New Car? BK7

[Anonymous]

Just had my creditor meeting yesterday and stated that I would like to surrender my Tahoe back to Navy Federal. Now I need to find another car. What do you guys recommend as far as how long I should wait to apply for another loan?

I chose not to keep the car because:

1. My payments are $625/month with 8.79% interest. Still owe about $27k

2. I have 2 credit cards through NFCU plus a CLOC that they can make me pay if chose to keep the auto loan with them

3. 2 cards ($500 cash rewards, $5k nrewards)  and $6k CLOC made up most of my debt besides the car so it didn't make sense to file if I still had to pay them)

I know they can pick my truck up any day now so I need to have a plan in place.

[Anonymous]

If you will need a new car immediately, realize your interest rate is going to be pretty high. Think about getting something that would be basic transportation for awhile. After 6mos or a year you may be able to either refi or trade that in for a better model. Good luck!

[lmoore1989]

I surrendered my vehicle, and there are lenders out there that deal with people who haven't even been discharged yet so there are definitely some options. I went through a bank called "Prestige Financial" The interest rate is high, but they have a program called rate reduction. For every 3 months you pay on time they lower your interest rate, up to 2% a year. There are some horror stories about them online, but coincidentally the people complaining are the ones who missed payments :-P 

You defintiely have options, but I would go and see what the dealer can get for you. Also, you are bound to get tons of letters from dealerships, it's probably best to get it all sorted out before any surprises come up with your truck. Good luck! 

[wissam]

i have same of ur situation exactly .

but i was lucky 

i have a friend who is a loan officer in creditunion . he finance a new car for me using acredit pull from august with score 720 so i had 1.6 apr on 30000$ auto loan . 

other wise i will be approved yes but with 10% apr or higher 

good luck