Auto Loans

[reno55]

As we go through finding a loan given our open bk situation the only lender dealers could get us approved through was CPS.

Looking online it one horror story after another with them. We are just worried this might be our only option given our circumstances.

Anyone have any insight with them?

[HoldingOntoHope]

Given that you have an open BK then your options are going to be extremely limited. Remember that most of the time when you read "horror stories" about lenders there is a back story that you are not getting. If you take the loan just make sure you set up some kind of auto draft payment arrangement so you have proof of when a payment was made. If you do not go into arrears creditors are very friendly. The terms you get will not likely be very good but you can always look to refinance options down the road when your credit situation settles.

Obviously the best plan would be to just buy a get you by car with cash but if that is not possible then you are going to have to accept whatever terms you are offered in the moment.

[MovingForward_2012]

+1, most of the horror stories I have read were from people who paid late. One company that was talked bad about was Prestige Financial. But I had zero problems with them because I had my car payment on autopay and was never late. The key with subprime lenders is to get a car payment you can easily afford so that you will never be late. If you are late by just one day, I heard their collection tactics can be horrendous. So be sure to pay on time and keep savings in your savings account so that you can still pay them on time when an emergency comes up. You don't want to be late ever after BK as it could keep you from getting a mortgage or a prime CC when your score rebounds. So be a model citizen and doors will open up for you. Good luck!

[Cadillac-XTS]

+1 Good luck