Dodge Charger SRT 392

Anonymous · ‎03-10-2017

I will be getting a chapter 7 discharge in April. I am intrested in a 2017 dodge charger srt 392. The MSRP is $57,620. I have a TU credit score of 644 and EQ of 642 which are FAKO scores. I don't have an experian credit score right now. I have a trade in worth $20,428 according to kbb and between $23,375-$26,175 according to NADA. I was going to use the trade in as down payment. I do get disabily for $768. I was going to apply for financing through chrysler financial and NFCU. What is the chance of getting this done?

Loquat · ‎03-10-2017

Do you have any additional income?

Anonymous · ‎03-10-2017

No just disabilty, hopefully if I get a deceit job that would help greatly.

Loquat · ‎03-10-2017

Unfortunately I think financing $37k on a $700/month income probably isn't going to happen...

pipeguy · ‎03-10-2017

Based on rough figures, you'll be financing about $37k, even at 1.99% which you won't get a rate that low with a Chapter 7, for 72 months you are looking at $545 payments before insurance, etc. Your total income is $788?

You didn't say how you get disability income, SSI is very different from SSDI and VA disability, but as far as federal programs such as SSI, if you go to work, even at $10 an hour for 40 hours a week, thats $20k or so and you'd lose SSI completely, SSDI has a work allowance, but I don't think you'll keep it all.

Is a high powered sports car really a priority given your pending Chapter 7, disability and very limited income?

Anonymous · ‎03-10-2017

Hi mewing103380!

From prior threads you said you were filing BK because of $10000 in credit debt, were reaffirming your auto loan which you said you owe $8753 on, and that it will most likely be paid off next year.

Things are not adding up here. If you had to file BK on $10000, how will you be able to make payments on a new $37000 auto loan with only $768/month SSDI?

I'm not trying to sound harsh, I am just trying to understand your situation.

pipeguy · ‎03-10-2017

I just checked, under SSDI if you engage in "substantial gainful activity" (go to work) and earn $1170 or more per month for 2017, you'll lose your $788 SSDI disability payment. This does mean you can earn say $12k a year and maintain your disability checks, which means work income plus disability would be in the $19500/year area - barely enough to survive on, let alone pay $57k for a new car (or be able to finance $37k).

I'm really not trying to bust you chops, but buying a new car given your current income - not even considering 2x Chapter 7's, is not really even an option you should consider.

Anonymous · ‎03-11-2017

Pipeguy I get $768 in SSDI, I did file for chapter 7 in 2005 and this year of course. Bella007, I now owe $7954 on it since I contiune to make payments. Why do I want this car. Well I owe a 2013 dodge charger and love it but recently had to put in a new timing chain on it becasue of a recall and I have a bad feeling there is going to be problerms with it. I'm ok with people busting my chops. I was just asking what my chances were. I am not going to get this done ASAP. I know I would need a good paying job and to get my credit up. I've heard that NFCU and Chrysler Finacial were more leaniant in terms of loans after bankruptcy. My interest rate now with MTB is 5.89% and I pay $440 with the car I have now. If I have to wait until the loan is paid off then I'm ok with that.

Anonymous · ‎03-11-2017

Depending on how much you drive. Dodge has a lease for $399/MO on that car. Would need $2999 down though.

@Anonymous wrote:
I will be getting a chapter 7 discharge in April. I am intrested in a 2017 dodge charger srt 392. The MSRP is $57,620. I have a TU credit score of 644 and EQ of 642 which are FAKO scores. I don't have an experian credit score right now. I have a trade in worth $20,428 according to kbb and between $23,375-$26,175 according to NADA. I was going to use the trade in as down payment. I do get disabily for $768. I was going to apply for financing through chrysler financial and NFCU. What is the chance of getting this done?

Anonymous · ‎03-11-2017

I am afraid you simply don't have the income to get this done. The banks and credit unions won't touch a loan like this because the default risk would be very high. The large down payment would help but only if the income was sufficient. NFCU and others are lienant lenders but only in cases where the income makes sense.