Alice Gets After Bankruptcy Car Loan at 4.76%
Alice came to see me in March 2015.
She’d just gotten back to work after being out for over a year. Her financial situation was so bad, she’d been living in a women’s crisis center, at very low rent.
We filed a Chapter 7 bankruptcy. Even working again, she could not afford her credit cards. I told her filing bankruptcy is the fastest way back to good credit. Much better than continuing to send in late and partial payments.
Good news in April 2016. Alice just emailed me to tell me about her after bankruptcy car loan.
Here’s the rest of the story in her own words.
So as you may recall, after my bankruptcy discharge in June, three months later at the end of August I had to turn in my leased Honda.
You told me that every month I could wait for a car I would save. So I have lived without a car for seven and a half long months.
I have walked and taken the bus and the metro through the winter. And it looks like it’s paying off!
On Saturday I went to a Nissan dealer, and they were able to get me financing at 4.76% for a shiny new black 2015 Versa Note SV! Today I went back there tonight to make sure the bank had actually given final approval for the financing at that rate – I told them on Saturday that even though it was in the range I was pre-approved for, I thought it was too good to be true.
But apparently it IS true! They showed me the screen today that tells them they have received final approval, and they assured me that they have it.
Less than a year after Chapter 7 discharge, I have a new car at 4.76% – 259 a month for 72 months! (I know that’s long but this is a new Nissan with some options that should help the resale value and I plan to refinance in 6 months or a year for a lower interest rate and shorter term.)
It’s been a slog for 10 months but maybe I’m seeing the light at the end of the tunnel!
Thank you again, SO much, for everything! The world needs more of you.
Grace and peace to you,