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Posts posted by Todd1225

  1. does loans for private sellers, dealers, and non-franchise dealers. One month post BK7, they approved us for up to 15k, with an interest rate of 16% for up to 72 months term.

    We had to purchase a 2000 or newer car with less than 70k miles.

    I searched around and this was the only place that would finance a private party car or non-franchise dealer car....hope this helps.

  2. Well, Just wanted to give you an update. We are going to pick up the car on Friday. Like we said before we had to pay 30% down but when I talked to the loan officer today she said that we could reduce our rate if we applied for a visa and a credit line. I said ok. She said "well, I have already pre approved you for a 5000.00 visa and a 200.00 credit line. I dont guess that too bad being maybe a month since discharge.

  3. thanks for that info Nevermore.

    Hey Todd. Hows your wife credit compared to yours?

    I'll definately check out that site and see if I can find anything.

    Well, it's about the sam, we applied jointly and filed BK7 together. When they pulled all 3 CR's, our average score was 542 :-( We got approved for a 1995 model Lexus, 13.5% interest for 48 or 54 months, it's our choice. But again, with $3,000 down.

    Apply for a loan through eloan, they will forward your loan to other lenders. They first fowarded us to and then Roadloans forwareded us to that does private party loans.

    I talked to and they approved us for up to $15,000 for 48 months with a 16% interest rate. I could buy from a private owner even out of state, just has to be a 2000 or newer car with fewer than 70k miles.

    Hope that helps man!!!!!

  4. Nevermore, you are exactly correct. We are less than a month post BK7 and we got approved through my wifes credit union for $10k on a 1995 model car, but they require a 30% down payment :-(

    I've looked at,, etc. Just do a search for bankruptcy + auto loan and you will find companies that will find a car within "their network". I found a place here in Georgia that will finance you no matter what, provided you pay $750.00 down and they charge you 28% interest :-(

  5. I'm in the same boat, I'm looking to get financing for a 1994-1997 model car, but would like to purchase from a private party and not a dealer. I'm getting tons of offers for new cars from dealers, but that's not what I want. Almost every "bankruptcy" friendly lender will only finance through their "network of dealers". If you find a lender that will lend for vehicles purchased from private sellers, let me know!

  6. Well, I can't speculate on approval odds or tell you where to go, but 9 grand for a car that's almost 10 years old?! I can't think of a single logical reason why anybody would pay that much for a car that old. For 9 grand you could probably find a mid sized that's maybe 3 years old..

    Sorry for sounding like an a-hole, but I didn't ask you about your opinion on the car I buy, I asked about our "chances" or other sources for private party auto loans. I'm so tired of people putting 1% into answering questions and the other 99% into commenting on something that has nothing to do with what I asked.

    I would rather have a well built older car that some of the shiny new junk that's being put out. I'm selling a 1997 model car to purchase another one, what business is it of yours.

  7. We are trying to get a vehicle loan for about $9,000 to purchase a used car (1996 modelish) from an individual. My wife applied for a loan through her work's credit union. We keep getting letters in the mail about new cars, but we want a less expensive car but would rather purchase from an individual rather than a dealer. Any ideas how we will do with the credit union? We just got our discharge papers for Chapter 7, but didn't include our vehicles and have always paid our car note on time. If anyone has an opinion or another company that we can finance a private party car from please let us know. Most companies hold you to a certain year, mileage, etc.


  8. We signed up for privacy guard on and looked at all 3 CBs. To my suprise our FAKO scores and were "fair" on two of them and "poor" on one...630, 596, and 585. On the lowest ones, we had some items that were incorrect, mortgage amounts were wrong and some things were listed as "charged off" that were we may have some room to bump the scores a little. We are also gonna write some goodwill letters to have some things taken off like late house payments and some other misc stuff.

    I was shocked at the scores being as well as they were, what does everyone else think? We are also looking for some sample goodwill letters if anyone has an example, we are mainly looking to take off the "past 30 days" lates on our mortgage.

  9. This is an interesting thread, I too have been thinking about getting another vehicle after we just filed BK. I'm actually trying to get into a less expensive older vehicle, the problem is we are about 2k upside down in our 2000 Maxima.

    Are their any sites on the web that will finance for a private party vehicle or allow you to trade your vehicle in and get financing if it's not from a "major franchise"?

    I'm trying to lower my payment and get out of an expensive car, but it's tough.

  10. The wife and I just wrapped up our BK last month. We are trying to get into a "less expensive" car to give us some more breathing room. However, all the "programs" we receive in the mail are only for new cars from dealers. We want to purchase a private party car or a 1993-1996 used car from a used car lot. Anyone know of someone who will finance us, we will be trading in our more expensive car at the time.


  11. Well, after making the decision that we could not pay our credit bills, I contacted MBNA about a payment plan/settlement/etc. They said that they did not work directly with customers, I would have to call CCCS.

    Well, we had tried CCCS months before, and unfortunately MBNA won't work with them, no even an inch.

    Well, 3 months rolled around and with Christmas, etc..we got behind on the credit card bills. After we missed two months, they started calling. At first it was just to my wife., we knew we were filing BK, so we kinda ignored them. So, they began looking through their files on us and actually called my in laws house looking for my wife.

    My wife was mad, so she called them, they said "that's just the number we have for you, I guess it's an old number". A couple days later my wife called MBNA and told them what happened, they told her that they use a program to track people down when they won't pay. In this call, we supplied our lawyer contacts, etc and to which they replied:

    "Well, you qualify for multiple programs to help you avoid bancruptcy".

    Wait a minute, you wouldn't work with me directly before, now you are offering "multiple programs"? We looked into those, but they were all mortgage based...we don't have any equity in the house...end of phone call.

    Aside from that, no one was rude but it did make me a little ill about the "work with us" switch-a-roo.

    Hope this info helps...

  12. Thanks once again LadyNRed, we will not be including any of the cars in the BK, and I would say the wholesale value of the car is probably less than $3500, we paid $5000 for it this year and paid cash for it. But, it was my mother-in-laws car, so we knew that she kept it clean and tidy...the going price for the car was probably around $4500 at the time. We own the car outright. The attorney we are working with is a friend of ours, so I'm sure he will make sure all is well before we take the plunge. I guess I don't understand how someone could take something from us that we own outright.

  13. I've been reading over Chapter 7 exemptions for Georgia, can someone explain the roles of cars in a Chapter 7.

    We have;

    2000 Maxima, worth about $15k, we owe $17k.

    1997 Altima, PAID for, worth $5k retail, but about $2900 trade in

    1983 280zx, PAID for, worth about $500.00 (if that)...busted transmission

    Can anyone of the vehicles be taken from us. We have to have both, one for my wife to drive to work, and one for me, I work 40 miles away from home. No way to share a vehicle.

    The exemption for Georgia says :

    Automobiles in the aggregate value of $3,500.00,

    Any help would be greatly appreciated. We will probably see an attorney within the next 2 weeks, but can anyone answer that question for me....we are under stress and I hate waiting!



  14. Thanks for continuing to reply Bingo/LadyNred. Our main goal would be to cut in half the amount that we are paying to the CC companies. Saving $400 a month and combining that with income tax return would allow us to buy a used car for cash and then sell the expensive car we have now, which would give an extra $550 a month. So then we could save about $1000 a month in whole. So if we could just cut it in half, and believe me I want to pay it back, but with the way the payments are now, it's futile.

  15. Thanks once again. We are not worried about obtaining credit. Even with good credit that we still have (700+ scores) we couldn't afford another payment anyway. So if we do file BK, the extra $1k a month that we don't have to pay will pretty much allow us not to have to finance anything anyway. We are just worried about being sued or having them try to take somethings, just for the sake of having to explain it to our families. Here is what we have.

    House - We owe $137k, it appraised for $157k, but that was an inflated rate by the lender just to get us cash back. It would not even sale for $120k to be honest.

    Car 1 - Worth about $5000.00, paid for (97 Nissan Altima)

    Car 2 - Worth about $16,000.00, we owe about that on it. (2000 Maxima)

    Car 3 - Worth about $500.00 (busted transmission)

    I'm not up on all the exemptions, etc...anything they can take?

  16. What do you want to know ?

    Debt 'settlement' companies will REALLY ruin you and probably get you sued anyway, so stay away from them. What they do is tell you to stop paying all your bills and send them some huge chunk of money. While they accumulate YOUR money (and they get their fees on top !!), your credit goes into the toilet, creditors will harrass you and might even sue. It will take months to 'save' enough money to make a reasonable settlement. Its not worth it.

    You can recover faster from bankruptcy than you ever will the way things are now. .

    Well, we were referred to our particular debt negotiation company by an "friend" in one of my online car club message boards. We feel pretty confident about the company itself, but I do share the same concerns about the process that you mentioned.

    The company says that 50% on the dollar is about what they settle for, going by that figure it would take us about 14-16 months to save up and that's if we pay more monthly to them than we are paying on the cards right now. ($850 now and barely making it). I just don't see how the CC companies are gonna allow us to not pay them for that long while we build up the escrow account. Our company says it's a cat and mouse game that will allow them to negotiate on our behalf. I understand it and can see how it works, but what it the CC companies don't budge much, I haven't payed them in months and now they won't go anywhere near 50% on the dollar, so what happens next. I certainly don't have 80% on the dollar and now I'm months behind on the payments....

    Bankruptcy, although it seems that it will hang around longer would be a less messy and more immediate solution. The wife unfornately see it as much more of a "screwing ourselves for the rest of our life" type of thing.

    Any more input is greatly appreciated.