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.
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...
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.
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.