I'm considering purchasing new vehicle... I got ch. 7 discharge letter
last week... I'd like to know what to expect before/during the visit
to the dealership?

Know any Post-Bankruptcy auto loan-friendly? I recall seeing this
Newsgroup that Ford is one of them, any other?

Do you know the average auto loan rate?

Thanks!
Thomas G.

Almost any car dealer today has resources to help people straight out
of bankruptcy. From what I've read on other boards, however, it
appears that Toyota will practically throw you off the lot if you've
had a recent BK.

I can't help you with rates etc. but for an example a dealership was
working to get me in a 2001 Geo Prizm, 32000 miles for a payment under
$300 a month. We didn't even bother with them again because they
pulled my husband's credit report without his permission, a big no-no.
And it was too recent--I need something a bit older and cheaper at
the present time.

Do you really want a new car? Your payments will probably be quite
high as you certainly will not get the special rates shown in the ads.
And it will drop in value by hundreds just after you drive it off the
lot. Do consider a good recent model used vehicle, perhaps one that
just came off a 2 year lease. They are excellent buys.

As to financing, I've heard that with a BK mostlenders will only do a
$7500 minimum with mileage lower then about 50000, FYI. Things get
tricky if you have a repo on your credit report.

Have you pulled copies of your reports? If not, please do so and get
your FICO score. You have to know how you are going to lookin a
dealer's estimation. Although it's pretty early for your BKs to
appear and be reflected in your score.

Hope this helped in a little way.




Gagliano3@hotmail.com (Thomas Gagliano) wrote in message news:<10d295d2.0308032118.652f9ea3@posting.google.com>... I'm considering purchasing new vehicle... I got ch. 7 discharge letter last week... I'd like to know what to expect before/during the visit to the dealership? Know any Post-Bankruptcy auto loan-friendly? I recall seeing this Newsgroup that Ford is one of them, any other? Do you know the average auto loan rate? Thanks! Thomas G.

On 4 Aug 2003 05:42:53 -0700, torgo7@comcast.net (Sharon) wrote:
Almost any car dealer today has resources to help people straight outof bankruptcy. From what I've read on other boards, however, itappears that Toyota will practically throw you off the lot if you'vehad a recent BK.

Not true in my case. Two Toyota's, one new and one lightly used, were
purchased in 5/03 and 8/03 following a 9/02 discharge.

------------------------------------------------------------------------------

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--Almost any car dealer today has resources to help people straight
out
--of bankruptcy. From what I've read on other boards, however, it
--appears that Toyota will practically throw you off the lot if you've
--had a recent BK.


bberry wrote:
Not true in my case. Two Toyota's, one new and one lightly used,
werepurchased in 5/03 and 8/03 following a 9/02 discharge.

bberry, (you have invaild e-mail address that's why I couldn't send
private e-mail, you could e-mail me privately with my questions if
you'd like)

I'm interested hearing how you went thru 2 auto loans after your BK.

Since my discharge came last week... I'm considering trading my pick
up truck with no Air Conditioning and higher mileage for a (hopefully)
brand new compact car like Toyota Corolla, Honda Civic, etc... I
already have Honda Civic auto loan that's not paid off less than 3
more years.

If you don't mind answering this question....

1) What was your FICO score right after BK and FICO score for 5/03
auto loan?

2) What was your APR rate for your new Toyota? did you finance it with
Toyota? How much did you put down (or trade)?

Any advices would be greatly appreicated!

Thanks!
Tom

On 7 Aug 2003 21:11:31 -0700, Gagliano3@hotmail.com (Thomas Gagliano)
elucidated:
I'm interested hearing how you went thru 2 auto loans after your BK.
<SNIP>If you don't mind answering this question....1) What was your FICO score right after BK and FICO score for 5/03auto loan?2) What was your APR rate for your new Toyota? did you finance it withToyota? How much did you put down (or trade)?

Most car dealers WILL deal with you. We had to get new cars after our
Ch. 13 finished. What will make or break the deal is the guy in the
finance office, NOT the salesman/sales manager. If the guy in the
finance office is good (i.e., knows more than one way to have the
transaction financed) you'll get the car. If not, you'll just have
wasted an afternoon.

1) Be prepared to pay a significantly larger down payment. Since
you're now (probably) a subprime candidate, expect to be asked to pay
a downpayment that makes the loan amount less than the Kelly Blue Book
value for the car. You may be able to do less, but don't bank on it.

2) There are new car lenders (Americredit comes to mind) who take
subprime risks. Your interest rate won't be the 0.9% that the TV ads
tout (you need a FICO in the stratisphere to get that). Manufacturer
motor credit companies (Toyota, Honda, Nissan, Ford, ...) want prime
risks, not someone fresh out of bk.