jethro
05-05-2004, 04:41 PM
Here's my situation-
I need a new car. I have over thirteen collections on my cr at the moment that i am trying to clean up. I have just opened a bank account recently and keep a balance of about $500.00. I have over $7000 saved that i keep in a safe place. My credit is so poor right now i wold have trouble getting a loan and if i did the rates would be very high. So i was thinking maybe i could put my $7000 into a cd that the bank would use to secure a car loan with. THis way i would get a good rate and the loan would help rebuild my credit. But, I'm scared that one of these collection agencies like Asset that i owe $3000 to is going to come after that cd or my car. Is this possible and or likley? If the money was in a cd and not an account would that prevent a judgement from being able to get at it? Is there another way to creativeley finance a vehicle given the variables and keep myself judgement proof? Any help would be greatly appreciated.
Thanks
Jethro
I need a new car. I have over thirteen collections on my cr at the moment that i am trying to clean up. I have just opened a bank account recently and keep a balance of about $500.00. I have over $7000 saved that i keep in a safe place. My credit is so poor right now i wold have trouble getting a loan and if i did the rates would be very high. So i was thinking maybe i could put my $7000 into a cd that the bank would use to secure a car loan with. THis way i would get a good rate and the loan would help rebuild my credit. But, I'm scared that one of these collection agencies like Asset that i owe $3000 to is going to come after that cd or my car. Is this possible and or likley? If the money was in a cd and not an account would that prevent a judgement from being able to get at it? Is there another way to creativeley finance a vehicle given the variables and keep myself judgement proof? Any help would be greatly appreciated.
Thanks
Jethro