Auto Financing during Bankruptcy

Guys,

I'm in the middle of Bankruptcy, hearing date is Feb. 24TH. Problem is that I have a Vehicle that I'm leasing from GMAC
(Never had a Late payment), anf my lease is up in April.

Now, I'm already WAY over the mileage limit, so...I really need to buy a newer car NOW, so... my Current (credit) score is 547(BAD).
Although the new Bankruptcy has'nt hit my report yet. Will I have a problem??

Does a 547 score mean Just a High Interest (Subprime) rate, or..
is the score so low that not even Subprime will touch me??

Thanks!!


Brian

I'm afraid that with the pending Bankruptcy going on know one would touch you if they were aware of it.

With those scores anyway would be pretty difficult and if you did get financed it would cost you dearly.

As for getting a loan during bankruptcy what has your attorney said about it?? Would it screw with your bankruptcy?

You might be stuck with one of those "Buy Here, Pay Here" mom and pop car dealers.

Be advised though, my brother was in almost the exact same situation as you but he had just had his BK gone through. No one would touch him but those types of places. He got a car at a criminal type interest rate and paid on it weekly, yes weekly payments for almost a year. He was late on a payment by 3 days and guess what?

They came to his work and took the car, the car was back on the dealers lot for sale later that week. The dealer showed him paperwork stating he got less then what was owed and sued my brother for the rest.

My brother did not get or consult an attorney and didn't even show up for court. I am trying to this day to get the judgement vacated for him.

Good Luck!

Tac

What about all that "Bad Credit NO PROBLEM!" is that just BS?

My income is ~65k and I DO have a GOOD Credit Union loan
on a Classic car for 10K, that I got with a Score of 587 last year at a rate of only 7.8%. Now I CAN'T go to my Credit union, through work, as I'm personal friends with the Branch manager and don't want to Embarase myself.

I 'Would Assume' that After the Bankruptcy is Discharged my
Credit score will Shoot-Up?? And I 'Should' be O.K.(for a Simple Subprime car loan at 13-13.5%)? Is that correct??

Thanks again in advance!!!!

I wouldn't make those assumptions, do a little reading here.

Christine,

Actually I have, and it would seem that, from what most have said that YES, it the general concencus is that it would jump up
~ 80 or so points, just going from what I've read.

Do you know otherwise??

You must have missed the postings about how people have to constantely dispute incorrectly reported accounts.