I can help, I manage a car dealership.

[joeblow2]

So in the high 400's what DP would you need to get a lower rate 20%? etc? The what would that rate be?

[UpNComing]

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@joeblow2 wrote:

So in the high 400's what DP would you need to get a lower rate 20%? etc? The what would that rate be?

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Rate isn't going to drop much with additional down in this case.  The problem lies with the bank fees usually involved when someone is this subprime.  You could be talking thousands for an aquisition fee.  So in most cases you need a sizable down payment in order to be in the game in the first place. 

[joeblow2]

What min score would you need for a no DP situation

[UpNComing]

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@joeblow2 wrote:

What min score would you need for a no DP situation

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Each case is unique, but a good guess would be high 500's to low 600's.

[lilrosy4]

When the dealer runs our credit scores for financing will they focus on our scores 685 Trans Union  675 Experian ( As of 3/28/2012) or that we have a Ch 13 bankruptcy on our records??? We Plan on taking our discharge papers with us to prove that we have completed our plan......

[UpNComing]

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@lilrosy4 wrote:

When the dealer runs our credit scores for financing will they focus on our scores 685 Trans Union  675 Experian ( As of 3/28/2012) or that we have a Ch 13 bankruptcy on our records??? We Plan on taking our discharge papers with us to prove that we have completed our plan......

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It's not the dealer you have to worry about, its the lenders.  The dealer will run all three bureaus and submit your application to a few banks who will in turn do the same.

Edit: Missread your question a little.  They will absolutely both focus on your BK, which will limit your options on the vehicle and the lenders that will consider approving you.

[lilrosy4]

So even tho our credit scores are ok now it wont matter at all??? With our Bankruptcy being a Ch 13( wage earner plan)  we filed almost three years ago...we just paid it in full and our expecting our discharge papers anyday...I have talked to other people in the bankruptcy forum they said they had no problem getting a vehicle after a Ch 13 discharge plus they had a pretty decent rate considering the circumstances...Sorry to keep bugging you.. I just want to be prepared when we go to buy a newer vehicle and maybe change my expectations if I need to....

[UpNComing]

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@lilrosy4 wrote:

So even tho our credit scores are ok now it wont matter at all??? With our Bankruptcy being a Ch 13( wage earner plan)  we filed almost three years ago...we just paid it in full and our expecting our discharge papers anyday...I have talked to other people in the bankruptcy forum they said they had no problem getting a vehicle after a Ch 13 discharge plus they had a pretty decent rate considering the circumstances...Sorry to keep bugging you.. I just want to be prepared when we go to buy a newer vehicle and maybe change my expectations if I need to....

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No worries  I offered my help.  I guess it depends on what you feel is a decent rate.  Your score without the BK would bring intrest rates in the 4% - 5% range.  What are you hearing in the BK forum?

[lilrosy4]

The person I talked to said they didnt have any problems buying after discharge... It ends up they went through their local credit union for the decent rate. They didn't specify what rate they received. So what kind of rates should we expect if we don't go thru our credit union?? Is it possible it could be higher than 12% I guess my expectations was anywhere from 7% on up to 12 or 15%. Thank u so much for all your input and help

[Anonymous]

UpNComing,  

I just wanted to say my hat is off to you. The service you're offering to the members here on the forums is really helpful and appreciated.  I too worked for many years in the car business first as a salesman and eventually as a second chance finance manager. Most of my time was spent on used car lots, and I can honestly say that if I had a boss like you at any of those lots I'd still be in the business...Unfortunately, I worked for very unethical and immoral people right up until the time I left the business.  I just wanted to say 'Thank You.' It was nice reading through the posts and hear you answering so honestly. I wish you much success!