Hi everyone,
I am in the gardening phase post bankruptcy. I was discharged in 8/2011. Right before bankruptcy I had to get a car, and I got an awful 24.9% interest rate! My credit was bad, divorced, money gone trying to pay down my mortgage, so no one would finance me. Now I am actually doing much better and wanted to try and regi my car. Well it turns out that I cannot refi because I never reaffirmed the car loan. So I did get a finance offer at 7.8% (which is great considering I am not 6 months at discharge) and I would like to take it. I am underwater on my car now so I can't even trade it in. Now I am wondering if I should try and turn it in or if I can go back and include it in the bankruptcy. Not sure what to do here. Any have any experience with this?
Starting Score: 533 (BK Ch7 discharge 8/2011
If you never reaffirmed, call the bank and give it back. They can't do anything to you. Then go get your new one!
I am diabolically opposed to financing cars, but if you really HAVE to (as opposed to want to), try CapOne Auto Finance. I hear they're giving out rates as low as 2.4% post BK.
Better plan: Read the chapter in Total Money Makeover (Dave Ramsey) on how to self-finance a car, you'll be a million times better off and he doesn't even mention how much you save on car insurance.
-SM