Absolutely in tears...

[friendofGod 0]

so after a week and half of trying to buy a minivan, Im ready to hang myself... (j/k) My BK was just discharged and I walk into dealerships with as much as two grand down, buying well within my means, I get an approval, but its very illogical... financing $8000.00 they still want nearly $350 month! Am I being unrealistic or anything? I expected high interest, I mean honestly i dont want to get in over my head, but I want to reestablish my credit,. but it seems like they have one goal, too set me up for failure.... help, what do I do? I would go for a small car or something, but with 4 kids, and a husband we need 6 seatbelts... I give up....

Exodus 20
Christians aren't perfect, just forgiven
1 cross + 3 nails = 4GVN

[Nightingale 0]

get a co-signer with good credit, if possible. Was the BK yours alone, or yours and your husband's? If yours only, either add him as a co-signer, or just put the financing in his name.

[eeneR 1]

You have to understand that having filed BK makes you a high risk, If the bankruptcy just discharged that doesnt mean you are in the clear. It takes time to rebuild the payment structure for lenders to trust you and give you a good rate. Sometimes up to 2 years. but if you slowly but surely build it back up it will not be a problem, but it doesnt happen overnight im sorry.

She is not a "Dumb Blonde" - She is a "Light-Haired Detour Off The Information Superhighway."
eeneR
TF#72, FB#4130, Incauto

[BIGUN 1,071]

Sometimes Credit Unions will let you join after a B/K and only penalize you 1 point over the bank rate if you submit a reason as to the circumstances of your bankruptcy. If you were just irresponsible, it prolly won't fly, but if there were mitigating circumstances... medicsl bills, both laid off from work at the same time, etc. Those things out of your control. Try calling a Credit Union.

Nobody has time to listen; because they're desperately chasing the need of being heard.

[boringjen 0]

If we're talking your typical four or five year auto loan, that APR is something like 45+%. That really doesn't make any sense.

Are they including warranties and other optional products in the amount financed? Florida's (you're in FL, according to your profile) usury limit is only 18%, so even with all of the various loopholes available to different types of finance companies/banks/whatever, I can't imagine the payment you described is really based on only $8000.

If you are eligible to join any credit unions, definitely check them out. If you or your spouse are veterans/dependents, try USAA. You can always try those lender websites that will offer you loans from multiple companies.

As an aside, I never car shop without already having obtained financing. I might still go with the dealer's finance company if they can beat what I've already got, but I just can't stand getting to the table and seeing the bullshit a lot of dealers come up with.

Jen
"I am ready to meet my Maker. Whether my Maker is prepared for the great ordeal of meeting me is another matter." - Winston Churchill

[lawrocket 3]

Quote

get an approval, but its very illogical... financing $8000.00 they still want nearly $350 month!

Because of the interest charges you are paying. Like it or not, a BK sticks with you. It's a gift that keeps giving for several years.

Reestablishing your credit will be the tough part. It's harder to :re-establish" than to "establish." It can only take time. And since you said, "Just discharged" everybody's gonna be wary of you.

About the only thing you can do to rebuild it is to take a low-limit credit card (I'm talking $500 here), charge 50 bucks a month on it and pay it every month. You should be able to get one since they know you can't discharge this one for a while.

My wife is hotter than your wife.

[Bolas 5]

Same here.

Make price of the vehicle, what they'll give you for your trade-in, and financing 3 completely distinct things. Don't even discuss financing until they give you a price.

Stupidity if left untreated is self-correcting
If ya can't be good, look good, if that fails, make 'em laugh.

[icarusfx99 0]

I have a 95 Windstar for sale. If you are interested, PM me, but then again, I'm not really close to you

[friendofGod 0]

Quote

a reason as to the circumstances of your bankruptcy. but if there were mitigating circumstances... medicsl bills, both laid off from work at the same time, etc.

Thanks too everyone for your advice! Yeah, everything was out of our control. The biggest thing was medical bills (im not ashamed to tell ya'll b/c 99% of this was out of our control) 2.5 years ago, my now 5 yro son was hit by a car by a drunk driver. By the grace of God and the awesome care of great doctors, my son today is totally fine. However, the guy had no insurance and Florida is no-fault, while there were criminal charges, you can't get blood from a turnip and we were stuck with nearly 300,000 in medical bills. I have mostly been a stay at home mom, and about a year after my son's accident my husband was ran-over on the interstate by a blue-hair while on his motorcycle going to work. So we went from one income to none. We have just had a real good run of bad luck, now we are both blessed with good jobs and things are looking up, however Im driving an 87 bronco II that while it is very reliable, it doesnt have A/C and it is already hitting 80 degrees plus. It also only sits 4 total which leaves my oldest child riding in the hatch area with no seatbelt. So yes,in a sense... Im desperate. Something will turn up, I have faith, but right now Im really aggrevated and upset about the whole situation. But thanks again to everyone for your advice!

Exodus 20
Christians aren't perfect, just forgiven
1 cross + 3 nails = 4GVN

[Duckwater 0]

Getting a co-signer might be hard because there is a pray to God slight possibility that your bad luck continues and they become burdened with a car payment. Im sure you are trustworthy and it sounds like you have done a great job digging yourself out of a big hole that is not your fault.

I have an idea:

Find a cosigner friend with good credit. Find 10 DZ.commers that will split the payment in the slight chance you default. $60 bucks a month would be no big deal if it came to that.

Im in for covering 10% of the downside of a friend you can get to co-sign. I wish I knew you a little to be the co-signer...

edited to add: I used to work selling cars. Tell me exactly what you want and I will let you know what to tell them you are paying. If you have a trade, let me know all the details of that too. It might be better to sell seperately.

Mike

[BIGUN 1,071]

Quote

2.5 years ago, my now 5 yro son was hit by a car by a drunk driver. By the grace of God and the awesome care of great doctors, my son today is totally fine. However, the guy had no insurance and Florida is no-fault, while there were criminal charges, you can't get blood from a turnip and we were stuck with nearly 300,000 in medical bills. I have mostly been a stay at home mom, and about a year after my son's accident my husband was ran-over on the interstate by a blue-hair while on his motorcycle going to work. So we went from one income to none.

Clean this up a bit and contact the three credit reporting agencies (below) to have an explanation of the B/K situation in your report. Be proactive in getting this statement on your credit report first, rather than having to explain it to a lender. Also include the steps you've taken (two jobs, etc.) to resolve your situation. Then, go to your bank or credit union to get financing PRIOR to using a dealership's financing. Please do your best to avoid dealership financing. They're really not in business to "repair your credit." I disagree with Lawrocket on getting a credit card; secured or not. It can be perceived as a future open-ended additional debt on your credit report and hurt what's left of your score. This "may" or "may not" be a factor with lenders who wish to have collateral against their loan. It "may" hurt your debt ratio more than help it.

Please place the statement in your credit reports, then establish a relationship with a banker - tell him/her about the $2,000 you've saved. They can help you repair your credit many times more than a car dealership. While it may take a little longer to get your new vehicle, you may save a lot of money in finance charges and accelerate your credit building.

Experian
NCAC
PO Box 9556
Allen TX 75013
888-397-3742

Equifax Information Services
P O BOX 740256
Atlanta, GA 30374
800-997-2493

TransUnion
Customer Disclosure Center
Trans Union Consumer Relations
PO Box 2000
Chester, PA 19022-2000
800-888-4213

Nobody has time to listen; because they're desperately chasing the need of being heard.

[warpedskydiver 0]

Fuck all that!

save up some more money then pay cash you will end up paying far less and be grateful forever.

I have many friends who have gotten very nice vehicles for so little money it should be illegal...

Cash is still king...if you saved that 350 a month in 10 months you would then have 6500 for a vehicle!

[SkydiveStMarys 0]

Yeah but what are you to do in the mean time? What if she needs the vehicle like, as of yesterday...I pay cash for everything...but there are times when one just doesn't have a huge wad stashed somewhere.

Bobbi

A miracle is not defined by an event. A miracle is defined by gratitude.

[warpedskydiver 0]

In that case I would check around and see if you can find someone who is selling the car you need privately and will take payments...maybe a relative?..a Jumper?....some good person?...

also there are church groups that actually loan out nearly new cars for long term use until you get back on your feet
A guy I know got the use of a 3 yr old mercedes for a year and a half after his wife had medical problems he lost his job and insurance and their twins needed heart surgery

[warpedskydiver 0]

I say this due to the fact I have paid off 5 new cars in my lifetime with nothing at all to show for the nearly 135k shelled out

[thegreekone 0]

being in real estate I see this a lot. It's tough and frustrating, but you need to exhaust your options before signing on the dotted line, espcially if it's gonna cause more harm than good to you and your future. Check your rolodex and the rolodex's of your friends, there is an answer out there for you.

good luck

[dbattman 0]

Start pounding the pavement and get your financing from a bank or credit union before going to the dealer. You can also get the loan pre-approval and buy from a private seller- that would probably be alright. If you're not opposed to program cars try a Hertz or other rental car lot (every dealership sells rental cars even if they say they don't). Carmax sells good cars as well.

If you've got financing up front then it becomes an auction game over who gets your note, so you're in the stronger position. You'll also have a better idea of where you stand before you walk onto the lot.

[boinky 0]

Not so long ago, I worked at a small car dealership. We specialized in helping people who had "troubled credit" which included bankruptcies. We didn't do our own financing, but had banks who did it for us.

Things that you need to know:

1. You need to have had a consistent 3 year work history, with no breaks, even if you changed jobs. Also, many banks limit how many jobs you may have worked in those 3 years.

2. Most finance companies require a home phone (NOT a cell phone).

3. You need some sort of positive credit, BEFORE you filed the bankruptcy, in the last couple of years. Something that was at least $2000 and paid on GOOD for at least 12 months (that's 12 PAYMENTS). It can either be something that you paid off...or something you might still be paying on.

4.Your prior credit history before all the unfortunate accidents happened will, unfortunately, affect your credit score...and the interest rate the bank charges.

5. In Georgia, I've seen interest rates as low as percentages in the teens but as high as 29%. It's very rare to come out of a bankruptcy and expect or receive an interest rate below say 18%. Most auto finance companies center on the 20% rate normally.

6. You will now start getting blasted with all sorts of mail, from various dealerships, offering to help you. [B]DO NOT let a whole lot of companies pull your credit. Every time they pull your credit, it reduces your already flagging beacon rating. And most of these dealerships will pull your credit and submit you to a mimimum of 2-3 financial institutions each, and each of those companies will ALSO pull your credit.

7.DO NOT go to a "buy here-pay here." They do not report to the credit bureau of your payments. And a lot of those companies repossess if you get just a few days past due.

8. I know the payments sound high, but you can mentally figure a minimum of $25 of payment for every $1000 financed, if it's a 5 year loan. If the loan period is less than 5 years, then the payments are going to obviously go up.

9. I don't suggest buying a vehicle for cash. You've expressed the desire to rebuild your credit. Credit is the easiest thing to get at first and the hardest thing to rebuild if you end up having problems. And car credit is the hardest.

Their reasoning:
*If you buy a house and you don't pay for it, they'll just repossess it.

*If you have a credit card and don't pay for it, they'll just discontinue it.

*If you have a car and don't pay the payments, there are many people who take off with the vehicle and hide it. You're suffering because of some other idiots mistakes.

Feel free to PM me if you have more questions. Special Financing for automobiles was what I did for 5 1/2 years. I have a friend in Georgia who still works for the dealership. I could give you his number, if you were willing to make the drive. Or at least call him for some advice.

Nina

Are we called "DAWGs" because we stick our noses up people's butts? (RIP Buzz)
Yep, you're a postwhore-billyvance

[friendofGod 0]

Thanks again to everyone and the advice ya'll so gracially gave me. When I first started this post on Friday, I was very aggrevated and a bit depressed, and I prayed while driving home apologizing to God for being angry and selfish, but I told him I deserved a van and asked him to provide me with a van. Saturday, I decided to look online at our local newspaper and there were several vans listed, including the van that has always been my first choice, a Chrysler Town and Country. I almost didnt call because it was a tad out of my price range, but I went ahead and called and arranged to look at it Saturday after work. When I got there I feel in love with it, she was asking nearly twice what I had in cash for it, so I put it on the table, this is what I have, can I pay the rest out? She didnt even hesitate to say yes. We drew up a contract and now I have a van that I am VERY VERY proud of!

Exodus 20
Christians aren't perfect, just forgiven
1 cross + 3 nails = 4GVN

[Duckwater 0]

Was it a Dealer or a private individual?

BTW...a friend has the same van, you will love it....

Congrats

[friendofGod 0]

Quote

Was it a Dealer or a private individual?

BTW...a friend has the same van, you will love it....

Congrats

it was a private individual, a lady who lives in a gated golf community her and her husband bought it new, he passed away and she said it was just too big for "just" her...

Thanks for the congrats! I love it already!

Exodus 20
Christians aren't perfect, just forgiven
1 cross + 3 nails = 4GVN

[wmw999 2,148]

Looks good. You might want to see if you can finance some of what you owe the lady and pay it off to the bank instead of to the lady. That way she gets her money quicker, and you begin re-establishing your credit with a much smaller amount to worry about.

Wendy W.

There is nothing more dangerous than breaking a basic safety rule and getting away with it. It removes fear of the consequences and builds false confidence. (tbrown)

[warpedskydiver 0]

Quote

Thanks again to everyone and the advice ya'll so gracially gave me. When I first started this post on Friday, I was very aggrevated and a bit depressed, and I prayed while driving home apologizing to God for being angry and selfish, but I told him I deserved a van and asked him to provide me with a van. Saturday, I decided to look online at our local newspaper and there were several vans listed, including the van that has always been my first choice, a Chrysler Town and Country. I almost didnt call because it was a tad out of my price range, but I went ahead and called and arranged to look at it Saturday after work. When I got there I feel in love with it, she was asking nearly twice what I had in cash for it, so I put it on the table, this is what I have, can I pay the rest out? She didnt even hesitate to say yes. We drew up a contract and now I have a van that I am VERY VERY proud of!

Told you so!!! and I am very happy for you