Tips on Buying Cars: Financing a car

Question
Hello
Try to make a long story short...I am trying to buy a car after my meeting of creditors Chapter 7...got preapproved
pending the meeting of course.  The finace guy at the lot seemed very helpful and guideful but then its a used car lot and i am completely uneducated about the finance process.  this was basically what I was told...I had my heart set on a 300 or Charger and he explained that basically he could get me into anything but each car is a case by case basis.  the two cars i am interested in would require a much higher down payment than say a cadillac because the have a 60%-70% default rate so the lenders would require a lot down.  That he gets a report of somesort with default percents for cars returned for parts issues, basically percents for people who surrender them for various reasonsbut mainly because they are junk are have lots of issues. They base the down payment on the likelyhood it could be returned.  My two choices he said get returned a lot for mechanical therefore that is why downpayments or circumstances for each car is different.
QUESTION is then is this accurate or what can you tell me about this?  Or furthermore is there somewhere you can advise me to find out this info....i want a reliable but nice vehicle where can i do my homework on what he is implying or really any advise you can give me on my journey ??  Thank you

Answer
Slammed for time but wanted to get to you before you stepped into the abyss.

There are a limited number of banks willing to loan on a car when you are in an open Ch 7. One of those banks is a bank called Westlake Financial and they are the bank it sounds like they are trying to get your loan approved through because they are one of at least 3 banks who loan based upon the model and maker of the car based upon a rating system and its not so much based upon the costs to fix it as it is their likely ability to auction it for anywhere near what you owe on it in the event of a repo. That said here is my advice ...RUNNNNN!!! (and I will augment this answer later this evening or you can pepper me with additional questions until you understand completely what I am saying because I am with you on this until you do and can send back a perfect survey for me with maximum bonus points.

Here are some hard and fast rules for buying with subprime credit:

1. They will beat on you for down payment and you should never put over 10-15% down ...think of it this way ...the down payment goes right to profit ...and thAts the truth ...yes it makes the deal more buyable but beyond that it all drops into the profit column...500-1000 MAX!
2. Prices for these cars is NEGOTIABLE! They will make you think it isn't and if they won't negotiate then WALK! Especially if they carry their own contracts (Buy Here Pay Here Lots)
3. Almost every dealer in town can do these loans including franchise stores... shop by phone and ask them "Can you get financing for an open ch 7" it should almost be the first thing out of your mouth
4. If they say yes and they have something you like then and only then give them your info ...having 10-15 inquiries on your  credit doesn't make you look good to a bank. it makes you look desperate and unbuyable.

My email address is roadloans@gmail.com and those emails go straight to my cell phone... also its very likely you won't be able to buy your dream car until the car after this one....there is a bank who would do your dream car so please tell me where you live and I will give you a list of dealers in your area that have this bank ...they are real choosey

Roger