What are you paying on 6-mo. insurance premiums on your fortwo?

[homeslice]

Originally Posted by John_H

Badly. Find an insurance company that doesn't use FICOs.

That's why I am stuck with Geico. Every time I check with another company, my premiums have been quoted up to 5x what I am paying now. I've been using Geico since the early 1990's and can't switch now. I tried Liberty Mutual, State Farm Allstate... they all quote me ridiculous amounts and that was back when my credit score was in the upper 600's a few months ago. My bankruptcy attorney told me to stop paying everything, so now my score tanked. I wonder how I will be able to finance a smart car after the bankruptcy? If I put $9,000 down, I wonder if they will be able to do it without me having to wait 2 years.

[rfernatt]

$380 for six months, married, 35-40 age range, no tickets or accidents in the past 5+ years, also own a Nissan truck so multi-car discount. The smart is $360/yr less than the Honda Civic Coupe it replaced.

[tivoboy]

I pay 196$ for six months, this is the second car on my policy, jeep GC is the first one.

[Old smart]

USAA:
Garaged City of Williamsburg, VA
Two drivers, 60+ y/o each
Multiple-car coverage
8,000 mi/yr
No at-fault accidents
+/-$132/6 mos with 5%** returned at year-end as membeship dividend = effectively +/-$125/6 mos

**Yearly dividend increases to 10% in 2010 due membership longevity

[homeslice]

Man, I need to get USAA!! That's awesome!

[John_H]

Are you military? Ex military? Have a parent that was military?

I've got USAA because my dad was Army. They have very decent rates for more than just car insurance, too. I have to admit, though, that I'm jealous of that $132/6mo rate. Mine's more like $385/6mo for my cabrio but I've got higher-than-mandated limits on several items as well as $0 comprehensive deductible to cover any possible glass issues.

[The Rigger]

Originally Posted by homeslice

They should make brand new Z06's so 21 year olds can afford them. Now that would be an idea, wouldn't it?

I think if they cut enough out of a Z06 to make it that affordable, it wouldn't be a Z06 any more; it'd be a Chevette instead of a Corvette.

[The Rigger]

Originally Posted by homeslice

I wonder how I will be able to finance a smart car after the bankruptcy?

Chapter 11 or Chapter 13? Either way, you'll most likely have to wait a few years. If it's a Chapter 13, is your reorganization plan paid off yet? If not, you won't be able to finance one anyway.

Do yourself a favor and investigate getting into some sort of credit union, rather than being held in slavery to a bank. A.) you'll get a better rate, and B.) you'll be able to reestablish good credit faster with a CU than with a bank.

[fpage77]

Originally Posted by The Rigger

Chapter 11 or Chapter 13? Either way, you'll most likely have to wait a few years. If it's a Chapter 13, is your reorganization plan paid off yet? If not, you won't be able to finance one anyway.

Do yourself a favor and investigate getting into some sort of credit union, rather than being held in slavery to a bank. A.) you'll get a better rate, and B.) you'll be able to reestablish good credit faster with a CU than with a bank.

It's been a long time since I opened a bank account but don't they run a credit check on you at that time and can deny you a checking account. I seem to remember the few times in my life I opened up a checking account they ran a check and if so he may not even be able to do that.

[The Rigger]

Originally Posted by fpage77

It's been a long time since I opened a bank account but don't they run a credit check on you at that time and can deny you a checking account. I seem to remember the few times in my life I opened up a checking account they ran a check and if so he may not even be able to do that.

He can probably still open an account, which is Step One on the road to re-establishing good credit. He may be able to get a restricted checking account, too, which is a bit of a PITA but it beats having none at all...

Either way, he'll be better off at a Credit Union. There are options available at most Credit Unions to help people in that set of circumstances get back on the good side.

(Trust me, I know this first-hand; I had to go through a Chapter 13 reorganization myself, about a decade ago.)