Post Bankruptcy auto loan question .

Edwards Finance > Loans

Q. I'm considering purchasing new vehicle... I got ch. 7 discharge letter last week... I'd like to know what to expect before/during the visit to the dealership? Know any Post-Bankruptcy auto loan-friendly? I recall seeing this Newsgroup that Ford is one of them, any other? Do you know the average auto loan rate?

A. Most car dealers WILL deal with you. We had to get new cars after our Ch. 13 finished. What will make or break the deal is the guy in the finance office, NOT the salesman/sales manager. If the guy in the finance office is good (i.e., knows more than one way to have the transaction financed) you'll get the car. If not, you'll just have wasted an afternoon. 1) Be prepared to pay a significantly larger down payment. Since you're now (probably) a subprime candidate, expect to be asked to pay a downpayment that makes the loan amount less than the Kelly Blue Book value for the car. You may be able to do less, but don't bank on it. 2) There are new car lenders (Americredit comes to mind) who take subprime risks. Your interest rate won't be the 0.9% that the TV ads tout (you need a FICO in the stratisphere to get that). Manufacturer motor credit companies (Toyota, Honda, Nissan, Ford, ...) want prime risks, not someone fresh out of bk.

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