I am so depressed. After finally getting the BK 7 discharged and beginning to clean up my reports, GMAC repos the car. This is the car that I had received an approval for 722 redemption funding. I guess all the paperwork is screwed up. According to the attorney, GMAC can file a motion to refuse release of the car, even though the court approved redemption funding for this car. Add to that now I'll have a repo on my record to go along with the BK and foreclosure. I will never have credit again, I fear. Oh well, that's what happens to poor money managers I guess. Hope you all are doing better than I am today.
Hi Mary It may not be as bad as it seems. Others here have been through worse and ended up with good credit and buying houses. It won't easy or quick, but it CAN definately be dealt with!
Hang in there. Hopefully, the paperwork will get straightened out. If not, just put one foot in front of the other - I guarantee you, you will be looking back on this from a much better place in the not-too-distant future. Many of us have been as down and out as you can get, and we have made it back. You can too.
I DON'T HAVE ANY IDEA WHAT A 722 IS...but it sounds like it is good for you...if it was authorized by BK COURT...maybe they can VOID THE REPO BY COURT ORDER???
I can't sleep and it's 3:36 a.m. I just wanted to thank you all, so much, for your responses. There are those who wouldn't be as supportive. I'm hoping the order from the BK court will reverse this nightmare and I'm awaiting the status. I'll keep you posted. Again, I'm grateful for your words!
Don't know how much this will help, but.... I have been through BK. And while the time leading up to it, suring it, and just after it sucked the big one- it got much better quick.... Immediately after..... No more phone calls..no more being afraid to answer the phone..... Three months after.... Credit card pre-approvals start coming in..Providian and Cap 1 both low limits but it was a start. (lots from slime balls too so be careful). Six months after...Bought a new car (wel, used, but what I wanted), decent rate (for the rates at the time) of around 9.9% One year after.... Bought my first house. Not a prime rate but a decent rate with low $$ down. Beautiful house.... Credit card rate were coming down, credit lines coming up... Three years after... Refi'd the house at 4.75%!!!! Have almost 20k in decent credit card accounts. Bad stuff falling off the CR's (with help from creditnet of course). Bought a new car at 8% (good rate for the time). Five years after...(now).. Scores in the low 700's. Things are looking great. Learned a big lesson and never make a late payment..budget my money and actually pay 'extra' on my car and mortgage every month...actually ENJOY writing checks for a change... Hang in there! Keep your head high! I can tell you from experience (family business) that GMAC can be very mean. Ford Credit is much more BK friendly (trust me). Most importantly... LEARN from what you are going through. It is the best thing that can happen...trust me on that. You might feel like crap right now but think of it as the 'low point' from which you will build and become the person you want to be. You can do it!!!!! Shawn
Don't know how much this will help, but.... I have been through BK. And while the time leading up to it, suring it, and just after it sucked the big one- it got much better quick.... Immediately after..... No more phone calls..no more being afraid to answer the phone..... Three months after.... Credit card pre-approvals start coming in..Providian and Cap 1 both low limits but it was a start. (lots from slime balls too so be careful). Six months after...Bought a new car (wel, used, but what I wanted), decent rate (for the rates at the time) of around 9.9% One year after.... Bought my first house. Not a prime rate but a decent rate with low $$ down. Beautiful house.... Credit card rate were coming down, credit lines coming up... Three years after... Refi'd the house at 4.75%!!!! Have almost 20k in decent credit card accounts. Bad stuff falling off the CR's (with help from creditnet of course). Bought a new car at 8% (good rate for the time). Five years after...(now).. Scores in the low 700's. Things are looking great. Learned a big lesson and never make a late payment..budget my money and actually pay 'extra' on my car and mortgage every month...actually ENJOY writing checks for a change... Hang in there! Keep your head high! I can tell you from experience (family business) that GMAC can be very mean. Ford Credit is much more BK friendly (trust me). Most importantly... LEARN from what you are going through. It is the best thing that can happen...trust me on that. You might feel like crap right now but think of it as the 'low point' from which you will build and become the person you want to be. You can do it!!!!! Shawn
Now Shawn, I was just discharged and my score is now a whopping 502....I can't even imaging being in the 700s! Wow! Yes, GMAC is being vindictive, I'm sure. They just had to get back at me once the stay was lifted. They are doing a great job. BTW, I have spoken with the finance person at Ford and she thinks she can work with me, although I'm not sure since GMAC will probably list the repo...(How much of a down payment did you need for your first car after BK?) We'll see. Thank you and congratulations!
Can you hurry and buy the car from Ford before GMAC reports the repo? I hope this isn't a stupid question, but it's just a thought. GMAC can be mean mean mean! I hope they broke the law. I hope you get your car back. I wish you luck! Keep that chin up!!!
Thanks! I don't know because I'm cash strapped and don't know about a down payment; also I could get the car back since the evidence is alluding to an illegal repo. (Maybe they can't list on my credit report after all???) Talking with the finance person GMAC was court ordered to accept payment from. I'll keep you posted!
Ford has a few 'creative' programs withj little or no down. Apply directly with Ford, not the dealer (believe me when I tell you this- you won't get these programs through most dealers..and my family ARE dealers with FMC). Most are done through a 'quasi' lease type arrangement that keeps FMC in a semi-safe equity type situation. Usually a very shoit term lease (like 1 year), then, if paid on time, they will 'promote' you to a two year lease with better terms...and so on... I did not 'have' to put money down either time although I did. The key is finding the 'right' vehicle. You can 'show' equity on paper by choosing a new car with a high rebate/discount/dealer cash/etc or a used vehicle with a high value and low price. Remember, the loan is against a vehicle...they want to see you in something that they 'know' you will pay for, that will 'last' the life of the loan, and they will be relatively safe with if you get repo'd. Yes, I went from BK to 700's in less than 5 years. HOWEVER- Iwill be the first to admit it could have been done better/faster had I found creditnet sooner. I am NOT suggesting people go out and do this. I was in a bad situation due to a medical mistake and BK was really my only out. It was not due to poor spending habits or anything like that....although the whole situation did make me realize I could have been smarter earlier on in life. The best thing to do now, in my humble opinion, is take your time for a while to reflect on what happened to you...SLOWLY ease yourself back into credit and do your best not to get over your head or anything like that. BK taught me a BIG lesson. While it worked out 'well' for me, I am not proud it happened. ANd while I would never take it back (as I have gotten too much for it), I will never, never, ever, find myself in that situation again. I hope for the best for you....keep your chin up and you will be fine! Shawn
