car loan bottom feeders, sick of it!!!

[rebuilding88]

Was looking at getting a car since my discharge. The terms are STUPID!!! 72 months 553.00/month at 20%. Car blue books for 16k they are asking 20k.  NO THANKS!!! I've ran into this twice. I decided to roll the dice and keep driving my current car until they come repo it since i didnt reafirm it, then take what ever cash i have saved and pay cash for a POS LOL.  

Sorry just wanting to vent. 

[mich800]

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@rebuilding88 wrote:

Was looking at getting a car since my discharge. The terms are STUPID!!! 72 months 553.00/month at 20%. Car blue books for 16k they are asking 20k.  NO THANKS!!! I've ran into this twice. I decided to roll the dice and keep driving my current car until they come repo it since i didnt reafirm it, then take what ever cash i have saved and pay cash for a POS LOL.  

Sorry just wanting to vent. 

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How much is your current payment and do you like the car?  Might be worth making the payments and push out getting a new car when you can get better terms.  But that also depends on how delinquent you were/are on your existing vehicle whether that would keep the repo hounds in the barn.

[rebuilding88]

My current car is 15k upside down, thats why i didnt reafirm it. I havent made a payment in 4 months.  

[blindambition]

Have you tried a CU? There's many willing to help in your situation. A neighborhood one is a good place to start.

[Anonymous]

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@rebuilding88 wrote:

Was looking at getting a car since my discharge. The terms are STUPID!!! 72 months 553.00/month at 20%. Car blue books for 16k they are asking 20k.  NO THANKS!!! I've ran into this twice. I decided to roll the dice and keep driving my current car until they come repo it since i didnt reafirm it, then take what ever cash i have saved and pay cash for a POS LOL.  

Sorry just wanting to vent. 

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How long has it been since your discharge? In addition to the neighborhood CU option, as mentioned above, I've seen some recent data points of Capital One Auto Finance after BK with decent terms. 

[pizza1]

I can understand your frustration. When I first came out of BK, no-one would give me a car loan/re-finance. I ended up going with Santander with a apr of 22%!!!! because I had to have a car! Lots of folks get so many offers for car loans right out of BK, but I was never that lucky.

So, I paid the outrageous fees for 6 months, then turned around and re-financed with NFCU (my CU) for their lowest rate after 6 months of history post BK. Now, I can get whatever I want when I want.

A few questions....

When was your BK Discharged?
Have you checked to make sure all your 3 credit reports, and all reporting correctly since your DC??

Check out the car pre-qual on Capital One site..

[rebuilding88]

My discharge was a month ago. All 3 are reporting correctly. Part of the problem is my scores are only low 500's. 

[anniea4001]

Not to sound rude or anything but I am not sure what terms you were expecting with a recent BK and low 500's scores.

Given those conditions it is very unlikely to find great, or even good terms. 

Do you have the posibility of waiting a few months while you work on improving your scores? Maybe make payments on the current vehicle to keep the repo hounds at bay?

I have also read of a lot of people in this forum who filed and did not reaffirm their auto loans say that the repo people took forever to come get their cars. Of course, that would be a gamble but if you can get your cores up some, it would help a ton. You might not get a 3-5% to start with but maybe bettet terms that you can refi down the road. That seems to be what most people around here are doing after BK.

Another thing you can look into would be Santander. I know they are sub prime but they helped me twice when my scores were in the dump and I really had no issues with them. 

I am surprised you have not been inundated with car loan offers after BK, I got 1-2 letters in the mail pretty much every darn day after my discharge. 

[Horseshoez]

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@anniea4001 wrote:

I am surprised you have not been inundated with car loan offers after BK, I got 1-2 letters in the mail pretty much every darn day after my discharge. 

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Agreed, after my discharge last year I was inundated with predatory car loan and credit card applications; high interest offers are the name of the game after a discharge.

@rebuilding88, in your shoes I'd bank evey spare dime you have and if/when your car is repoed, buy an older car "just good enough" to get you around.  Another option is, if you can hold out long enough to save up say, 20% of the cost of a new car, most dealership finance departments can open doors for you which are otherwise closed.

[pizza1]

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@rebuilding88 wrote:

My discharge was a month ago. All 3 are reporting correctly. Part of the problem is my scores are only low 500's. 

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@rebuilding88 , Do you have anything posittive reporting on your reports after your DC? Do you have any new credit? A secured card? We need to get those scores up. no reason your scores should be sitting that low 1 month after DC.