cancel
Showing results for 
Search instead for 
Did you mean: 

Just approved for a new car and just filed chapter 7

tag
Anonymous
Not applicable

Just approved for a new car and just filed chapter 7

Chapter 7 is showing on my credit report. My chapter 7 lawyer told me to try to see if I could refinance my current car which I applied for. I just got a call from a local dealership saying I been qualified for financing, but couldn't give me any terms until I come in and pick out a vehicle.

Message 1 of 3
2 REPLIES 2
Anonymous
Not applicable

Re: Just approved for a new car and just filed chapter 7

They are offering me the Hyundai version of my current car. A 2015 Sonata Sport 2.0T Limited. Fully loaded with 24,998 miles. Hyundai dealership also offers limited lifetime warrenty on the powertrain. The finance company is Avid Acceptance.  I've read up on them and it seems like the only negative reviews are people that can't pay on time and complain about the company not working with them.

 

This is tempting since the monthly payment is actually cheaper than what im paying now and I know I'll be able to refinance through USAA once I get my credit back on track after the chapter 7.

Message 2 of 3
shadanat
Frequent Contributor

Re: Just approved for a new car and just filed chapter 7

Some things to consider - the interest rate of course and the length of the loan. If its a 60 or 72 month loan, that might not be ideal. Second, don't bank on the refinance route especially if the car value depreciates quickly. You may not be able to get a good deal when trying to refiance. Look at the blue book value of the car now and what they dealer is asking for it.

Message 3 of 3
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.