Re: New/used car purch. post-di There are many lender options after recent bk. I know of at least 2 lenders off the top of my head that will do auto financing b4 your bk7 is even discharged(depending on the state). The big factors are your job time, verifiable income, res stability & cash commitment/ltv on the vehicle you plan to purchase.
Re: Re: New/used car purch. post-di What are the names of these lenders? I'd like to try and get my car secured thru separate financing and pay off that finance company.
Re: Re: Re: New/used car purch. post-di These lenders do direct business with franchised dealers. You would be unable to contact them & apply directly. Your best bet is to contact a franchised dealer with a strong secondary department
Re: Re: Re: New/used car purch. post-di Ah...well...I'm going to try the Credit Union route first and, failing that, the bank where I've had my checking for a few years. I would prefer to keep my existing car for a while longer and go from there. Will find out in a couple of weeks!
Re: Re: Re: Re: New/used car purch. post-di Good luck. I've held a checking account at Wachovia for 6 years and everytime I fill out a application for credit I get treated like a stepchild. They would rather give loans or credit to strangers off the street than a long time customer :/
Re: Re: Re: Re: Re: New/used car purch. post-di Yeah, I'm hoping the Credit Union (and a letter stating my history and cause of bankruptcy - unemployment/divorce) will be able to help. I'm also going to try to move to a 2br townhome instead of the 3br one I'm in now. I will save $150/mo. that way. I just pulled my credit reports via the $1 3-month trial at PrivacyGuard and the results are: Experian: 545 Equifax: 544 TransUnion: 534 Not very good scores but higher than I thought they were. I did notice some Capital One Bank card still on my report that I've disputed before (it was a KMart card that neither I nor my Ex ever opened). It shows as a chargeoff and I need to get that removed. Also, a question, once the bankruptcy is in effect (after the discharge date), what happens to anything on my report that is part of the bankruptcy? For example, a closed credit card account that shows as chargeoff. Does that status go to Bankruptcy and the score drops a bit after that? That's one thing I'm not sure of what happens...the status of items on my report after the discharge. 09/03 -------- EX: 545 EQ: 544 TU: 534
Re: Re: Re: Re: Re: Re: New/used car purch. post-di ALL accounts that are listed on your petition should be listed on your credit report to say something along the lines of Included in Ch. 7 Bankruptcy and $0 balance. But be aware that it takes creditors awhile to update, most recommendations are that you wait about a month from the time you get your discharge letter in the mail until you pull your reports and start working on them. I don't think your score will drop when it switches from charge off to included in bk, neither are good.
