I have a relative who is in a bad situation. Her car just died and her credit is not good NOR does she have money to put down for another car. Do you all know of any lenders who will finance a car someone who had a bankruptcy discharged about three months ago and have no down payment ? I know the interest rate will be astronomical but she has no choice and that's not an issue right now. She needs a car. I know financindg s unlikely without money down but you guys might know of something. Since the bankruptcy, she has no debt so that might be a plus and of course she has a job she'; been on for a while. It's just noi down payment money. Thanks in advance.
So, the goal is to make her credit even worse? Interest rates ALWAYS matter. Especially when you're in a financial bind. Sure, you can get her a loan...just go to any buy-here/pay-here lot. They'll be happy to put her in a car for 21% interests. After all, money is no object, right? If you want to help her, figure out a way for her to get a car (or other transportation) that she can really afford, and stop trying to bury her in an expensive loan that will only make her financial picture worse in the future.
I would have to agree, a 21% interest rate is too high and she will more likely then not be saddled with a piece of S@#$ car that will break down way way before she pays it off. And if im not mistaken they get their money by having you sign a pay deduction...
Hey guys, I think that edoggie is looking for ideas, not criticism. Sorry edoggie, I don't have any ideas. I AM getting a little annoyed at a certain person who has ABSOLUTELY NOTHING TO CONTRIBUTE BUT SMARTASS REMARKS. CAN ANYONE GUESS WHO THAT PERSON COULD BE?
I would take a guess but I have TOO MUCH else going on to waste my time guessing which person is TOO MUCH of an a-hole to make any positive contributions.
What has she been doing for a ride up until now? Is public transportation available? I can't tell you who will help since her BK was just three months ago. Michelle
Thanks for those with helpful input. Someone asked what did she too up to this point: She bought a car outright three months ago. The other day the car overheated she took it to the shop and they told her the bad news that a head gasket has been blown and the radiator died. I think she was sold a lemon because the guy who sold her the car says the car runs hot but they told her they were replacing the thermostat and water pump to fix it. I think he knew more than he told her. She was sold a lemon. The lemon laws are probably out of the question by now. "Too much", as far as your useless comments: what else can you tell me that I don't know? I know what's ideal but ideal is not an option at this point. Making ends meet is. Sometimes you have to do what you have to do and the most ideal thing is not always an option for some. Especially when you are a widowed mother, have three kids and a job that requires transportation. It's better to still have a job and pay a high interest rate until you can refinance vs losing your job and not having nothing at all because you were waiting until you could qualify for better rates on a car. Every person's situation is different if you didn't know. When you are trying to make ends meet you do what you have to do regardless if it's the ideal thing to do.
Well, maybe she could get a job closer to home? A pay reduction would probably offset the huge payment she'll have to make if she buys a car right now. Or, maybe she could pay someone to carpool with her? How bout the bus? There are options. You just don't want to consider them....
I bought an 8 year-old truck . Drove it for 12 years. Paid $2250 for it. Got very good service from it. One of the best veh. deals i ever made
Too much, 1) The job market is horrible right now especially in her area and it's very risky to go job hunting. (I don't know about you but I'm very uncomfortable job hopping right now. My friend left his job of 4 years and got another job and got laid off the first week. Now his unemployment has run out and he's been searching for jobs everyday but no one is hiring.) 2) She goes to apply for credit and now her 2 year job history clock just gets reset because she got another job close to home not paying as much money. It's really that rough. That's what I was trying to convey to you. I'm still looking at public transportation with her. It will take her about 2 1/2 hours each way from home to work it appears but that's probably what she'll have to do if she can't get financed.
2 1/2 hour commute each way... Oh my. thats at least an hour drive each way, no car bought at a buy here pay here is gonna last long with that kinda commute. Maybe a Ford dealership on an very inexpensive New Ford. they are bk friendly. Outside that im at a loss.
sahlegian thanks. I'll mention Ford to her. It turn out her discharge from BK was like a week ago and not three months... Not good... I wish I could her more but I can't. At least she does have a job so all is not lost and it's a matter of finding someone to work with her.
How much to fix her broken car? It may be more feasible to fix it and let her drive it for awhile until her BK ages. Can she get the seller to help? I do not know the specifics of the Lemon Law so I don't know if you can force that issue. Michelle
Re: Re: Need answers (bad credit & car) Hey, edoggie! Within a week or two of my discharge of BK7, I was getting offers in the mail from several car dealers of all kinds. Of course, those would have to be offers with rip-off interest rates, but then again, one has to do what they have to do if they need wheels. I'm quite sure that any car dealers willing to do business with people whose bk's were recently discharged, will get your friend's address and send letters offering their services. After all, with the dealers needing to move cars off their lots to reduce the $$$ owed to the car manufacturers, they'll go digging up the public records to find folks whose BK's were recently discharged. Just my 2¢ (if it's worth that much), John
Maybe she could look for charitable help. A few years ago, I was down on my luck, in the dead of winter, and the utility company misread my meter and said that I owed the about $400 in one month. Well, needless to say, I couldn't afford that. Within two months I owed the utility company almost $1,000 and couldn't pay them. They were going to shut off my electricity. So...I went down to the HEAP office and they paid $175 towards my bill. The person I spoke to was very kind and helpful. They asked me if I needed anything...furniture, clothing, food, A CAR. I didn't need any of these things, but they asked me if I needed A CAR. So...do you all have HEAP or something similar to that in your area? Your friend needs to get on the phone and start making lots of phone calls. I would bet that there is someone out there that could help her. Also, I have seen (in our free classified newspaper) where people advertise things like "family needs beds preferably free or cheap", etc. Maybe she could advertise that she needs a car asap and would be willing to make payments? Just a few ideas...
Re: Re: Need answers (bad credit & car) I bought an 8 year-old truck . Drove it for 12 years. Paid $2250 for it. Got very good service from it. One of the best veh. deals i ever made lbrown59 ============== This worked well for me until the frame fell out from under it after 12 years of service. I have an 86 about like it that is in very good shape except it's an oil burner. I can put another motor in it and probably get 10 or 12 years service out of it just like I did the other one. If I do that I will have less than $3000 in it. You can't beat a $250 to $300 a year vehicle cost. The point I'm trying to make is you don't have to spend $10000 or more to get good reliable transportation. THE END ** *** ** LB 59 """""""""```~~~```'"""""""""
Did the dealership replace the thermostat and water pump? They more than like new they were selling her a piece of ****. Were I'm from we have something called "Turn to Two". It's the local news station that helps people resolve issues with businesses. They put it on TV and everything. Maybe she should give them a call and tell her about her situation. It could possibly get her car fixed for FREE. Businesses do not like bad publicity. Just another idea....
