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  1. #1

    Default Car Dealership Solicitations

    After bankruptcy as all of you guys well know, you start receiving tons of letters of intent to "help you out" because you were a bankruptcy filer. Since there seems to be so many of them, I wondered about responding to any of them when you need a car. I definitely do not want to be in a financial pickle again and would like to continue to improve on my road to credit history recovery, however I really do not know what to do here. I will definitely be needing a vehicle soon. I am checking with you guys to see if anybody has ever gone through leasing a vehicle, filing bankruptcy, buying a new car and returning the leased vehicle to the dealership.

    1. has there ever been any dealerships that allowed a person to lease again after filing bankruptcy especially if you leased a car from them and are in good standing?
    2. has there ever been any dealerships that allowed a person to buy a new car and work with them to return the leased vehicle to the dealership?
    3. What suggestions would you guys give about these letters in the mail that I,m receiving and are any of them legit?

  2. #2
    Join Date
    Dec 2007
    Location
    Georgia
    Posts
    2

    Default Re: Car Dealership Letters

    I am familiar with the letters got a few myself. I would say after filing BK your score is not as bad as you may think. Because all the debt is gone and you owe no one. I would suggest you work with a Credit Union and be pre approved before you walk into the sharks den. That way you know what price range to work within and you don't have to be at anyone's mercy and walk away with what car they want to get rid of today.

    There are several BK friendly CU out here.

  3. #3

    Default Re: Car Dealership Letters

    I never thought about that. I am actually in the credit union at my job. Last year when I filed, since I filed pro se, the bankruptcy helpdesk in my state told me that I would have to list all credit cards and loans outstanding with anybody and it does not make any difference who they are...all had to be listed, so I did that. My jobs credit union never said a word to me about it. They never sent any letters, never made any correspondance to me at all until the official word came that they were definitely included and all of a sudden my cash station card, credit card, loan payment, direct depost for paycheck and some other stuff I can not remember were frozen. Talk about technology and how when you do not have it can bring a person to their knees, I was messed up bad without any way of getting a paycheck or cash or writing a check or anything. I was asked to speak with the credit union rep who informed me that if I went ahead and let the loan and credit I had with them stay in bankruptcy wiping the debt clean, they would have to stop every privilege they have allowed me to have in the credit union immediately. I gave in, signed the reaffirmation agreement with them for whatever I had and they gave me all my stuff back. They even told me that when I was ready to buy a new car in 2009, come see them and they will take care of it.

  4. #4
    Join Date
    Jan 2006
    Location
    Kentucky
    Posts
    70

    Default Re: Car Dealership Letters

    Some of those dealer letters are legit. Most are just using the public records to get you into the lot, they use a 3rd/4th tier lender who will approve anybody, but at terms nobody inn their right mind would accept. Be careful. You could compare by going to a dealership and asking to speak to their 'special' financing rep beforehand.

    But first you should get your credit reports together and know what your credit looks like. Sounds like your cu may be a good place to start - talk to them ftf and see how much they'll approve you for - always better to go to the lot with your own financing.

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