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Member
Posts: 5
Registered: ‎12-22-2012
0

Advice Please!

I am in need of better transportation. Bankruptcy was discharged in August of this year. Only have one Cap. One card with $300.00 limit with 4 months paying off in full each month. Bought a 16 year old volvo with 245K last December. Now has 265K and blew a head. Been shopping for a car this week approved with a buy here pay here on a 2006 with 80K miles for 15K but will end up paying 22K over 4 years!

 

Joined here and my EQ score is 572. I found a 2012 used camry with 23K for 16k. Filled out a credit app online with the local Toyota dealership they said my score was more like 531, but they could get a deal done? Putting 2K down. What are my chances of getting approved? If I am going to have to pay crazy interest rates I much rather it be on a certified preowned toyota. 1 year with current employer. 45K income. Any advice would be appreciated!!

Valued Contributor
Posts: 3,406
Registered: ‎12-19-2012
0

Re: Advice Please!

Wow! A 2012 Camry with only 23K miles!!! That is fantastic!!! What chapter did you file and when?

I have went through special financing with major dealerships 3 times. And when they said they could get a deal done, they got a deal done. I have never had a deal reversed. Four years ago I financed a 2006 Altima with about 23K miles on it for 16K through a great subprime lender. Ask them about Prestige Financial. They have a great rate reduction program.

Camry's typically hold their value well so I am a little skeptical about a 2012 Camry with 23K for only 16K. Check the CarFax report and make sure it wasn't totaled and ask them how they got the price so low so you understand. It could just be a dealer incentive but make sure you are not buying a totaled car as if you get in an accident, that car could easily take your life as they don't rebuild them right.

I have been through a Ch 7 & 13 two years apart from each other and my score is now a 724 and I received tier 1 lease financing through Acura Financial last month. Since the BKs I financed 3 cars with subprime lenders. Right after BK my score was 550 so I know how you feel. Just realize that I recovered and you will too!

Toyotas are very reliable. If the car wasn't totaled, I would say the deal is good and to go for it. Dealerships rarely go back on their word when they say they can get you done. Just do you part on the down payment and you will be good to go!

Sign up for credit monitoring and when your score hits 650 or so, consider refinancing for a lower rate. Congrats!!!
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! Smiley Happy Last App: 4/5/13 Gardening until July 2014
Member
Posts: 5
Registered: ‎12-22-2012
0

Re: Advice Please!

My Chapter 7 was discharged in August 2012. I did check the carfax report and it is clean. The only thing that scares me is it was a fleet car most likely a rental car. Only in service for 10 months but no accidents. I was thinking of getting a car for 2K, but this last year was kinda rough driving a 1K cash car for last twelve months with no air in the Atlanta summer months.

 

I really appreciate your response and it is very encouraging to see how you have recovered from the same thing!

Valued Contributor
Posts: 3,406
Registered: ‎12-19-2012
0

Re: Advice Please!

You're welcome. If it was just a fleet car with no accidents, then I think it is a good deal especially since it is still under warranty. I would suggest taking it to an independent dealer for inspection before purchasing. If there is something wrong with it, have the dealer fix it first. Have the inspector make sure the parts are still genuine Toyota parts. Especially the body parts of the car. This will confirm that the car was definitely not totaled. Just tell them you would like to test drive it for a day and get the inspection.

Since you filed a 7, I think the deal is solidified. Congrats!!! You will get there. You are on the track. Smiley Happy
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! Smiley Happy Last App: 4/5/13 Gardening until July 2014
Member
Posts: 5
Registered: ‎12-22-2012
0

Re: Advice Please!

I was able to get it!! Thanks again!!

Valued Contributor
Posts: 2,300
Registered: ‎08-25-2011
0

Re: Advice Please!

Congrats!!!!!!!!

Valued Contributor
Posts: 3,406
Registered: ‎12-19-2012
0

Re: Advice Please!

Congrats!!!!! Smiley Happy so happy for you!
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! Smiley Happy Last App: 4/5/13 Gardening until July 2014
Established Contributor
Posts: 869
Registered: ‎07-04-2012
0

Re: Advice Please!

Congrats!!! Smiley Very Happy

 

btw, what was your interest rate?

Fico Scores: . Walmart TU 748 . Garden 8/19 2014 .

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Valued Contributor
Posts: 2,110
Registered: ‎12-29-2011
0

Re: Advice Please!

An older car isn't always bad if you are looking to save money. I wouldn't go any older than 5 years from current year with limited miles and one owner.

 

A 2012 Camry for only 16k sounds too good to be true. Have it checked by your mechanic!

The truth is out there...
FICO scores: 764 (EQ) 732 (EX) 757 (TU) 9/14 | Goal score: 750+ (all 3)
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Moderator Emeritus
Posts: 7,225
Registered: ‎09-16-2011
0

Re: Advice Please!

That is a great deal Congrats!

Starting Score: 08/29/2011 TU 671 EQ 674
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