Car loan via Ford Motor

Discussion in 'Credit Talk' started by Marydjw, Aug 19, 2003.

  1. Marydjw

    Marydjw Well-Known Member

    I had planned on keeping my existing car, but there was so much legal wheeling and dealing between GMAC/lawyers/trustee/judge that the car was repo'd, I was told I could retrieve the car since redemption funding had been approved and the motion was granted, but what I didn't realize was that a motion granted isn't the same as the signed order by the judge, which you only have 30 days to get from the redemption hearing (30th day is 8/24)..

    My lawyer finally convinced me that retrieval of this 1998 car was futile since potential for the judge's signed order being received by the proper people would not come before the car was sold at auction, more than likely.

    Such a mess!

    The car was repo'd on 8/10 and I've been busing it since. I am a walker, so that doesn't bother me, buses don't either, unless I need to grocery shop.

    I talked to Ford Motor and saw someone in financing who approved me the same day. I was floored! Me with the worst credit rating in the world, BK/repo/ one's report could be worse than mine!

    The interest rate is highway robbery, but that's the price for the BK.

    Hopefully I will be able to refinance this car by next year because this car note is almost the same as my old car, which was much nicer.

    The plus is that I have decent transportation, the car is only a year old with 22,000 miles and my payments will be reported to all three bureaus.

    You guys advised me that once my ch 7 was discharged I'd probably be able to get another car, but I really thought my credit would prohibit any consideration.

    I've got a long way to go and still must endure the foreclosure, but I want to thank all of you who responded to my desperate posts all year. I really appreciated your help along this long, lonely road.

    (I'll start bugging you guys again when I'm ready to purchase another home in say 3-5 years???)
  2. SDBoy

    SDBoy Well-Known Member

    If you just declared BK, you may not want a car thats 1 year old. Try for a $3000 8-10 year old car with low miles instead. Lower payments and a LOT shorter loan term.

    Just my 2 cents, but a 1 year old car will put you back in credit hell.

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