Auto Loan through Captive Lender Post BK?

[cgkbk13]

I had filed CH13 BK back in 9/2008 and was discharged 2/29/2012.  

I was leasing an Acura for 3 years through AHFC (Am. Honda Finance Corp), filed for BK 6 months into the lease, the lease was IIB because it had to be included by law (all debts had to be included I was told).  I continued to pay the lease, even paid the final balance due at lease end for overage of miles.  I had 2 prior leases with AHFC; All 3 satisfied/no lates, and was also the co-signer on all 3. 

Since my lease ended over a year ago while still completing my CH13 plan and could not get into a loan, I was forced to purchase whatever I could for cash.  Granted the vehicle is still running, it’s cost me some money along the way and am not looking forward to the next bill nor do I intend to invest any amount other than basic services.  Ideally I'd drive it into the ground….if it’s not already almost there, but the next huge bill and I’m calling it quits so long as I can find a good deal, I will unload it sooner than later.  With my current scores (TU 626, EQ 670), having about 3-5k down payment, annual income 65k (been with company 1.5 yrs), I'm about to turn 30, rent 790/month, a CC with 0 balance and 2k CL open two years (I didn’t know I wasn’t supposed to have this while in BK until after I got it), 3 satisfied auto leases with me as the co-signer, all through AHFC, how are my odds of going into a dealership and securing financing through their captive lender?

And for those that may know more of the determining factors, I have about $80k in student loans that are going to be open for repayment very soon, 50k showing on my CR and 30k transferred to ECMC during my BK which is NOT showing on my CR.  Given this, would I be better off getting into something now while my CR is only showing 50k in loans, or wait until I establish a solid payment history on all my student loans and see where the leads me later (assuming my current vehicle survives until 'later')

[Hammer23]

With good auto history before the BK, good job time and income, I think most captives would be willing to approve the right deal structure. 

The rates may not be the best though. 

Ford Credit approved me right out of BK. I had to pay 4% over the 1.9% they where offering at the time... but 5.9% was the best I could do at the time (note that you do lose the rebate if you do this) 

Wells Fargo is very BK friendly if you would perfer a used car. My wife got a 7.99% rate with them on a used Mazda 3 months after our BK. 

VW credit also approved us after our BK

[cgkbk13]

I wouldn't have thought of Wells Fargo; At this point I didn't think any of the major banks would be willing to do business.  My CU requires me to be two years post-BK before they will consider me for a loan.  Given that, I'd be will to accept a less than perfect APR (pref under 8%) and refi with my CU later.

My understanding is Nissan/Infiniti (Nissan Motor Acceptance Corp) is supposed to be very BK friendly.  I've also seen on the Financing portion of dealers websites what they call Second Chance Financing.  Has anyone had any experience with NMAC and/or their 2nd Chance program? 

[Hammer23]

I do not have experience with NMAC, however I know for a fact that VW Credit, Ford Credit, Ally, and Wells Fargo Dealer Services are all BK friendly. 

[cgkbk13]

Hammer23, thank you!

I understand Ally is affiliated with, or is what was, GMAC.  Do they only work with GM dealers/brands or is Ally operating as a lender to all dealers/brands?

Can you apply through Ally and Wells Fargo Dealer Services directly or must a dealer submit your app to them?

[Hammer23]

A dealer must submit you to WFDS as they are a indirect lender. 

Ally is affiliated with GM / Chrysler for subvented programs (0, 1.9%% and special leases)

You can apply through most of the captives on thier websites, but you stand a significantly better chance of getting approved if submitted throgh a dealer.