I'm almost there! I filed Ch. 7 BK in Feb. My 341 mtg is in Apr. My FICO score is currently in the high 400s.
My vehicle was repo'd in Jan, and I've been without one since then. My caregiver and I are struggling without transportation of our own, so we've decided to look into purchasing a used vehicle under my name. Caregiver would not qualify to co-sign at this time. Due to the cost of the BK, I do not have anything left in savings to pay for one in cash. An auto dealer in my state runs a program for "second chance" financing, and has offered to finance a loan through one of their lenders at >17% interest. I'm considering it because, a) we need a vehicle, b) I can refi in ~1 yr, c) now, I can afford the payments on this particular vehicle since having filed BK.
My questions are:
1. Are there any ramifications to financing a vehicle prior to my 341 mtg, and secondarily, prior to my BK d/c? If so, what are they?
2. How likely is it that I'll be able to refi in ~1 yr through a CU or USAA?
3. What is the likelihood that I'll find cheaper interest rates if I wait awhile to search for a vehicle? How much time is needed before those rates start to drop, and what is that based on?
I really just want the 341 mtg to go smoothly, and not raise any flags on myself. The saleperson at the dealership said she's been through 3 BKs in her lifetime! That doesn't exactly make me trust her, even if she is looking for common ground.
