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After Bankruptcy: A Clean Slate for an Auto Loan

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After you’ve been discharged from bankruptcy, your finances are likely in a better place than they were before – your credit score is another story. With a low credit score, you may think you’re out of luck when it comes to auto financing, but there are car loans for borrowers who have recently completed a bankruptcy. If you’re ready to take on your next auto loan, read on!

The Bankruptcy Aftermath

Post-Bankruptcy: A Clean Slate for Auto FinancingDepending on how you filed for bankruptcy, your credit reports could be reflecting it for either seven or 10 years.

If you filed for Chapter 13, odds are you already have a few years of that bankruptcy being reported on your credit reports, since it starts being reported the day that you file. A Chapter 13 bankruptcy filing lasts for either three or five years, which means once you’re discharged, the bankruptcy is only going to be reported for another four years, maximum.

Chapter 7 bankruptcy, however, could be on your reports for up to 10 years. While the process of a Chapter 7 bankruptcy is very quick (typically only a few months), the lasting effect on your credit reports could impact new credit consideration for nearly a decade.

Just because you filed for bankruptcy and it hurt your credit score doesn’t mean that you won’t be able to get a car loan. It can be a red flag for some lenders, but you’ve still got options!

Light at the End of the Bankruptcy Tunnel

If you just got out of bankruptcy, your credit is probably a little worse for wear. On the plus side, completing a bankruptcy takes work, and it also shows that you’re willing to put some things on hold to get your finances back in order.

Being discharged from bankruptcy usually means that you have a clean slate ahead of you, making auto lenders more likely to consider you for financing than if your debt was overwhelming, which is good news even though your credit score has taken some damage.

There are bankruptcy car lenders that specifically work with borrowers in these situations, called subprime lenders.

Subprime Auto Loans for Bankruptcy Borrowers

Subprime simply means “bad credit” in credit-speak. Many traditional lenders may not consider you for financing with a bankruptcy showing on your credit reports, but subprime lenders look at many aspects of your financial health alongside your credit reports.

With that in mind, you can usually get into a subprime auto loan rather quickly after your bankruptcy has been discharged, even if the discharge hasn’t appeared on your credit reports quite yet. If you have your discharge papers handy, you can apply for a car loan soon after your Chapter 7 or Chapter 13 bankruptcy is completed.

Once you receive a copy of your discharge documents or the discharge is reported on your credit reports, you can start looking for a dealership that’s signed up with subprime lenders. These are called special finance dealers. You’re going to have to meet the lender’s requirements, which could vary depending on your lender. However, most tend to carry similar requirements.

Here are some common stipulations by subprime auto lenders:

  • Income – Have a minimum monthly income of around $1,500 to $2,500, pre-tax, proven with recent computer-generated check stubs that show year-to-date income.
  • Work history – Held the same job for around six months to a year, without large gaps between jobs for around three years.
  • Living stability – Lived in the same area for at least one year, proven with a recent utility bill in your name or recent bank statement.
  • Down payment – At least $1,000 or 10% of the vehicle’s selling price; a trade-in with equity can also help meet this requirement.
  • Working phone – Must have a working cell phone or landline in your name, no prepaid phones.
  • List of references – A prepared list of around five to eight personal references with complete contact information (name, address, phone, etc.).
  • Driver’s license – Must be valid and has your current address; it can’t be revoked, expired, or suspended.

Once you have these items gathered, you’re halfway to being considered for a car loan by a subprime lender! Sometimes, knowing where to start is the hardest part of preparing for an auto loan, especially if your credit isn’t the greatest.

After you have all your information verified by the special finance manager and the subprime lender, you’re told what car payment you qualify for. From there, you choose a vehicle that fits the monthly payment.

One of the biggest advantages of getting a subprime auto loan after bankruptcy is that these loans are reported to the credit bureaus, which means a chance for credit repair. If you file for bankruptcy, it often wreaks havoc on your credit reports, but with on-time payments on your car loan, you can work to rebuild your credit score to its previous glory – or gain the illustrious credit score you’ve always wanted.

Finding a Subprime Auto Loan

Getting into a subprime auto loan means finding a dealership that’s in contact with subprime lenders, and it can be hard to tell which ones are signed up with them. That’s where we at Auto Credit Express want to help!

We have a nationwide network of dealers that are equipped to work with bankruptcy borrowers, and we can look for a dealership in your area at no cost, with no obligation. To get started, fill out our car loan request form and we’ll get to work finding a local dealer with the lending options you need.

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Lexington woman opens new tax agency in her hometown; Valentine’s Day events planned

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TRU Tax office opens in Lexington

Sharicka Holloway Sides is planning a grand opening celebration on Jan. 30 for her recently opened TRU Tax office in Lexington.

The 2008 graduate of Lexington Senior High moved back to her hometown after a stint of living in Georgia to open her business at 364 Dixon St. The local agency opened in December.

“I moved back really because I got an offer to have my own agency, and a majority of my clients are in North Carolina,” she said. 

Shortly after high school, Sides began doing her own taxes and helping family members file their annual tax forms. She worked for various tax preparation companies in N.C. and Georgia during the next several years. TRU Tax began in Georgia, she said, and now has agencies in Texas, Georgia, Alabama, North Carolina and Ohio.

“I love to help people,” she said, explaining why she began working in the tax form preparation industry. “My company will be about modifying charges and getting you the most (refund) back as possible. We have so many tools to use. If I can lower your fee or help you get more refund than you did last year, I’m all for it.”

TRU Tax also has credit repair and accounting services. Sides’ Lexington office will concentrate on tax returns, however, and has 10 employees. She said she will refer clients to TRU Tax credit repair and accounting specialists if requested.

Managing a new TRU Tax agency in Lexington is not Sides’ only job. She is also working with her husband, Kevin Sides, to open Kitchen Konects, a catering company. She first opened a food catering business of the same name while living in Georgia. More information about this business venture will be given when the opening date is nearer.

Potential clients can reach Sides or her employees by downloading the My Tax Office app and using code 8925LA, or by calling or emailing (404) 721-3349 and sharickahtrutax@gmail.com.

Pictured are charcuterie boards made by Chef John Wilson of Sophie's Cork & Ale for the Arts Davidson County New Year's Eve fundraiser. The arts nonprofit and Wilson have teamed up again to offer charcuterie boards for Valentine's Day featuring sweet treats.

Charcuterie boards are back for Valentine’s Day

Arts Davidson County is bringing back its charcuterie board fundraiser, but this time with sweets and wine for Valentine’s Day celebrations at home during the pandemic.

The nonprofit staged a New Year’s Eve charcuterie board fundraiser where it partnered with local artists to make the boards and local restaurants to create the food and sell the wine. 

“We sold 89 boards for New Year’s Eve,” said Amanda Murphy, events and community coordinator for Arts Davidson County. ” We had a few boards left that we did not sell, so we wanted to do this again for Valentine’s. People loved it.”

While the first fundraiser partnered with a Lexington and Thomasville restaurant, the Valentine event will feature the mostly homemade treats of one Lexington restaurant. Chef John Wilson of Sophie’s Cork and Ale in Lexington will fill the handmade boards with Chocolate pretzel sticks, chocolate-covered strawberries, candied pecans, crunchy peanut butter buckeyes, s’mores Girl Scout cookies, pistachio brittle and Nutella marshmallow fluff.

 In addition, Wilson has also partnered with three other Lexington eateries to provide treats. Those treats and businesses are: Chocolate bombs from The Factory – Coffee & Waffles, doughnut holes from Red Donut Shop and swiss rolls from Sinfully Delicious Custom Bakery.

Purchasers will select from six wines when purchasing their charcuterie board at eventbrite.com. The cost is $50. Boards and wine will be ready for pick up at Sophie’s Cork & Ale, located at 23 W. Second Ave., from 3 to 5 p.m. Feb. 13.

“It’s important to us that we are supporting local businesses with our fundraiser,” Murphy said. “…We’re trying to say stay at home and be safe and stay healthy, but you can still support the businesses in our community.”

A Valentine dinner catered by Kathleen Watson of Cuisine Kathleen is planned for Feb. 13 at The Holt House.

Valentine date night dinners planned in small setting at Holt House

The owning partners at the Holt House have planned a Valentine dinner on Feb. 13 at the historic home in Lexington.

Nia Ward, one of three local women who purchased the home in March 2020 to operate it as a wedding and events venue, said she and her partners wanted to provide a way for people to still “go out” for Valentine’s Day but in a safe, socially-distanced way.

Timed, staggered seating will be provided for two to 10 people. Tables will be set up six feet or more apart in all the rooms on the house’s first floor. A party of six to 10 will be provided a private room. There is also an option to purchase a meal and take it home.

Kathleen Watson, owner of Cuisine Kathleen catering, is preparing the meal that features beef tenderloin, seasonal salad, potatoes au gratin, yeast rolls, flourless chocolate torte and a glass of beer or wine. The cost is $50 per person and includes a floral arrangement to take home.

Seating times from 5-7:30 can be made and tickets purchased at holthoucenc.com. Guests may enjoy their private table for up to 1 hour and 45 minutes. Afterward, guests may lounge by the outdoor fire pit and patio area. 

– Jill Doss-Raines is The Dispatch trending topics and personality profiles senior reporter and is always looking for tips about businesses and entertainment events, secret and new menu items, and interesting people in Davidson County. She wants to know what people in Davidson County are talking about. Contact me at jill.doss-raines@the-dispatch.com and subscribe to us at the-dispatch.com.

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How to Find a Credit Repair Company in New York

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Your credit score isn’t something you tend to give too much thought to – that is, until you need to borrow money, rent an apartment, or sign a car lease wherein it may require a credit check.

Suddenly, the fact that you may have missed a bill here and there, fallen behind on payments, and not worried too much about your credit score, will come back to haunt you.

For many people, bad credit can be scary, especially if you’ve never experienced it before. Having bad credit can negatively affect you in all kinds of ways, not just right now, but also in the future. The good news is that this doesn’t have to be a permanent situation, as there are ways you can go about fixing your credit. One of the most effective methods is to work with a credit repair company that understands exactly what steps you will need to take, and how to improve your rating as smoothly and quickly as possible.

So, if you’re looking for a credit repair company in New York and aren’t even sure what you should be looking for, let this act as your guidebook. Here we’ll outline all the most important steps in finding the perfect credit repair company in New York.

Look for a Company with Experience

The first thing to look out for is a company that has credit repair experience. Fixing your credit is a serious matter and not something you want to make mistakes with. This means you need a company that has a proven track record of helping clients, and one that can show real results.

Does the Company Offer a Guarantee?

Besides experience, it’s also wise to ask if the company offers a guarantee on their services. Ideally, it should be a money back guarantee should they not be able to follow through no their promise or guarantee. In other words, they are unable to fix your credit score.

Does the Company Offer a Free Consultation or Evaluation?

It’s also important to look for a company that approaches each case or client on an individual basis. What works for one person may not be the best solution for you. Ask the company in advance if they offer any type of free consultation or evaluation. This gives you a chance to get an idea of the approach they would take, and you can then make a decision if it matches with your needs and wants.

How Long Will it Take to Fix Your Credit?

Any reputable credit repair company should be able to look at your current credit rating, your personal situation, and then give you a rough estimate on how long the process should take. Will it be weeks, months, a year? It’s important to get a realistic idea of what you can expect going forward. Some companies will even offer real-time status updates, which can give you peace of mind knowing that they are working to remedy your credit rating.

Ask What is Needed Of You

While the credit repair company will be doing all the hard work, you will still have a role to play. Make sure to ask what will be expected and needed of you in order for the process to move along smoothly.

What Is the Customer Support Like?

Because you aren’t an expert yourself when it comes to credit repair, there is no doubt you’ll have questions here and there. It’s important to research what the level of customer support is should you have concerns, issues, or questions that you need assistance with.

Inquire Into Various Plans

Here’s a tip you may not think of right away, but it may be helpful. Sometimes it’s not a matter of a credit rating for a single person, rather you need assistance as part of a couple. You can find a robust Couples Plan at Pyramid, a reputable credit repair company. The Couples Plan is actually Pyramid’s most popular plan and boasts a personalized service for two people and specific finance tools for couples, among other features and benefits. It’s a great way to take action as a couple and get some really positive results.

What Will the Company Need from You?

In order to do their job, the credit repair company will need documentation from you, so make sure you are given a list of all the essential items you need to gather. Without all the necessary documents they may not be able to successfully repair your credit score. This is why it’s so important to be keeping careful records at home.

When you do gather all the material for the company, they should also never ask you to lie. Even if it’s not a bold-faced lie, a misleading statement shouldn’t be used either.

Do You Have to Sign a Contract?

While some companies may try to rope you into a contract, there is no reason you have to go with them. Instead, look for a company that doesn’t have contracts or commitments so that you can feel free to leave if you’re not happy.

Asking for Full Payment Up-Front

Another red flag can be a company that asks for full payment up-front. As experts state, these are companies you want to steer far away from.

Read Online Reviews from Other Clients

Finally, you want to take a look at online reviews about any company you are considering using. Although online reviews need to be taken with a grain of salt, they can offer some helpful insight and help to ensure you make an informed decision.

Besides online reviews, you can speak to family and friends who may have worked with a credit repair company in the past and get their insight on the experience they had – both good and bad.

Finding the Company That Will Help You

While it may seem like a lot of things to be mindful of as you look to hire a credit repair company, the fact is that you want your credit score to be repaired quickly and properly, so choosing the right company is key.



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Mick Foley debuts new hairstyle inspired by Patrick Mahomes

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WWE Hall Of Famer Mick Foley appears to be keeping busy with commercials for national brands.

Foley debuted a new hairstyle on Twitter while promoting State Farm insurance. As seen below, it looks like he has shaved the sides of his head to match Mahomes’ hairstyle.

Foley said he was looking for State Farm’s “Patrick price” but his son, Dewey, informed him that everyone gets the same great rate at State Farm. Check out Mick’s response in the clip below.

On a related note, Mick also recently did an ad for Lexington Law Group credit repair company so perhaps there is a future for him as a spokesman.



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