suppose to be better. I do not know how much of difference it will make on my taxes to donate it. Anyway, I will not mess with ANY and I mean ANY used cars. Especially not when I will be making payments on it.
  • tblazer503tblazer503 Member Posts: 620
    That musta been in the early 90's ... I remember my '94 ford tempo having a 3.0v6... Not an impressive engine by any standards... Um... probably worth about 1500 KBB... doubt its worth writing down as I believe it would also cause you to itemize all deductions so you would probably break even unless you can find 8000 in reciepts.. =oP
  • hondaprohondapro Member Posts: 5
    I'm almost afraid to post after reading the first few pages of this thread...but
    I recently filed CH7 Bk. I lost my job, and was not able to find a comparable salary for almost 6 months. I did however work 2 full time jobs to pay rent/food etc for my family. (very low paying jobs)

    My creditors were not willing to work with me, and after 5 months, I was in too deep to recover. I had a 20k suburban repossessed, and after they auctioned it for 10k, they billed me for the remaining 10k. I felt really bad about filing, but I am not about to pay 10k for something I no longer possess. I paid cash for a 92 civic, and have been driving it for almost a year now. It looks like hell and it just turned 205,000 miles. My Bk is almost discharged, and I'm looking into getting a more reliable vehicle. Not a new one, but something around 10-12k. I have a family, and need something that won't blow up like this Honda is about to do.

    My Question is simply What interest rates should I expect to see after a chapter 7? Please hold the morality comments, as I've read them already.
    Thanks in advance
  • CarMan@Edmunds[email protected] Member Posts: 38,514
    Please don't be afraid to post in this discussion, hondapro. I have decided to keep it alive to help people like yourself get information on purchasing vehicles after bankruptcy. I am glad to see that you were willing to share your situation with us. Hopefully there are others out there who can give you an idea of what sort of interest rates you can expect. You may want to check out the Finance Rate Estimator to get an approximate idea of what sort of rates you might see. You can find a link to the Estimator about 3/4 the way down the left column of the following page: Finance & Leasing Center.



    Smart Shoppers / FWI Message Boards

  • mney6mney6 Member Posts: 116
    There is a diference between your circumstances and someone else that posts here.
    Do you belong to a credit union ? Do you have a bank that you have used for along time.
    These two places may get you a cheaper rate than a national finance company.
    Rates will vary between 17-24 % with them.
    Best way to get a low rate is to put 3-4000 dollars down,look at a 15000 dollar car, and get a co-signer.
  • isellhondasisellhondas Member Posts: 20,342
    I think it's unlikely that mazda has a crack "somewhere in his engine block".

    If this is, indeed the case it will cost a hell of a lot more than 600.00 to replace the engine.

    A head gasket? Perhaps but the 3.0 engines didn't have that problem like the 3.8's did.

    Kinda sounds like justification to just forget sensible used cars and just buy new?

    I know I would get a second opinion.

    hondapro...don't be afraid to post. You have taken a sensible approach.

    Do not expect a prime interest rate until you have some time behind you. Still, shop around. You might do better than you think.

    Good Luck!
  • fezofezo Member Posts: 10,384
    Agreed on most points.

    Ford has lots of different 3.0s. Harder to tell on that. I'm willing to call the Sable dead for the sake of discussion. I'm still on the used Toyota or Honda side but keep us posted.

    hondaro - stay in! Would like to hear how you do as well. Maybe compare notes. Depending on what state you are in you can get a copy of your credt report free which will tell you what to expect if you run the magic number by some of the pros in here. I'm not one of them. If you aren't in one of those states you can still do it cheaply.
    2015 Mazda 6 Grand Touring, 2014 Mazda 3 Sport Hatchback, 1999 Mazda Miata 2004 Toyota Camry LE, 1999.
  • andre1969andre1969 Member Posts: 25,388
    I haven't heard anything bad about the 3.0, but then again, isn't Mazda's Sable a '92? It's getting old enough that something could go bad, no matter how well it was built to begin with.

    Was the 3.0 back then an iron block with aluminum heads?
  • stinkypinkystinkypinky Member Posts: 27
    I don't begrudge someon like you filing BK. That's what it's there for - when you have no alternative due to circumstances beyond your control. It's not like you just up and decided you didn't want to pay your debts.

    A good amount down and a relatively low loan amount ought to get you done, but be prepared for a high rate.
  • hondaprohondapro Member Posts: 5
    I appreciate the encouragement everyone. :)
    I live in Arizona. I looked at some cars last night in the $10,500-11,500 range, and was quoted
    "with my trade(which isn't worth much) +1000 down on a 10,500 car my payments would be $350." That was with a 21% rate. That didn't add up to me.
    I understand I'll pay dearly for my mistakes but I know I can do better than that. On an $11,000 loan at 20% my payment should be around 290-300 a month. I'm wondering where that extra $50 was coming from? (This is all figured on a 60 month term) I want to rebuild my credit and do better this time around, but I don't want to become vulture bait. I appreciate all the comments, and I'll keep posting as I get information. I'll be back at it tonight. :)
    Ps hondapro refers to my ex-motorcycle racing career, not honda cars. I'm not very car smart yet.
  • mney6mney6 Member Posts: 116
    They probably have warranty, credit life , accident and health,gap insurance all loaded in the payment.
    You are looking at the right price range.
    Keep in mind that you don't have to pay the loann out for a full 60 months either.
    After about 16 months of good pay history you should be able to get it refinanced.
  • saturnfansaturnfan Member Posts: 40
    Hi mazda, glad to see this thread's still arousing so much interest.

    As a bk survivor (1989), my credit's now about 700 Beacon, and I bought a new Corolla CE 5 speed for $13,996 with a free set of all weather Toyota mats thrown in.

    If you are willing to be a bit patient, your Toyota dealer can get you a base Corolla CE w/o the options and dealer/distributor packs.

    Gets 35 mpg city and a wonderful car all around.

    Watch out for the Saturn L100/L200. Just traded one with 21K because of numerous uncorrectible design flaws. Mainly cosmetic, but a real annoyance in this line is a recurring vibration in the steering wheel at 65-75 mph. Had all service bulletins done, but trouble returned.

    In fact, the 2000 Saturn "L" is on the Consumer Reports used cars to avoid list. This pains me since I've owned 5 Saturns and still own an SL1 model in addition to the Corolla.

    Toyota's done a great job in 03 on the Corolla, and it can be had at a very fair price if you leave out the extras. A/C and CD come included in the basic price.

    Hope things work out as well for you as they have for me.

    Only debt is a car loan. All credit card bills paid in full monthly.

    Good luck to you.
  • fezofezo Member Posts: 10,384
    That's why you have to shop around all right.

    You seem to be doing the right thing.

    "I want to rebuild my credit and do better this time around, but I don't want to become vulture bait."

    Well put. The vultures are out there and with what you went through they smell fresh blood. Don't give it to them!

    There are good folk out there to deal with. It's worth the time to find them. Financing outside - bank, credit union, whatevr - might not be a bad thought.

    I hadn't even thought of the refinancing partway through as your picture improves! Nice idea.
    2015 Mazda 6 Grand Touring, 2014 Mazda 3 Sport Hatchback, 1999 Mazda Miata 2004 Toyota Camry LE, 1999.
  • andre1969andre1969 Member Posts: 25,388
    ...refinanced his car loan part of the way through. When he first bought it back in July of '99, he didn't have enough credit established (no mortgage, all his other cars were beaters-for-cash, etc), so he got hit with a fairly high rate, something like 14.9%. I think it was something strange too, like a 54 month loan.

    Well, maybe 6 months into it he refinanced. I think he got down to 9.9%. Nice thing about it too, was that the length of the loan didn't start over. Since he'd already paid on 6 months,the loan turned into a 48 month loan @ 9.9%, instead of bumping back out to 54 months and taking longer to pay off.
  • jimbresjimbres Member Posts: 2,025
    mazdaprofour -

    Your best bet right now is a used car, & not a "new" (1 or 2 years old) used car but an "old" (say, 8 or 10 years old) used car. I'd suggest that you spend a maximum of $5,000 on a top-tier (Honda or Toyota) Japanese sedan. In my part of the world - metro NY - this will get you a '93 Accord or Camry with about 100K on the clock. Pay a good mechanic to carefully examine the car before you finalize the purchase. This will greatly reduce the likelihood of unpleasant, expensive, surprises.

    You're so focused on avoiding any repairs at all that you're overlooking an obvious fact of car ownership: new car depreciation will always cost you more than used car repairs. Suppose you buy a new car for, say, $17,000. As soon as you roll out of the dealer's lot, the car's value drops by about 25%. You've just lost over $4,000, & you haven't filled the tank yet. Now suppose that I buy a '93 Accord for $5,000. My depreciation cost for the 1st year of ownership will be only 10% of a much lower number, or $500. (Depreciation losses are steepest during the 1st 4 years of a car's life. After that, depreciation levels off. That's why a 1-year-old used car usually isn't a bargain.) Even if I have to fork over another $1,500 to cover repairs, I'm only out of pocket $2,000 at the end of the 1st year. I'm way ahead of you, & that's before I count the money that I save on insurance & loan interest.

    Based on personal experience with a late 80s Accord that I kept for 12 years, I'd suggest that you figure on $800 to $1,000 per year for maintenance & repairs. And don't worry about being stranded. Unless you've grossly neglected the basics, it won't happen with a Toyota or Honda product.

    Some folks with financial problems will defend the decision to buy new by saying that they'll recover the higher purchase cost by keeping the car "forever". (I know because I've said this.) That sounds good until you realize that you're spending a lot of money today & hoping that you'll get some of this back 5 or more years from now. A dollar in your pocket today is worth much more than 2 or 3 dollars that might be in your pocket years from now. Don't focus on how long you can keep the car. The important number is how much you have to spend each month on transportation. Once you understand this, you can see that the best way to drive this number down is to start with a cheap, old car.

    One more thing. It's easier, both financially & psychologically, to upgrade than it is to downgrade. You can always trade in your '92 Camry if you land a much better job or if Uncle Oscar croaks & leaves you a bundle. It's a lot tougher to get rid of your '03 whatever if something goes sour & you find that you just can't make the monthly nut.

    Go old & cheap.
  • hondaprohondapro Member Posts: 5
    He's right. Plus I just priced insurance after a bankruptcy. 33 yr old driver with 1 ticket.
    2001 intrigue=$200.00/month
    2001 mustang= $280.00 month
    Add in a 300/month payment=$580 per month for a $12,000 vehicle. Umm... no.

    I'll be searching for an early 90's import with 6 digit mileage, and will be driving it for at least a year before I think about getting into anything else.
    Thanks all for the advice, and support.
  • mazdaprofourmazdaprofour Member Posts: 202
    hondapro, I hope that you do well with a used vehicle. I will not go down that road again. Unless one of you here is going to fax me your credit card number and a statement that says that if my tranny fails or other problems come up, you will pay for it. A used car is no safe bet for me. My insurance will be 105.00 a month for a 2003 corolla CE Auto. That is more than fare. I have a good record with no tickets. Saturn fan, I am also planning on buying a corolla and will get the base model with auto and ac. No toys. I figure I will pay 15,500 out the door ( or less). I will put down 2,000 and even at 22% it will be 370.00 a month. I am also looking at the credit union to see what they can do. If they give me the loan, it will not exceed 10% or worst case 18%. At 18% I am looking at 340 a month. This is still good seeing how I was paying 430.00 a month on a protege and was upside down 10k on it. I am going to keep this car till it is paid off. I will not risk another used car no matter how tempting it is. Too many things can go wrong.
  • fezofezo Member Posts: 10,384
    I did that a few times. Back in about 91 or so I bought an 85 Accord from a dependable used car lot - not even one with a new car dealership. It had, if I remember correctly about 56K on the clock and while it had obviously been tossed around a little (neither the interior nor paint looked babied but no tears and no rust). I drove it several years racking up to about 134,000K when some clown plowed into me and totalled it. Had an 87 Maxima wagon that I bought in 93 with 36K on it and took it until 99. Would have kept it longer but I got convertible fever. Sold it to a friend at work. Had 167K on it. She's still got it. Has 214K on it now. Not a repair hog. Either one.

    Actually I've had a whole string of such things - cheap, used Hondas and Nissans. Toyotas are fine in that respect, too. I have bought 4 new cars and only hit .500 with them - two dogs and the two gems I have now. I was kind offorced by odd circumstances into new on the current ones - the one is an Odyssey and the used ones cost as much as the new ones. In a year I've lost no value at all. The other is an 00 Accord. I just REALLY wanted a stick and had to dump the infamous Windstall in a hurry as it was repairing me to death (a PERFECTLY maintained vehicle that had been bought new; my other new lemon was a VW Rabbit). So I bit the bullet.

    One more quick tale. The convertible, which I only had for three summers due to expanding family (my dad actually bought it), is a Chrysler Sebring bought used. I was VERY wary - what having "used" and "Chrysler" in the same sentence and bought an extended warranty. It took no repairs in the time I owned it and dad had to buy a battery.

    To each his own...
    2015 Mazda 6 Grand Touring, 2014 Mazda 3 Sport Hatchback, 1999 Mazda Miata 2004 Toyota Camry LE, 1999.
  • andre1969andre1969 Member Posts: 25,388
    I've kept a running total over the years of what my cars have cost me. On average, used cars have run me around $100-150 a month, + fuel and insurance.

    In constrast, my '00 Intrepid, the only car I've ever bought new, has cost me about $460 a month so far, + fuel & insurance. That's counting the $2000 downpayment I've made, all the monthly payments, a new set of tires, 2 sets of brakes up front, 1 set in the rear, 2 tranny services (just maintenance, the tranny is fine!), oil changes, a few air filters, pcv valves, a $250 deductible on my insurance to fix damage from a break-in, a Viper alarm/remote entry, one 4-wheel alignment, a couple tire patches, one set of spark plugs, and a thermostat housing. I'm not even factoring in depreciation here...I figure I'll worry about that when I sell it. But if I were to sell or trade now, I'm sure I'd be upside down by several thousand $. Of course, you won't have a depreciation problem that bad with a Corolla, and since a Corolla's a cheaper car to begin with, your monthly outlay may not be quite as bad as mine. Still, sometimes I just wish I'd bought another beater instead of a new car!

    How many miles a year do you drive, Mazda? Keep in mind that if you buy a new car, it isn't going to stay new for long. Keep in mind normal wear-and-tear items like brakes, tires, hoses, belts, etc, that are going to go bad on any car no matter what the age. Then, just because it's a new car, that doesn't mean it's not going to break. Even if it's a Corolla or Civic or other car known for stellar reliablity. They still break from time to time. Sure, it'll most likely be under warranty, but you'll still be missing work because you have no car. Sure, your chances will be better with a new car, but it's no ironclad guarantee.

    On a brighter note, my roommate's mother has a '92 or so Sable sedan, and that sucker must have about 180,000 miles on it by now! She does a lot of travelling, so a good portion of that is highway miles. So they're not all total pieces! There, I said something nice (kind of) about a Ford product ;-)
  • mazdaprofourmazdaprofour Member Posts: 202
    andre, I drive around 1080 miles a month. Not too bad (I think). I do want a basic new car. No fancy toys. I also looked at the 2002 honda civics. They have the honda clearance going on now so I might be able to get a good deal. I am trying to save money without taking a risk. I also looked at kia rio but found that paying 10K for that car vs 13k for a civic, is not such a good deal do to the fact that the rio looses a lot of its value in a short time and it costs more to insure ( do to such a high loss). I want the corolla but I need to see what numbers will be on paper.
  • tblazer503tblazer503 Member Posts: 620
    is to just look around online...some companies will pull it for about $15 for the three major credit bureaus. It will usually give you your "Beacon" score, and all your credit information.. including last residency's job history, CC, auto, mortgage... etc. or you can go to and get your beacon score from them for something like 7-8.
    If you have gotten declined for a CC or loan, you can also get a free copy of your credit report as part of the fair credit reporting act... i think... you contact the company and jump through a few hoops and they send you a copy so you can verify the information...
  • fezofezo Member Posts: 10,384
    Andre - funny thing about the Taurus/Sable. If you happen on a good one (and there's no way to tell - maybe the ones built on Wednesday mornings) they just go forever. Have a good friend with an old Taurus wain that he bought new because his in-laws could get him the Ford employee price. Not sure of the year but original version. That sucker keeps going and going.

    Any Toyota will indeed be a bunch slower to depreciate than your Intrepid. Those things are just beasts on depreciation!

    mazda - I'll goove you this. You've stayed on plan and seem to be being as smart as yo can while sticking with a new car plan. Good call on the Rio. Stay away! Kias are also depreciation beasts.
    2015 Mazda 6 Grand Touring, 2014 Mazda 3 Sport Hatchback, 1999 Mazda Miata 2004 Toyota Camry LE, 1999.
  • jimbresjimbres Member Posts: 2,025
    hondapro -

    Good luck, friend. You've got the right idea.

    mazdaprofour -

    Can't blame you for wanting a new car. Just be sure that you understand (& can live with) the math before you pull the trigger. New car depreciation will take more money out of your pocket than used car repairs. While buying new means not having to pay for repairs (apart from those related to wear & tear) as long as the warranty is in effect, buying used is still cheaper. That's a basic fact of car ownership. In effect, when you buy new, you're shelling out $1.50 (or more) in depreciation to avoid paying a mechanic $1.00. That's just how it works.

    Understand also that I'm not suggesting that you pick up another early 90s Sable. Instead, I'm pushing 1 of the historically reliable Japanese brands. Big difference there.

    Whatever you do, spend some time crunching the numbers before you go ahead & do it.

    Good luck.
  • mazdaprofourmazdaprofour Member Posts: 202
    Yes I am taking my time. Luckily my wife is in the process of job hunting so I can use her car in the mean time. I will do all the research that I can prior to committing. It should be interesting to see how it works out. I am hoping to go through the credit union first. I was going to try but am not sure if they will approve after BK?
  • mazdaprofourmazdaprofour Member Posts: 202
    For all.... I am not sure if anyone has seen this site but it is good. A lot of helpful information and things to watch for when buying a new/used car. Awesome.
  • mr310mr310 Member Posts: 4
    Why have to be toyota corolla. The Chev prism is just the identical car with only a different badge. It would be discontinued in 2003. But if you are going to drive it to until it dies like you claimed, a discontinued model probably doesn't bother you. GM is offering 3000 rebate on it. Not much left on the lot, but if you can find one, it goes less than 12K. Plus the zero percent financing GM is offering, though I doubt you can qualify for that one.
  • lemkolemko Member Posts: 15,261
    ...has a Prizm and the car is holding up very well. Both the Corolla and Prizm come off the same assembly line in Van Nuys, California. Get one while you can!
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