07-18-2014 02:44 PM
I would like some advice on obtaining a car, once I'm discharged. After long and hard thinking, I just filed 7/15. I included my car because I figured to still owe $15k on a 2009 with a 21%interest rate just made sense. So while I haven't gotten my court date, yet I know not long after my car will be gone and this is going to be a little challenging to be without my own car for a while. What is the best course of action to obtain a car once I'm discharged? I live in Atlanta, GA. Any suggestions with dealerships? How soon I should wait? Try to get financing from a CU? Any advice woul be helpful.
07-18-2014 02:58 PM
I had to go with crappy dealer financing 8.9% when I bought my car a week after discharge in May 2013 and mine was Ch 13... not a 7.
Almost a year later, in March 2014 was I able to get my CU to refinance me down to 3.99%.
No matter which route you take you aren't going to get a favorable loan right away...
07-18-2014 03:00 PM
07-18-2014 04:01 PM
07-18-2014 07:26 PM
07-18-2014 07:28 PM
07-18-2014 07:33 PM
07-18-2014 08:53 PM
Thanks for your response. 8.9% is a much better position than 21%. Thats one of the reasons I decided to give up the vehicle I was in. Wow 3.99%? Thats the track im trying to be on!
Since you're in Atlanta, you should check out Georgia's Own Credit Union, they are BK friendly. Toyota is also BK friendly.
07-20-2014 12:48 PM
3 months post discharge I got 10.99% through Wells Fargo. I refi'd with NFCU after 12 months down to 7%. I just recently traded that car in to BMW and they gave me 0.9% on a CPO car exactly 24 months post filing.
07-20-2014 03:03 PM
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.