Just discharged and seeking an auto loan!

[missgaonmymind]

I was just discharged a couple of days ago and I'm seeking an auto loan because I surrendered my car in the Ch.7 BK. I was trying to stay under $16k, hoping for an affordable monthly payment. So far, only one offer from Wells Fargo requiring $3200 down @15.9% rate. Crappy right? I'm going to keep trying for better terms.What do you guys think?

[0REDSOX7]

I got two cars five days post discharge.

One was 12.99% with 500 down w/GM Financial

Second was 18.99% with 500 down w/Santander

Is your credit report currently updated and all accounts reporting properly?

[missgaonmymind]

There's 2 things that I'm currently disputing and one of them is for $6!!! It just showed up out of the clear blue sky from a collection agency and it totally out of line. They claim i owe Comcast $6, even though I've had Comcast for the past 6 months, so thats one of them. Also Credit One is showing on one of my reports as a charge off even though I included them in the BK, so I'm disputing them too.

[0REDSOX7]

Was the charge off before you filed or after? If it was prior to your filing, then it would be valid reporting.

[missgaonmymind]

Yes, it was prior to me filing even though i included it ib the BK. It seems Credit One (amongst others) have found a way to try and hinder BK filers.

[0REDSOX7]

Including it in your BK prevents further reporting of the debt should it be sold to a collection agency.

It will not change the reporting status of charge off, since that is correct.

[missgaonmymind]

So the best I was able to do was 2013 Nisssn Altima @ 19.99% @$450/month with $600 down.

[missgaonmymind]

I think I may just have to bite the bullet and use this to re-establish.

[bstone]

I'm really surprised that's the best deal you could find. We financed about $23k on a 2013 vehicle at 16.49% with $0 down before our BK was even discharged. You'd think there would be better terms after the discharge.

[StartingOver10]

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@missgaonmymind wrote:
I think I may just have to bite the bullet and use this to re-establish.

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IMO it would be best to pass on this deal. 19% is a very high rate. You will be instantly upside down the minute you sign the paperwork.

One of the things filing and recovering from Bk has done for me is to teach me patience. The timing has to be good for you. Don't let a dealer guilt you into signing paperwork with a high rate that you have to suffer through month after month for years.

Can't you drive something for a few months to a year until you re-establish credit with a small credit card or two first (see the Bk thread by Soulmaster). Then get the big ticket item, your car, when you show you have your credit re-established.