     Anonymous1 (Anonymous1) | Tuesday, November 14, 2000 - 12:56 pm 
I am now looking for an auto loan company. Ugly Duckling wants to do business, but their used cars are between 8-12K (in other words...TOO MUCH FOR A USED CAR). They will finance me no prob, but for that kind of loan and 20% interest I have to pay it off in 24 months which=375 a month (not a lot, but too much). I make between 30-40K. I have applied at a few sub-prime loan companies that haven't gotten back to me. Galpin Ford wants 2K down as a MINIMUM. I am probably going to sign with the Duck if I can't find a reasonable counter offer.
I would apply for a 1500 personal loan (I have a friend selling a nice T-Bird for that exact amount) but I don't know any sub-prime personal loan companies. I want to be able to pay it off in 6 months (the 1500 dollar personal loan).
HELP!!??!!??!!??!! |
| Shylock (Shylock) | Tuesday, November 14, 2000 - 01:15 pm
Galpin Ford? Ugly Duckling? You must be looking right along Van Nuys Blvd.
Why not ask your friend to finance you on that T-bird? Does he need all cash? |
| Anonymous1 (Anonymous1) | Tuesday, November 14, 2000 - 02:33 pm
I already tried to have him allow me to finance it. He wants me to pay cash, which I understand. |
| John Shimmer (Jshimmer) | Wednesday, November 15, 2000 - 05:47 am
Your hands are more than likely tied. You didn't say how long you've been discharged from your Chapter 7 BK.
If it's recent, you may have no other choices. Creditors don't look to kindly on bankruptcy, and few are eager to extend new financing to someone who's just proven that they can't and/or won't repay their debts.
I was stuck for years with nothing (regarding decent credit, if any at all). November of 2000 marked the deletion of my BK from the credit bureaus. It was a long seven years, but I've rebuilt over the past three and now I'm prime material.
If you MUST have it, then either look to borrow from friends or relatives, or if you have weighed everything and and are willing to take the plunge, go with the Duck. You're probably not going to get much worse regarding financing offers and, then again, probably not much better.
Hang in there! |
| Anonymous1 (Anonymous1) | Wednesday, November 15, 2000 - 06:38 am
Thanks! |
| P.Rosa (Angryconsumer) | Wednesday, November 15, 2000 - 06:45 am
I am now looking for an auto loan company. Ugly Duckling wants to do business, but their used cars are between 8-12K (in other words...TOO MUCH FOR A USED CAR). They will finance me no prob, but for that kind of loan and 20% interest I have to pay it off in 24 months which=375 a month (not a lot, but too much). I make between 30-40K. I have applied at a few sub-prime loan companies that
haven't gotten back to me. Galpin Ford wants 2K down as a MINIMUM. I am probably going to sign with the Duck if I can't find a reasonable counter offer.
You might want to consider taking over the original buyer's payments on a repossessed car. Places that put together these types of deals usually advertise as "Reprocessed cars" or "Take over E-Z payments," or something to that effect. From what I have heard, credit standards are generally more relaxed than at most dealers or lenders. Just be cautious, as some of the dealers handling these deals probably aren't the most honest. |
| Shylock (Shylock) | Wednesday, November 15, 2000 - 09:59 am
I would recommend having the seller finance you and having someone else waiting in the wings to purchase the promissory note.
For example if you agreed to buy the car for $1,800 with $300 down and 15 payments of $100.00 and another person was waiting to buy those 15 payments of $100 for $1200.00 then everyone would be happy.
You'd have a car with reasonable financing. Your friend would have $1,500 cash and the note buyer would get an investment at a 35.1% yield. |
