Truck Is Dead - Don't want loan after BK7

[DogwoodLynx]

Can anyone offer suggestions on what I should do?

My 2000 Toyota 4Runner's transmission (that was rebuilt earlier this year) has crapped the bed. I need a new vehicle. I was hoping the truck would last a while longer! 

Its 3-4k to put a new transmission in which is probably what the truck is worth. 

I dont have a lot of cash right now. Ideally I would buy something cheap and trade it for something else after I rebuild my credit a bit. 

I could probably pull off a $200 per month car note but dont really want to! 

Any ideas?

[SUPERSQUID]

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@DogwoodLynx wrote:

Can anyone offer suggestions on what I should do?

My 2000 Toyota 4Runner's transmission (that was rebuilt earlier this year) has crapped the bed. I need a new vehicle. I was hoping the truck would last a while longer! 

Its 3-4k to put a new transmission in which is probably what the truck is worth. 

I dont have a lot of cash right now. Ideally I would buy something cheap and trade it for something else after I rebuild my credit a bit. 

I could probably pull off a $200 per month car note but dont really want to! 

Any ideas?

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I look at it this way. a car dealer usually finds you financing but also hits you with a bunch of hard pulls to find the financing. Your credit will be so rock bottom as far as scores just from the bk7 the extra hp's wont matter. I know before my bk7 was discharged many car dealers sent me mailers guaranteeing me financing.

[DogwoodLynx]

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@SUPERSQUID wrote:

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@DogwoodLynx wrote:

Can anyone offer suggestions on what I should do?

My 2000 Toyota 4Runner's transmission (that was rebuilt earlier this year) has crapped the bed. I need a new vehicle. I was hoping the truck would last a while longer! 

Its 3-4k to put a new transmission in which is probably what the truck is worth. 

I dont have a lot of cash right now. Ideally I would buy something cheap and trade it for something else after I rebuild my credit a bit. 

I could probably pull off a $200 per month car note but dont really want to! 

Any ideas?

---

I look at it this way. a car dealer usually finds you financing but also hits you with a bunch of hard pulls to find the financing. Your credit will be so rock bottom as far as scores just from the bk7 the extra hp's wont matter. I know before my bk7 was discharged many car dealers sent me mailers guaranteeing me financing.

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@SUPERSQUID wrote:

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@DogwoodLynx wrote:

Can anyone offer suggestions on what I should do?

My 2000 Toyota 4Runner's transmission (that was rebuilt earlier this year) has crapped the bed. I need a new vehicle. I was hoping the truck would last a while longer! 

Its 3-4k to put a new transmission in which is probably what the truck is worth. 

I dont have a lot of cash right now. Ideally I would buy something cheap and trade it for something else after I rebuild my credit a bit. 

I could probably pull off a $200 per month car note but dont really want to! 

Any ideas?

---

I look at it this way. a car dealer usually finds you financing but also hits you with a bunch of hard pulls to find the financing. Your credit will be so rock bottom as far as scores just from the bk7 the extra hp's wont matter. I know before my bk7 was discharged many car dealers sent me mailers guaranteeing me financing.

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Yeah that makes sense. Ive gotten some mailers already. 

Need to look and see of Cap 1 will pre-approve me. 

Im not discharged yet though. Id like to wait but not sure if I can wait that long. 

I am a NFCU member now. Will they finance to me with a BK7?

[SUPERSQUID]

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@DogwoodLynx wrote:

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@SUPERSQUID wrote:

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@DogwoodLynx wrote:

Can anyone offer suggestions on what I should do?

My 2000 Toyota 4Runner's transmission (that was rebuilt earlier this year) has crapped the bed. I need a new vehicle. I was hoping the truck would last a while longer! 

Its 3-4k to put a new transmission in which is probably what the truck is worth. 

I dont have a lot of cash right now. Ideally I would buy something cheap and trade it for something else after I rebuild my credit a bit. 

I could probably pull off a $200 per month car note but dont really want to! 

Any ideas?

---

I look at it this way. a car dealer usually finds you financing but also hits you with a bunch of hard pulls to find the financing. Your credit will be so rock bottom as far as scores just from the bk7 the extra hp's wont matter. I know before my bk7 was discharged many car dealers sent me mailers guaranteeing me financing.

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@SUPERSQUID wrote:

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@DogwoodLynx wrote:

Can anyone offer suggestions on what I should do?

My 2000 Toyota 4Runner's transmission (that was rebuilt earlier this year) has crapped the bed. I need a new vehicle. I was hoping the truck would last a while longer! 

Its 3-4k to put a new transmission in which is probably what the truck is worth. 

I dont have a lot of cash right now. Ideally I would buy something cheap and trade it for something else after I rebuild my credit a bit. 

I could probably pull off a $200 per month car note but dont really want to! 

Any ideas?

---

I look at it this way. a car dealer usually finds you financing but also hits you with a bunch of hard pulls to find the financing. Your credit will be so rock bottom as far as scores just from the bk7 the extra hp's wont matter. I know before my bk7 was discharged many car dealers sent me mailers guaranteeing me financing.

---

Yeah that makes sense. Ive gotten some mailers already. 

Need to look and see of Cap 1 will pre-approve me. 

Im not discharged yet though. Id like to wait but not sure if I can wait that long. 

I am a NFCU member now. Will they finance to me with a BK7?

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Ask your bk attorney about the questions on a car loan before discharge. As far as NFCU, I have read they are a bit skittish about approving unsecured cc's with high limits with less than 1 year post bk7 dc but i have no clue on auto loans.

Perhaps you should post that question in the auto loans section of the forum, im sure someone has the answer.

[DogwoodLynx]

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@SUPERSQUID wrote:

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@DogwoodLynx wrote:

---

@SUPERSQUID wrote:

---

@DogwoodLynx wrote:

Can anyone offer suggestions on what I should do?

My 2000 Toyota 4Runner's transmission (that was rebuilt earlier this year) has crapped the bed. I need a new vehicle. I was hoping the truck would last a while longer! 

Its 3-4k to put a new transmission in which is probably what the truck is worth. 

I dont have a lot of cash right now. Ideally I would buy something cheap and trade it for something else after I rebuild my credit a bit. 

I could probably pull off a $200 per month car note but dont really want to! 

Any ideas?

---

I look at it this way. a car dealer usually finds you financing but also hits you with a bunch of hard pulls to find the financing. Your credit will be so rock bottom as far as scores just from the bk7 the extra hp's wont matter. I know before my bk7 was discharged many car dealers sent me mailers guaranteeing me financing.

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@SUPERSQUID wrote:

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@DogwoodLynx wrote:

Can anyone offer suggestions on what I should do?

My 2000 Toyota 4Runner's transmission (that was rebuilt earlier this year) has crapped the bed. I need a new vehicle. I was hoping the truck would last a while longer! 

Its 3-4k to put a new transmission in which is probably what the truck is worth. 

I dont have a lot of cash right now. Ideally I would buy something cheap and trade it for something else after I rebuild my credit a bit. 

I could probably pull off a $200 per month car note but dont really want to! 

Any ideas?

---

I look at it this way. a car dealer usually finds you financing but also hits you with a bunch of hard pulls to find the financing. Your credit will be so rock bottom as far as scores just from the bk7 the extra hp's wont matter. I know before my bk7 was discharged many car dealers sent me mailers guaranteeing me financing.

---

Yeah that makes sense. Ive gotten some mailers already. 

Need to look and see of Cap 1 will pre-approve me. 

Im not discharged yet though. Id like to wait but not sure if I can wait that long. 

I am a NFCU member now. Will they finance to me with a BK7?

---

Ask your bk attorney about the questions on a car loan before discharge. As far as NFCU, I have read they are a bit skittish about approving unsecured cc's with high limits with less than 1 year post bk7 dc but i have no clue on auto loans.

Perhaps you should post that question in the auto loans section of the forum, im sure someone has the answer.

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Thanks! I will be calling my attorney today. 

And will post in auto forum.

[FireMedic1]

There was no warranty with the overhaul?

[DogwoodLynx]

Update! Turns out my truck isnt as dead as I thought so it is being serviced and should be back on the road within a week or so. 

I am still looking to replace it but hopefully I can delay that task.

Thanks for all the help everybody!

[Catbird_Seat]

Hopefully this will help you if you decide to get a new car later on. 

8/2020=My BK7 was discharged. 

2/2021= I got approved to refiance my car with Capital One, from a loan started 10/19 that I had kept through my BK.

8/2021=The dealership offered me almost what I owed on the car if I traded it in. I took the offer, custom ordered a new car & it was delievered 12/21.

12/21=Captial One approved my new car loan at 6.17%, which at the time I was going to refiance, but with rates what they currently are, I'm doing better than the average rates.

[DogwoodLynx]

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@Catbird_Seat wrote:

Hopefully this will help you if you decide to get a new car later on. 

8/2020=My BK7 was discharged. 

2/2021= I got approved to refiance my car with Capital One, from a loan started 10/19 that I had kept through my BK.

8/2021=The dealership offered me almost what I owed on the car if I traded it in. I took the offer, custom ordered a new car & it was delievered 12/21.

12/21=Captial One approved my new car loan at 6.17%, which at the time I was going to refiance, but with rates what they currently are, I'm doing better than the average rates.

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Thanks for the datapoints. I will keep these in mind.

[johngee9876]

Did the rebuild not have a warranty? 

I was in a pretty bad spot not long after my BK (Chapter 7). 

I was fortunate that I was driving a car I owned, no payment. I hated the car with a passion but it got me to and from work and I was able to drive Uber in it. One night, on my way home from work, I was rear ended and the car was totaled. I was a little over a year out from DC. 

I went through Carvana. They have a soft pull system that tells you your terms before they do a HP. Essentially, you put in your info and the site will tell you what down payment and what monthly payment you're looking at on any car on the site. The down side is a lot of their cars are $10k+ 

I was able to finance a one year old SUV at 9% +/- and I paid it off in just under 2 years. The loan was $20k and my payment was $360 (the settlement from getting hit helped with the early payoff).