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Ford credit with new bankruptcy

carbuyer305carbuyer305 Posts: 1
edited July 2016 in Ford
hi,
i just got discharged from chapter 7 bankruptcy and had heard that Ford credit has a program specifically tailored for those people with a recent bankruptcy. Does anyone know if that is accurate, and if there are other captive lenders with similar programs? 
I can put about $1,000 down on a car, plus my trade is worth about $500.

For the judgmental folks, I filed with a fico score of 760.  No bills were late at the time of filing. My wife and I had triplets that required a lengthy stay in NICU.  Insurance paid the policy maximum of $1,000,000 and I was stuck with bills totaling about $260,000 so we filed chapter 7.  I'm good with money, I tried to avoid filing, but it was our best option. 

That said, we did include the $260,000 in medical debt, as well as about $10,000 in credit cards we ran up while trying to avoid filing, and two cars. One financed with a local credit union and one leased through Ally.  The credit union offered to let us voluntarily surrender the car, which we did and ally told us basically to piss off. I tried to trade it in on something cheaper that I could just pay cash for, but I was pretty upside down in the lease and went about 20,000 miles over mileage driving back and forth to the hospital every day for months. 

I I eventually bought a beater car and filed and let ally know where they could pick up the car. So now that everything is discharged, I'd like to rebuild my credit, which means borrowing money again. Ideally, I'd like a cheap new car. I'm thinking Ford Fiesta, Chevy spark, Kia Rio, Nissan Versa type cars. Just something to get my name cleared up some. I know the rate will be ugly, no matter if I put $1500 down or $15,000 so I'm just going to stick with small down payment and short term financing. 
Every dealer I've talked to has promised the world, but has delivered just the opposite. So tell me, readers....  Are there any banks that don't look at every Bk filer as deadbeats?  Can anyone look and see prior to bankruptcy that my credit was great, my job time is good, my income is decent, I just had a bad patch and did what I had to do to recover from it?  

sincerely,
a dad of three now healthy triplets

Comments

  • steverstever Posts: 52,462
    edited July 2016
    Wow, triplets. Better hunt for a minivan. Grand Caravans are cheaper than Toyotas or Hondas and I like my "beater".

    I always thought that getting a loan was relatively easy after filing a 7 since you can't file again and get discharged for, what it is, seven years? I've heard stories of creditors hanging out at the courthouse door trying to sign people up again for loans since it was a (mostly) sure bet. Guess not if the dealers are fighting you.

    What's your credit union telling you? Got any other credit going, like a credit card (secured or unsecured)? And yeah, lenders should be able to see your past credit history (link).

    This Bankrate article indicates that you need to shop more dealers but I can't tell how old the article is.

    congrats on the kiddos!



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