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Bankruptcy and Vehicle Financing



  • alfoxalfox Posts: 716
    don't let us know. I for one am uninterested, and I figure people like you cost me 10% apr on retail and CC interest rates. Check out what your lawyer is driving - bet it's neither a 9 year old beater nor a Korean inport...

    If you don't accept responsibility for your own debts, and learn to solve your own problems and avoid them in the future, then the lesson you will receive will be lost on you any way. You obviously learned nothing from past mistakes - that's the only way you get $8k upside down on a '93 car!

    A couple years from now, when you're whining about the social injustices and government conspiracies that messed up your life, you'll know somewhere deep inside that you caused it yourself, not society.
  • saturnfansaturnfan Posts: 40
    Having been through Chapter 7 resulting from job loss, I'd like to set the record straight.

    First, moral decisions are your own. You may choose to repay some or all creditors after your Chapter 7 is discharged but have no obligation legally to do so.

    Chapter 7 cases for consumers are normally "no asset" cases since many items for household use are exempt. If a vehicle or home has more owed on it than it's worth, you will have the opportunity to keep the item by reaffirming the debt and continuing to pay. You may also give the asset to the lender and walk away.

    Based on your income, etc, you can probably get a new car loan not too long after discharge (most cases are completed within 90 days). You will not, of course, get preferred rates.

    In 1992, after filing in 1989, Ford Credit financed a new car for me at 14%. The rates later dropped as I rebuilt my credit and traded cars.

    Your credit report will show the bankruptcy for 10 years. All other items will stay for 7. You can have all other bad data changed to "included in bankruptcy" to show that you no longer are legally obligated on the debt. Most creditors will do this when they charge off the debt.

    A good attorney will go over this with you before you file. You will then make your choice.

    If you can get out of debt w/o bankruptcy, you may want to contact a true non-profit consumer credit counseling service. See for info. Many thieves out there so beware.

    Hope you make the best decision and things improve for you in the future.
  • Boo-hoo. Turns out I was dead on in my initial assessment, wasn't I? You ran up $14k in CC debt and now it's Discover's fault? Take a good, long look in the mirror. You'll see who's responsible. Was it Discover's fault that you 'had' to buy all those clothes, or jewelry, or put bar and restaurant tabs on your CC? Nope. That's all you, big guy. I'd be willing to bet you knew you had a 20% interest rate from the get-go, didn't you (if you didn't, then you never read the disclosure statements they sent you)? Did Mazda 'make' you buy the car from them? Nope. You did it all by yourself.

    Be a man and pay off your debts. YOU ran them up. Not Discover, not Mazda, YOU did it. Now you're trying to blame them for your own lack of self control? Pathetic.

    The MORAL of the story is that you don't have any MORALS. You're happy to stiff others because you don't want to pay off the debts you ran up. You're determined to make yourself out to be the victim here, aren't you? You still have your job. Cut up the CC's and pay them off.
  • mney6mney6 Posts: 116
    I mean your just doing this to create some controversy.
    Do people really think like this?
  • Haven't you noticed the victim's mentality that has invaded our society? Nothing is anyone's fault any more and it makes me physically ill.

    I, for one, believe he is dead serious and he has deluded himself into thinking that he's the victim in all this.
  • mney6mney6 Posts: 116
    but there is no excuse for that type of thinking.
    Maybe I'm too old.
    Maybe I'm too like my parents.
    Get a second job !!!
    I get so tired of paying for somebody elses irresponsibilities.
  • Unfortunately, it's become all too common nowadays.

    And we all pay for people like Mazda's irresponsibilities. And they don't care, either.
  • cliffy1cliffy1 Posts: 3,581
    Just a question here. You currently finance a Mazda Protoge which is roughly a $12K car and you are paying $430 per month right? How did that happen? My guess is that part of it is due to negative equity on your last car but that could only account for $2 to $3 grand. Now, lets say it wasn't the base model but I still don't think a Protoge exists over $16K. That puts you at no more than $19K. You did say you're already paying $430 per month right? This means your credit situation was probably pretty bad even before this BK situation came about. So... What's really going on?
  • hicairahicaira Posts: 276
    A serious case of denial, that's what's going on here.

    I thought he had a 20K car loan for a car worth $11k That ain't no '93 Merc. His wife's car maybe? What's her credit like? What state does he live in? In CA (and many others I'm sure), their credit is now a comingled affair. He's going to take his own wife down with him. What a guy.

    My favorite part is that he thinks he can "wipe the slate clean" and get more credit! What the heck for! To run up more debt that he cannot afford to pay, that's what.

    Oh, and he thinks the lawyers are there to "help" him! Now THAT'S funny!

    I wonder if he realizes that the reason that the bankruptcy laws are changing is because of just the type of abuse he is planning. BK should be for people who have had serious and unpredictable things happen to them: Loss of a job, serious medical conditions, true disability, etc. There but for the grace of God go all of us.. Living beyond one's means was never intended to be a valid reason for BK. As a result of abusers like Mazda, Congress (with lots of campaign contributions from financial institutions) will be making BK harder for even the truly deserving.

    "Immoral" is the nicest thing I can say about Mazda.

  • wishnhigh1wishnhigh1 Posts: 363
    I wonder when this guys court case is...I would love to show up and watch!
  • mazdaprofourmazdaprofour Posts: 202
    Well guys, you can actually thank the credit card companies and the credit union for the bankruptcy. When I needed help to lower my interest rate, they turned me down. I have had good creidt and credit cards since I was 18 and now at 25, I am in a situation where my job is not so stable and the economy is dead. So thank them not me. You guys can get mad all day long, but it will not bother me. I will do my bankruptcy and will be doing fine. You guys can pay up all they long and when you find yourself in a hard place, see if the credit card companies help you out.
  • cliffy1cliffy1 Posts: 3,581
    I actually don't have anything against this guy. He asked a legitimate question. My problems with him is that he doesn't seem to believe me when I tell him what he is going to run into. He actually attacked me when I had the audacity to tell him how rough things can be for second chance finance customers. I don't begrudge him the BK. I just begrudge his attitude.
  • cliffy1cliffy1 Posts: 3,581
    OK, his post and my last one crossed. He is now blaming everybody but himself for fiscal irresponsibility. Now I begrudge him for the BK.
  • alfoxalfox Posts: 716
    "you can actually thank the credit card companies and the credit union for the bankruptcy."

    Yeah, they did it. Stuffed money in your pockets, forced all those signatures, and now their screwing you again. ROFLMFAO!!

    Hey, you messed around and lost. Can happen to anybody. It's what you do now that matters. You can learn from your mistakes, fix your credit and go forward ahead of the game, or you can repeat your mistakes and go forward a loser. You choose.
  • mazdaprofourmazdaprofour Posts: 202
    Cliffy, I am sorry if it seemed like a attack. I did not mean any harm. I was just saying that it can happen if you go to the right people. The economy is on a serious downturn. GM is currently offering from 3k to 5k off the windshield. So something is up. I even get another 1 or 2 k off for working for a gm vendor. I will buy my car from the same dealer that I bought the used sable from. Very nice guys. They said that they will get me into the car. The interest will be in the mid 20's so I know that. But I can get a sunfire for around 12,500 and put a 2k down payment. The payments will be under 300.00. A lot cheaper than 430.00 a month. So I am not trying to be rude. And I am not saying it will be easy and I will walk out paying 8.00% interest. I know they will jack me on the interest but I am going to come in with cash. Cash rules.
  • Why don't you take a look at a new topic someone just started called "Need Advice on Leasing or Buying after BK" here in FW&I. He's been down the road you're on and is having trouble getting a car 7 years later.

    Regardless of the spin you're trying to put on it, YOU ran up the charges and now you don't want to pay them. You said yourself that you COULD pay them, you just choose not to because it would take too long. Maybe you should have thought of that when you were out partying at the bar, running up big tabs on your card, buying drinks for everyone. Maybe it makes you feel better if you can try and blame others for your own lack of fiscal discipline, I don't know.

    Why should the CC companies lower your interest rate? You signed up for the card knowing full well what the rate was. They didn't make you use the card and they didn't make you choose their card. You did it all by yourself. Same goes for your auto loan. You signed on the dotted line saying you were going to pay the credit union $X dollars at X% over X years. Why should they change the deal now? You haven't lost your job, you're trying to get something for nothing. It's not their fault you bit off more than you can chew - that's YOUR OWN FAULT.

    I hope you have a long, painful, and terribly difficult time with any kind of credit or financing after you file this BK. I can tell you with 100% certainty that it won't be as easy as you think it will be. I hope it's miserable for you and that you're reminded every day how stupid it was for you to file BK instead of just paying off your debts.

    Don't worry about me - I don't have any CC debt because I actually have the self-control to not buy things I can't afford. Thanks for the concern, though.
  • wishnhigh1wishnhigh1 Posts: 363
    Cash rules...and that is about all you will be able to use after bankruptcy.

    Actually, I can refer you to a few Loan Sharks from back home...They will happily loan you any money you want. Of course they charge 50% interest, and filing bankruptcy with them is analagous to being asked for a bullet in the head.
  • mazdaprofourmazdaprofour Posts: 202
    well hungrywhale, thank you for your kind words. You are a good man or woman! I am sure that you are just a kind and forgiving person. First off, I really do value your input and I think that you are right. I am just a cheap ans selfish jerk. The cerdit card companies do not write things into the fine print and they are sooooo honest. Yup, I do deserve the worst and maybe you should wish that a bus runs me over while you are at it. I will be thinking of you as I sign the bankruptcy papers. Poor you!
  • mazdaprofourmazdaprofour Posts: 202
    Oh by the way all you friendly people. I called the car finance company, and spoke to them. I dropped off the car at a location and gave them the keys on my lunch break. Its their problem now!
  • I'm a guy. I'm 27. I have a job, and I pay my debts. I own my house, I pay for 2 cars (me and my wife), and I have big student loans. I certainly can pay them, but that's gonna take another 5-6 years! That's just too long - I wanna stop paying them now! Maybe I should file BK, too. I didn't lose my job or anything, I'm just sick of paying them every month. Do you have any idea how hard it is to write that check every month? I'd much rather be able to use that money as a down payment on a new car.

    This has nothing to do with being kind or forgiving - nice attempt at trying to lay blame on others once again. It has to do with you skipping out on debts you legitimately charged up. If you had lost your job or had some unfortunate medical condition befall you, etc, I would have compassion for you, and I would wish you the best. BK is supposed to be for those who NEED it, not just those like you who don't want to pay their debts. I don't begrudge anyone who, by some unfortunate circumstances (lost job, divorce, big medical bills, etc.) HAS to file BK. You're doing it because you don't want to pay your bills. There is a big difference between the two. Unfortunately, you apparently don't see it.

    For once in your life, why don't you quit playing the victim? Go to CCCS, get your debts restructured, and pay them off.

    So how does your wife feel that you're about to ruin her credit, too?
  • Now that your credit report will show a REPO, too (that's what they call it when you just give the car to the lender and stop paying).

    Have fun. I hope it really sucks.
  • mazdaprofourmazdaprofour Posts: 202
    Well she feels fine cause this has nothing to do with her credit. I am not filing on anything that we have joint. But thanks for the concern. Her credit is good and we plan to keep it that way. Thanks for the concern.
  • You're married. What you do affects her and what she does affects you. You can't separate the two.

    Sounds like you need a lawyer who actually has a clue. This one's apparently blowing smoke up your a** so you'll use him (i.e., it'll be easy to fix your credit, it won't affect your wife, etc.).
  • mazdaprofourmazdaprofour Posts: 202
    Hey whale, get a education in law before opening you whale of a mouth. Unless you have a joint account that you file under your bankruptcy, it will not effect the other person. This is from 5 lawyers and the law. Read up on it it may help.
  • isellhondasisellhondas Issaquah WashingtonPosts: 20,225
    Guys, I think we've been had (again). Nobody can be this dense.

    Good job, Mazda...I believed you were for real at first.

    Now...have anyu of you ever watched a late night infocommercial by these bankruptacy lawyers? Call 1-800 - BANKO and your troubles will be over, after's not your fault!
  • hicairahicaira Posts: 276
    we've been had!

    Hat's off to you Mazda. Great joke. Had me going there for a while too. Nobody that stupid could keep a job though. I should have caught on earlier. My bad.

    Joke over now.

  • mazdaprofourmazdaprofour Posts: 202
    Ok, this is not a joke... I am for real. I am soooo looking forward to filing this friday. Discover card will "discover" what a mistake they made by not working with me. 5 years and they do not care. They still traet you like crap. This will be fun!
  • isellhondasisellhondas Issaquah WashingtonPosts: 20,225
    Assuming you are for real...

    Is there any embarrassment or stigma attached to this for you?

    Oh, nevermind...your last post to hungrywhale already answered my question.

    Discover Card make a "mistake" allright...They trusted you to pay your bills!
  • mazdaprofourmazdaprofour Posts: 202
    Why yes I did. They where great....sometimes got stuck in the teeth. And no I will be over it in about a year. Thanks for the help guys! You have all been so good and professional. Great help here at edmunds. Great job guys.
  • mazdaprofourmazdaprofour Posts: 202
    The only regret I have is not charging up more cards before filing. Next time I need to get a bunch of cards....even the cross country banks ones.
This discussion has been closed.