Car loan after BK

Discussion in 'Credit Talk' started by Desmond, Feb 13, 2001.

  1. Desmond

    Desmond Guest

    Have anyone filed BK Chpater 7 and in about 2 months receive these offer from car dealers that you have been approve for a new or used vehicle even though you filed BK? If so can you tell me exactly how the procedure works. Thanks. I need to know before I go in and talk with the salesperson.
     
  2. mother2

    mother2 Well-Known Member

    I've found out that those silly commercials that say...no credit, bad credit, no problem... are misleading. You must have a substanial down payment or the interest rates are out of this world.
     
  3. CARSALESMA

    CARSALESMA Guest

    I WAS IN THE CAR SALES BUSINESS FOR A YEAR.I MUST TELL YOU THAT ANYONE WITH A BK WILL HAVE A THOUGH TIME GETTING APPROVAL ON THEIR OWN.
    THINGS YOU NEED.
    1.STRONG CO SIGNER
    2.ABOUT 40% DOWN

    PLEASE NOTE EVEN APPROVED THE RATES WILL BE VERY HIGH.
    IF THEY TELL YOU THAT THEY CAN'T PUT YOUR NAME ON THE DEAL. GET UP AND WALK AWAY.
     
  4. Anon

    Anon Guest

    Also, if you had a car loan at the time of the b/k did you reaffirm the debt? GMAC, etc will look at any auto repossession, etc. A larger down payment and low tier rating will produce higher apr. c or d, if they would agree to finance you.
     
  5. ShyGuy

    ShyGuy Well-Known Member

    You can get a new car just months after discharge with a great financing package with a reasonable down payment.

    I know. I did it. At the risk of drawing the wrath of the Ford Credit haters on this list (I can hear them composing their flames now), I highly recommend Ford for its willingness to lease cars to folks just out of a Chapter 7. I got a brand new Taurus at 4.9 percent financing and less than 10 percent due at signing. A $1,000 rebate was applied to my down payment, so I had to come up with very little out of pocket.

    An Olds dealer also said he could finance me, but the discussions didn't get far because the dealer was only willing to work on one car on the lot. The Ford dealers all were willing to work on getting us the car we wanted instead of the car they wanted to get rid of.

    At least one other person on this list also got a great deal from Ford just months after a Chapter 7. If you are just out of a BK, Ford is the way to go.
     

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