Need a car! Who can finance buyer in chapter 13 bankruptcy? (San Antonio: for sale, credit rating)

[nikip]

Does anyone know where you can get a car in Chapter 13 Bankruptcy here in San Antonio. We are in need of a car and are having problems with finding a dealership that will finance.

[mamatotex97]

try drivetime.

high interest but they will finance ya.

[nikip]

Ok tried drivetime but we have to have a letter to incur debt. Which we are trying to get but need a car asap.

[TexasRedneck]

I hope this doesn't come across wrong.....

Many years back, I was in a similar situation - hadn't filed bankruptcy, but had a credit rating that would've made a mortician laugh. I was SO desparate to get a "better" vehicle that I put down $3,000 and signed up for 27% APR. BIG, huge, massive mistake - when I finally came to my senses, I realized just how much I was putting out in interest, but it was too late. I ended up working every side job I could get my hands on to get that thing paid off - and swore it'd never happen again.

When your in these kinds of situations, it's tough - but if there is ANY way to borrow a car from a friend/relative, buy one from a friend/relative (even the ugliest "beater" in town), PLEASE - do so! If you end up getting financed, it's gonna be at least 27% APR - which translates into $270/per thousand borrowed - and you're going to be financing a car at the very HIGHEST end of its' value. In other words, a car that MIGHT realistically bring $3,000 anywhere else will be on THEIR lot at $6,000 - and they'll want at least $1-2,000 down. So if you finance $4,000, you're gonna be paying around $180/mo on a 36-month note - which means you'll be paying back about $6,500!

[nikip]

Texasredneck thanks so much you are so right. We will not make any quick decisions but we are really in need of a car,van or suv. Thanks so much for advice.

[skeet09]

If you still belong to a credit union (f you've had a long history with them and are good with their accounts), you can try there but it may not be a new car. It might be something like $10-12k kinda car. Worth trying.
Mama, oh boy yes Drivetime is around 21%. Hubby been there, glad it's over!
Hubby did SACU thru Mission Chrysler and did 11% but didn't have a bankruptcy so of course mileage (no pun intended) varies and it may not work for everyone.
Nikip, there's also JB Byrider which looks like it's another type of Drivetime place, I dunno.

[TexasRedneck]

nikip - do you have any $$$ for a down payment? Not trying to get into your business - trying to think outside the box here...

[nikip]

yes not much but we can put down a small down payment

[Dopo]

Originally Posted by TexasRedneck

PLEASE - do so! If you end up getting financed, it's gonna be at least 27% APR - which translates into $270/per thousand borrowed - and you're going to be financing a car at the very HIGHEST end of its' value.

I much rather drive a $1000 car (that I did for many years) than do that.
As a matter of fact, I drove the same car I had in college that I bought from a friend for $2000 for about 4 years after I had graduated from college and had a decent job.

My brother calls me cheap, I tell him that that's why I own a house while he still lives with my mom.

[TexasRedneck]

nikip - DM inbound...hope it helps - holler if ya need to!<no, I don't have a car for sale, just trying to get them some ideas on where to find one...>