Auto history question

Discussion in 'Credit Talk' started by safti, Sep 25, 2003.

  1. safti

    safti Active Member

    I recently filed Ch7.Will be discharged in about 60 days.I currently have a auto lease with 5 months remaining(reaffirmed).I have 6 consecutive years of on time car payments one from Ford credit and one from GMAC.Will this help when I go to get a car after the lease expires?
  2. iambroke

    iambroke Well-Known Member

    With a Chp 7 on your report it probably won't make much difference having the loans, etc...cause you'll still pay a much higher interest rate. It happened to chp 7 was discharged 5/92...bought a car in 5/98 which caused me to have a 11% interest dealership actually wanted to charge me 18%!!!...I walked and went somewhere else...the best I could get was 11% thru a local bank.

    It probably will cause you to have a higher interest rate just cause of the chp 7 on your report. But as far as getting a car, sure you'll get one but the question is what price do you want to pay for it?
  3. chipper

    chipper Well-Known Member

    Absolutely. An Auto Fico takes previous auto history very seriously and is weighed heavily.

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