nking54580

Ok, I was just wondering if anyone has filed bankruptcy within the last 2 years and has bought a TL. If so what was the interest rate and did you have a had time. I filed last June but I desperately want one. Does anyone have any advise.

madaley

I've never filed bankruptcy and I got nailed with a 4.7 rate

Tripp11

Maybe that's why you filed for bankruptcy last June....because you "desperately wanted one" of everything. How about getting a used car or something until you get your feet back under you....a brand new car, no matter what it is, probably isn't the best thing for you at this point.

OnefastTL448

iTrader: (1)

As long as its discharged you can get a loan, Sometimes when you File Chapter 7,11, or 13 it actullay helps your credit score because now you have no debt. If it is not discharged and its a repayment plan its a litte more tricky they only place you will get a loan at all is at a credit union, I just got a customer a car loan who filed a Chapter 13 2 years ago, he is paying 6.9% plus he had to put 10,000 down,

Let me know if you need any more help.

eneg

Why go only for a TL?
Why not a Ferrari?

Ya gotta admit it:
Some of these posts are really funny!!

Eneg

kilrb

I'm hoping that maybe his financial situation has improved drastically since last June. Like, maybe he was a law student, and now he's graduated, pulling in $150k/year in a great firm. If he's in the same income situation he was last year, this is the last place he should be.

eneg

Hey, anything is possible. I just wouldn't bet on it!!

Eneg

caball88

ummm i don't think its going to happen. i've seen situations where someone filed for bankruptcy 7 years ago and they got turned down for financing on 3000 bucks. i don't think any back would really want to take the risk. think about it if you were the bank would you hand out that much money to someone who has filed for bankruptcy? i know people deserve second chances but the banks run on numbers not ethics.

OnefastTL448

iTrader: (1)

Incorrect!

You are more likely to pay back debt after a banruptcy because you now have no debt to pay. Infact with a solid Job , You have to prove this with a pay stub, and you have to put a solid amount of cash down say on this car 10K you will have no issues getting a loan, Keep in mind if you decide not to pay this debts its not an unsecured loan, The Bank will come and repo the car, This loan is backed up with something, So when you required to put down a hefty deposite exp:10K the banks best intrest is covered in all cases, Plus the take advantage of the bankruptcy and charge you anywhere from 6.0 to 14.99 % on the loan and make tons of money. These situations are huge for banks and lending agencies and they make there most money on these types of customers. Keep in mind if after your bankruptcy you still contined to ruin your creidit scor by not paying bills the % rate can be as high as 24.99%. Also this same situation does not apply to people who filed bankruptcy and are trying to get credit cards, That is unsecured debt with means nothing backs up the spending limit, You will have to wait around 5+ years before you will be offered credit cards again. You have to love America,

caball88

24.99% isn't that loan sharking? i know a guy in jersey who will give you a loan at that %. but if you don't repay it they not just going to repo the car, if you know what i mean.

dougpt10

people in an S80! Sound familiar LIers?

jdriver

I get credit card and short-term loan offers in the mail all the time. The worst I've seen was 27.9%, and lots of credit card offers jump to 23.9% if you're late with a single payment. I find it hard to believe anyone would choose such a loan.

OnefastTL448

iTrader: (1)

Highest rate in NY before it is illegal is 24.99% If you are desperate enough people will do anything, But to the guy who started this thread you are not in any diffrent position then millions of others are, If you have a good job now and are on your feet go for it, I think you can get something in the 10.00% range. Most people dont delclare banruptcy because they are broke they do it because its any easy way to clear your debt and its easy to do. Its not illegal to owe money and not pay it, As for morals thats another issue,

nking54580

I appreciate your concern but I'm quite fine. Everything was cool before I moved and things got a little crazy with the credit card bills, etc. I could have worked really hard to knock it out be since Bankruptcy is not as damaging as it use to be I decided to do it. I had a car loan at that time I filed bankruptcy and continued the payments and have now paid it off. I've wanted a tl since 2000 and now with the new model I wanted one even more and plan on getting it.

SilverBulletCLS

Back in the year 2000 I filed for Chapter 7. Releasing all my credit cards at the time. I decided a year after filing that I wanted a new car. I got one, at a 15% apr. I only kept it for 1 year, and got my CL-S at a 8% apr. In 2002. In 2003 I got a Audi A4, at the 1.9 apr, in 2003 Pathfinder at .9 apr, and now my G35 at 6 years 4.9 apr. I got a credit card 1 year later from Capital one. I now have 3 credit cards with low interest rates. My credit score is around 700 which is good but not great. Filing for bankrupticy is not bad, and not a way to screw yourself. You get yourself out of the hole you are in to recover. I lost my job, and had no choice.

ndabunka

Just remember that you can ONLY file bankrupcy once ever 7 years (or is it 10 years now). In the event that you can't make the payments, you loose the car and ANY possibility of EVER buying ANYTHING on credit again. Make CERTAIN you really understand what your doing. PS - You were wrong about it being "not as big a deal" now-a-days. Just because more people are doing it doesn't make it any less detrimental. If your income level isn't at least $80K a year, go buy yourself a honda...

Tripp11

Moved and then things got a little crazy with the credit card...

Could have (and I stress this part)....could have worked really hard to knock it out but since bankruptcy is not as damaging as it used to be I decided to do it....

You're kidding right? I have no idea how bankruptcy works nor will I ever (God willing) but it can't be right to the creditors for you just to "not work hard" and file bankruptcy just because it's "not as bad as it used to be". Hell, if everyone just racked up credit card debt like nobody's business, went out and bought some new cars, a house, clothes, etc... and then decided to not work hard anymore and just declare bankruptcy....well, the world would be in a pretty sad state wouldn't it?

Now if you lost your job and had no other direction to turn, now that's the point of Chapter 7 I believe.

Cyclonus

Sorry for off topic comment but since it sort of pertains to this post.... Why is it that nking54580 has 2 posts registered when he started this thread, and then he posts again and he still has 2? I've seen this a couple of times and it's always seems to happen with people who start a thread. Does anyone know why this is?

eneg

The number only rises if you have good credit!
Bad credit will not raise the number, but will allow you to buy a new upscale sedan, I guess. . .

Eneg

SilverBulletCLS

I personally have never heard of not making payments? What payments do you have to worry about when your cards are all gone? The car and maybe some student loans. Thats it. If he can't make those, his car can get repoed like anyone elses. It's no differnet.

SilverBulletCLS

It's not as easy as you think. If you bought things that are of value, like any type of appliances, and stuff, they will come and take them back. When I filed, I paid off my Sears card, which sears always wants everything back, they are bad about that. Lucky, I had enough in the bank to pay them off at the time. But the way things were going, I had to do it. I worked for 4-5 years hard to knock my cards down, it just wasn't happening. Then I lost my job for 3 months, and had no choice.


I am very glad I did it. It made my life much easier. Alot of people are glad they did too. The people who don't are the ones that have a tough life.

nking54580

Let me respond to a few you guys post. First, for that comment about why does nking54580 only have 2 post. Its because I don't sit in this forum all day. 2nd, because I do work and 3rd. I'm running around taking care of things for my mom who's in the hopital.

When I moved on my own I was working (2) 45K + jobs. My credit was really good at the time. I had already had some credit card debt that I was paying which wasn't a problem. I could handle that with the 1 job. Since I was working 2 jobs I decided to furnish my crib, etc. Problem is that I had to leave one of the jobs because it became too demanding and I could do both. As a result I couldn't knock out the debt. By the time I filed for bankrupcty I had about 22K worth of debt. I hear thats not alot but I did it anyway.

As for me being mistaken about who serious bankruptcy is. I'm not mistaken. Don't get me wrong, its a serious issue and definitely HOLDS ALOT OF WEIGHT, but it is no where near how it use to be back in the days. If you filed for bankruptcy like 20 years ago it was considered to be the end of the world. Its not like that now.

As for creditors taking your stuff. Yes thats true, but they only take stuff if its worth something and they can use it to pay off your debt. i.e. Jewelry, furs etc. When I moved on my own I bought my 53" Television on my Sears card. They didn't take that.Why, cuz its they trying to sell that is not gonna do much. When I filed I had a co-op that I'm financing through Chase. Which they didn't touch. Why, because I didn't have enough equity in the property. Even if I did have enough equity, My attorney say I could work out a deal where I pay a certain amount and they wouldn't touch that. You can even pay in installments. I also had an auto loan when I filed through chase. I kept that and continued the payments. They couldn't take that because it was still being financed. Therefor getting another car loan is not gonna hurt me because I had one already when I filed for bankruptcy and it wasn't the reason for me filing in the first place.

kilrb

So, you couldn't handle $22k in debt with your job, but you are about to finance a $30k + car over five, maybe six years? How do you reconcile that?

I don't mean to be a jerk, but it sounds like you were physically capable of maintaining the two jobs, but doing so was a pain in the butt. Well, IMHO, if you get yourself into hot financial water, and you have the ability to pull yourself out, even if it's difficult and stressful, and even if it kills your social life, you ought to do it. It's the same principle driving people to work through college. The ones who don't give up don't, because they don't have an option equivalent to bankruptcy, which will allow them to live a less strenuous life, while still obtaining their degree.

I guess what I'm trying to say is, I disagree with instances of bankruptcy in which the person has the ability to work through it. In your case, you admit that you had about $22k in debt, and you were down to one job making $45k. You even admit "I hear that's not a lot but I did it anyway". It sounds to me like you figured it would take just as much sacrifice, if not more, to work the debt off as it would to file bankruptcy, so you just opted for bankruptcy. I know you are well within your legal rights to do so, but it's frustrating to see your creditors lose out on money, only to have you out buying a $30k + car shortly thereafter. I know it's easy to figure a major corporation which leant you money is not a person, and that your failure to pay is just a small drop in the bucket, but it's people like me, and other normal Joes who bear the burden of bad debt ultimately. Anyway, I just had to get that off of my chest. Do what you will.

Tripp11

SilverBulletCLS - I fully understand why you needed to file for bankruptcy, you lost your job for 3 months and fell behind....I don't even want to think of losing my job and how I would go about staying above water for a prolonged period of time. I have a good amount put away in a rainy day fund but that would only fund my fixed expenses for 8-10 months. In fact, in my post I even stated, "Now if you lost your job and had no other direction to turn, now that's the point of Chapter 7 I believe."

Nking - I guess my whole point was that you assumed all of that debt while working two jobs. You wanted nice things like refurbishing your house, buying a nice car, getting a 53" TV. Then, when push finally came to shove, you bailed on one of the jobs and opted to only work one knowing that you could never pay off your debt and maybe make your monthly fixed expenses and possible any variables you might have.

So, just because bankruptcy isn't the end of the world for you anymore doesn't make it right for you to stiff the creditors who gave you all those fancy things for a period of time. Ultimately, like kilrb said, it's the rest of us that pay for your poorly budgeted spending sprees.

This should probably be moved to OT anways.

nking54580

kilrb]So, I see you have no clue. If you did, you wouldn't be coming to me saying "you couldn't handle $22k in debt with your job, but you are about to finance a $30k + car over five, maybe six years? How do you reconcile that?

First of all unless you're dealing with introductory rate, most credits are higher in interest that what you're interest rate would be on your car loan. YES I had 22K worth of debt, but thats not what hurts you. Try having that OVER 4 or 5 CARDS WITH THE INTEREST RATES THE CREDITORS GIVE YOU. If you had 22K of debt with 1 CARD Then you could pay it a whole lot easier. Making little payments doesn't do anything. You need to drop HUGE PAYMENTS ON EACH CARD to make a dent which I just couldn't do.

Secondly, if you read my post I stated that I had a car note at the time I filed for bankruptcy, even at the time I moved in my place. So that wasn't the problem. The Bankruptcy is done, and so is the note. I had about a year left on the car at the time. The Note was 523 a month. With the money I'd drop for a down payment, depending on interest rates, my payments will be somewhere in that areas which is no problem.

Third, I didn't leave the job cuz I wanted to, I left cuz I had no other choice. One started interferring and conflicting with the other. (Mainly the hours). I wouldn't just give up the job. Don't tell me about sacrafice and not having a social life. I had 2 PERM JOBS. One from 5pm to 12am and the other from 12:30am to 7:00am. I was the king of no social life and that was fine. If I was able to find another steady second job then I would have.

Oh and by the way, it wasn't stressful. You'd be so lucky to find 2 jobs that easy.

GaleForce

Who cares, he is going to buy the car, and you won't stop him from it. If you really think its going to be a problem for him just stop arguing and let him find that out himself.

nking54580

All I'm worried about is whether I'd get the loan with a decent interest rate. Handling the payments won't be a problem. I'm not letting the credit card Sh*t happen again. Thanks you all for all the advice.

kilrb

If that's the case, you have changed your tune. I was resonding to your earlier post in which you shrugged off you decision to file bankruptcy by saying "I could have worked really hard to knock it out be since Bankruptcy is not as damaging as it use to be I decided to do it." The fact that you admit you could have worked through the debt, but chose to escape in bankruptcy rubs me the wrong way. I'll try to find a clue.