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Bankruptcy and Vehicle Financing
860 messages, Last post on May 09, 2011 at 8:09 PM
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What is this discussion about? Car Financing, Sedan
#852 of 860 Re: Rebates as Downpayment [oldfarmer50] by joel0622
Jul 22, 2009 (2:51 pm)
Replying to: oldfarmer50 (Jul 22, 2009 2:39 pm)
Most banks especially the special finance banks don't consider rebates money down any more. Allot of them will adjust the cost the amount of the rebate. Ford credit changed there scoring system also to not weigh rebates very heavy.
#853 of 860 Re: Rebates as Downpayment [oldfarmer50] by volvomax
Jul 22, 2009 (3:27 pm)
Replying to: oldfarmer50 (Jul 22, 2009 2:39 pm)
Lenders right now are very leery of giving a loan to anyone w/ a BK. Unless people in question put up a lot of cash and are taking relatively small loans I just don't see it happening.
#857 of 860 Another Lease after Bankruptcy Question by zyaaaaa
May 09, 2011 (8:09 pm)
I'm hesitant to post here... seems like a tough crowd. But I have a few questions nonetheless so I'll take my chances.I filed individual Ch7 a couple of years ago and have been working to rebuild my credit. My wife had both car loans in her name at the time (and still does) so they were not impacted. We are looking to lower our payments by trading in both cars for leases in the next year, and to then use that money to pay off other debts that remain. Here are my questions.
Do I stand a chance of getting approved in a joint application with her? Her credit qualifies for Tier 1 for the manufacturer lenders we are considering. My credit is in the low 6s and the only negative ever was the Ch 7. I have prior auto loan history that was paid as agreed/closed (supposedly helps with auto-enhanced scores).
Would it make sense to try to put both names on both loans to help build credit faster?
Would doing this drop us from the tier 1 rates?
I'm really looking for input from individuals with similar experience or dealer/finance experience. Thanks for you time.
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