Jump to content

Please use the Feedback forum for questions about the upgrade.  We will get to them as quickly as possible.

 

MownGo

Private Party Auto Loan after Chapter 13 ???

Recommended Posts

Posted (edited)

My dad just finished his Chapter 13 on April 30th of this year. He has two perfect payment history mortgages, 10+ years on both of them showing on his credit, Equifax score is a 670 and the only thing hes applied for was a Capital One Card and they gave him a $3,000 limit, no annual fee card. He wants a $7,000 vehicle from a private party and its a 2007. Any ideas who he could finance this through? Navy Federal would be a no go.

 

Thanks

Edited by MownGo

Share this post


Link to post
Share on other sites

11 year old vehicle? And it's likely an "ordinary" car and not some specialty or collector type car? That sounds like it would be personal loan territory and with a recent BK13 discharge not highly likely other than from a predatory auto lender.

Share this post


Link to post
Share on other sites

It’s a 2007 Mercedes E350, NADA is $8400 so it would be a 83% LTV.

Share this post


Link to post
Share on other sites

It’s a 2007 Mercedes E350, NADA is $8400 so it would be a 83% LTV.

 

Terrible choice for a used car for someone who doesn't have several thousand dollars in an auto repair fund.

Share this post


Link to post
Share on other sites

It’s been in the family since new, meticulously maintained. He’s been driving it for the past year, just trying to get in his name. He loves that car and doesn’t want to drive anything else. If it broke I’d just pay for it to be fixed, not a big deal.

Share this post


Link to post
Share on other sites

It’s been in the family since new, meticulously maintained. He’s been driving it for the past year, just trying to get in his name. He loves that car and doesn’t want to drive anything else. If it broke I’d just pay for it to be fixed, not a big deal.

 

Not wanting to drive anything else has nothing to do with cost of ownership.

 

For about seven years I had an E500 of roughly that vintage, also meticulously-maintained, so I'm not just commenting based on some random post I once found on Reddit.

 

I still miss that car, but once I spent $8,000 on three suspension and braking system repairs in one eight-week period.

 

Fantastic car when it wasn't Hoovering $2,600 out of my wallet every few weeks.

Share this post


Link to post
Share on other sites

Yeah luckily this car is not the 4Matic. He had a old 1982 Mercedes 300 SD that he loved. My wife drives a Volvo XC70 and there’s always something with that car but I just keep fixing it, one of the safest cars out there. A used Honda Accord would be a better choice but he’s old and knows what he likes I guess.

 

Doesn’t sound like there’s a good finance option at this point, thanks for the input.

Share this post


Link to post
Share on other sites

That sounds like a need for a personal loan. Local bank would like the collateral and the low LTV. Most likely a credit union is a no go since he just completed his BK. Traditionally purely automotive lenders do not like 12-year-old collateral, so I would think a local bank with which he has a relationship might give him a shot.

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now

About Us

Since 2003, creditboards.com has helped thousands of people repair their credit, force abusive collection agents to follow the law, ensure proper reporting by credit reporting agencies, and provided financial education to help avoid the pitfalls that can lead to negative tradelines.
×

Important Information

Guidelines