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Bankruptcy and Vehicle Financing
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You probably considered this, but: while Mazda's 4/50k B2B warranty is better than the basic 3/36k one that, say, Honda and Chevrolet offer, if you have a 60 month loan, it still stretches past the car's warranty.
As I said before, I CAN afford the payments at 19%. I just want to make sure there isn't anything better than that rate available to me. Unfortunately, it doesn't seem like there is.
If you have to pay 19% or so at this time, why not improve your credit score by paying off a much smaller loan on a used car? The problems with refinancing are: (1) on used cars, rates are higher than on the new ones, and (2) you will be refinancing at the rates current 2 years from now, which may be higher that today's rates.
If you can't get a good loan rate because of your credit rating, then buy a cheap car for cash.
Much more palatable than 19%! I'm happy to say the least.
... 19%.?? .. maybe if you're Tookie Williams .. ooop's, he won't be needing any credit after last night .. never mind.
Terry.
I talked to the dealer and the credit company about a 60 month term, but they said it was the same 11.99% rate. If that's the case, I'll just pay an extra $45 toward the principal every month and pay it off in 60 months.
Only the top 0.1% of americans can afford to buy a house with all cash - and they won't do it, because of the fed mortgage interest deduction, loans don't suck, ludicrous high rate loans suck :mad:
Unless those figures weren't accurate.....
Not for the bank, and not for people who have savings in a bank.
What will happen to my lease agreement now that I have done this? Its been a year and I have been paying everybody back, but I never put the leased vehicle under the chapter 13. When my lease agreement is up 1 year from now, will they allow me to lease another vehicle knowing that during my agreement, I filed chapter 13 and will they eventually be wanting their car back during the time I have it now?
Since I know my credit has been effected, what can I expect the dealerships to tell me when I come to the end of my lease agreement? I worry that they will take the car and I will not have anyway to get myself or my autistic daughter to various necessary places because of her condition.
If any of you have some suggestions or if you have gone through this before, please let me know. :sick:
I was living from paycheck to paycheck
The reason they don't like to do it is because historically people in Chapt 13's stayed in them for about 6 months, said to hell with this, and filed for Chapter 7.
With the new bankruptcy laws I don't know if it is still possible.
I think that you are probably going to end up shopping on note lots for awhile unless you or the dealer can find a lender sympathetic to your situation. But even if they say yes you are going have a interest rate in the 20-25% range.
Allot of note lots charge no interest on there accounts. I don't want to tell you how to spend your money but I know what I would do. I would save a $1000 and head to a nice note lot.
Last November I was able to purchase a 2007 Hyundai Azera Limited, after approval by the trustee. My monthly car payment was $100 less/month. I was able to finance the vehicle for 1.9% with no problem. I just ran my credit report and my average credit rating is 660. The bankruptcy is in the process of being discharged. So anyone else out there that had to file Ch. 13, know that you can work with your attorney and trustee when there is a reasonable need for you to make a vehicle change during the bankruptcy period. All in all, it worked out great for me, and for some reason my credit rating is pretty good right now.
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How about buying a used car? There are plenty of cheap used cars out there that will last 3 years.
As long as your name is on that application your BK will stop a loan from happening.
Yes, especially with the down payment you have.
What percentage of the purchase price would there have to be to make such a thing possible?
2019 Kia Soul+, 2015 Mustang GT, 2013 Ford F-150, 2000 Chrysler Sebring convertible
Unless people in question put up a lot of cash and are taking relatively small loans I just don't see it happening.
I filed individual Ch7 a couple of years ago and have been working to rebuild my credit. My wife had both car loans in her name at the time (and still does) so they were not impacted. We are looking to lower our payments by trading in both cars for leases in the next year, and to then use that money to pay off other debts that remain. Here are my questions.
Do I stand a chance of getting approved in a joint application with her? Her credit qualifies for Tier 1 for the manufacturer lenders we are considering. My credit is in the low 6s and the only negative ever was the Ch 7. I have prior auto loan history that was paid as agreed/closed (supposedly helps with auto-enhanced scores).
Would it make sense to try to put both names on both loans to help build credit faster?
Would doing this drop us from the tier 1 rates?
I'm really looking for input from individuals with similar experience or dealer/finance experience. Thanks for you time.