topic Re: Fresh BKCY, Need Advice! in Auto Loans

Fresh BKCY, Need Advice!

Anonymous — Mon, 15 Aug 2016 15:15:16 GMT

Hey All!

Going to give a back story and all help is much appreciated!

Before filing for bankruptcy, my attorney advised me to just include the car we had in the bankruptcy and that we would be able to get a BRAND NEW CAR with his "hook up" after the discharge. Now that was discussed May 2015, I filed March 2016 and took his advise to include our only car in it. We were desperate My fiance gave birth during the months of when the bankruptcy was in process so whatever money we had saved and with my income is how we lived. Once it discharged this July, I contacted the attorney regarding getting the car he told us we would be able to get and he has just ignored my question on how could I be able to get it! For the past month and a half I have been trying to see how I could get a car as the one I have will be picked up any day unannounced. I have tried the place he originally advised me to go after my bankruptcy was discharged and they could not approve me because I did not have a down payment (I don't even know why I fell for his word). My fiance does not have good credit, but we have tried to get approved through other places than what "banks" the dealerships use and she was finally approved by New Roads Auto Loans. Today we went to try to get a car and they gave us the typical run down that they don't take that company blah blah blah and we just tried us two to see what would happen. We need a down payment and we just don't have it as we're trying to get back on track from her being on maternity leave.

Any advice on how I can get approved with nothing down and a fresh bankruptcy? I know that's kind of dumb to try this, but we are working with time we don't know we have and we want to get something before we have nothing. Also, we have NO help from family so a co-signer is out of the equation.

Re: Fresh BKCY, Need Advice!

Anonymous — Mon, 15 Aug 2016 03:53:19 GMT

I truly and I mean truly hesitate to give you this information. But if you are in need, and I mean real need, then this will help. Depending on how much down you need, you can call Rise credit.

They are one of those VERY HIGH interest personal loan places that will lend to anyone with a checking account and a small income. I had to use them for a similar situation about a year ago while still in BK. Not even discharged yet. The loan was for $2000 and the terms were 24 months @ 98% interest. YES thats 98% interest. Meaning on a $2000 loan, you will pay them back $4000. There are no prepay penalitys though. Luckily I was able to balance transfer that to a CC I got for pennies on the dollar, so I only made like 6 payments.

The interest rates are basically the same for everyone. Depending on your state, they could be higher. But USE THIS ONLY IF YOU REALLY HAVE NO OTHER OPTION. Paying that much interest on a loan is nuts. But its better than say a title loan. I tried for one of those at the same time, and the interest was 318%. Yes thats not a typo.

Again, if you say only need like $2000 for a DP and can either pay it off fast or transfer it to a CC later then I would do it. But if you are going to need the whole 24 months, DONT.

https://www.risecredit.com/

Please dont hate me if you get yourself in trouble with a loan like this. But the only things about this are you cannot apply jointly and they only report to TU.

Re: Fresh BKCY, Need Advice!

Anonymous — Mon, 15 Aug 2016 15:15:00 GMT

Any advice is better than anything. I'll check them out and I literally have no one to turn to so I'll see what they can offer !

Thank you!!

Re: Fresh BKCY, Need Advice!

Anonymous — Mon, 15 Aug 2016 15:16:20 GMT

They don't offer services in Florida... So scratch that out.

Re: Fresh BKCY, Need Advice!

Anonymous — Mon, 15 Aug 2016 22:29:49 GMT

If you still have the car, can't you just catch up on the payments so they don't repo it? Usually in bk when you don't reaffirm, if you keep making payments, they don't repo. Then when your scores rise and you are able to get a loan, you can just stop paying because you didn't reaffirm it.

Who did you burn in the bk? Have you started rebuilding yet?

Re: Fresh BKCY, Need Advice!

Anonymous — Tue, 16 Aug 2016 00:11:35 GMT

American Honda & Santander. I haven't started yet, but am going to get a secured card in a couple weeks. Kinda new to all this so any and all knowledge is accepted!

Re: Fresh BKCY, Need Advice!

tricie17 — Tue, 16 Aug 2016 00:34:58 GMT

Since you were discharged in July 16, try the Capital One website and do the prequalify for two cards for the same soft pull and then go to Drive Time website and disqualify for what they will approve you for to get a car off of their lot. Keep me posted.

Re: Fresh BKCY, Need Advice!

tricie17 — Tue, 16 Aug 2016 00:37:23 GMT

Sorry, that is prequalify.

Re: Fresh BKCY, Need Advice!

Anonymous — Tue, 16 Aug 2016 01:29:26 GMT

If you didn't burn cap1 try are a good place to try. How about NFCU? They are awesome for rebuilding. You can join as a civilian through NLUS San Diego. There's a good thread in the bankruptcy forum and personal credit forum.

Re: Fresh BKCY, Need Advice!

Anonymous — Tue, 16 Aug 2016 01:57:11 GMT

I had 3 cc's with them so I don't know if I should bother with them. Gonna check out those threads.

Thanks!

Re: Fresh BKCY, Need Advice!

Anonymous — Tue, 16 Aug 2016 01:57:50 GMT

I completely forgot about drivetime. I'll check that out.

Re: Fresh BKCY, Need Advice!

Anonymous — Fri, 19 Aug 2016 01:31:44 GMT

Did you try the Capital One Auto Loan Prequalify Site, I am fresh out of discharge and got approved by them and by Toyota both. My scores are in the mid 500's but my income is good, I bought both cars one from Honda (2016 Accord) with Captial One and I bought a 2016 Toyota Camry Hybrid both new with no money down at all.

Re: Fresh BKCY, Need Advice!

Anonymous — Fri, 19 Aug 2016 01:33:30 GMT

yep waiting for my denial letter in the mail. I feel like there's no hope.

Re: Fresh BKCY, Need Advice!

tricie17 — Fri, 19 Aug 2016 01:54:24 GMT

What happened with Drive Time? Nothing is as bad as you see it. Chin up and pray.

Re: Fresh BKCY, Need Advice!

Anonymous — Fri, 19 Aug 2016 08:51:58 GMT

Try to save $2k-3k just buy private party till you have more money and get the credit back up.

Re: Fresh BKCY, Need Advice!

RushXTC — Fri, 19 Aug 2016 13:16:36 GMT

I can vouch that drive time will work, possibly without a down payment as well.

My friend got his car repo'd and just basically stopped paying all credit cards, didn't even hit bankruptcy, so he had a messload of defaulted payments and the repo.. credit score was in the 300's and he was approved on a nice little car through drive time, with no down payment.

Re: Fresh BKCY, Need Advice!

Anonymous — Sat, 03 Sep 2016 01:54:44 GMT

Hey All,

Just thought I would give an update. So they took my car this past monday night and I was left with nothing. Luckily, my mother let me sell her broken down car and I was able to have that as a down payment. I went to a Toyota today, was approved with a bank named CPS, Inc. and only had to give down $750 for a 2012 Camry. I am SO GRATEFUL for this vehicle and to WHOEVER approved my loan at that bank!!! Not having a car with two kids and my fiance working 25 miles away is just plain crazy.

Thanks everyone for your input!!!

Re: Fresh BKCY, Need Advice!

Anonymous — Thu, 08 Sep 2016 20:02:01 GMT

Congrats. The car loan search is never easy after BK. I was able to get a new 2015 Honda Civic LX coupe through Honda Financial 25 days after my BK was discharged and CS was below 500 but I had to go through dealership HELL at some lots. I kept making payments through BK but once I got my new car, I had the old car picked up. I only put down $1000 and I was able to use the $500 military credit too. It is never easy to find that right dealer/salesman/lender who is willing to give you a second chance after BK.

Credit rebuilding is a marathon and not a sprint.