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Member
onmyway2day
Posts: 9
Registered: ‎05-31-2013
0

Can't believe it! Got 0% financing 4 months after BK7!!!

Just have to keep pinching myself. This has been a very long journey for me to get to this point - years of shady dealers and being taken advantage of due to my horrible credit from a very bad divorce. I was finally able to afford an attorney to file BK7 and it was discharged in April this year. Thanks to everyone's help on the forum, I've been climbing my way back up. Here are the loan details:

 

New 2013 Chevy Traverse 2LT - leather, nav, dvd. Sticker price - $43,090. My loan amt - $38,430 (I get GMS pricing through my dad, plus $1900 equity from my trade, $2000 down, ttl). Monthly payment - $640 - that's 0% for 60 months. The dealer ran my EQ report and I had 643 FICO and 653 Auto FICO through EQ. The lender was WFDS and they ran EX. My EX FICO is 623. The dealer had told me that two lenders will do the 0% financing - Ally and WFDS. Ally denied me. WFDS approved me. The dealer said the minumum score to qualify for the 0% was 630 and they because I had a recent BK7, I would have to show that I had reestablished myself by having a new cc and auto loan. I did have a new cc that I opened in June and I did not include my current auto loan in the BK7 (reaffirmed it).

 

I purposely waited a week to share the news because I was worried that it would somehow fall through. But yesterday, the new Traverse loan showed up in my WFDS account online (my current auto loan was also with them) and gives all the loan details and I could make my first payment on it now if I wanted, so I hope that means it's official. The old loan is not showing as being paid off yet, but hopefully, that will show soon.

 

Wanted to share my story and tell everyone that good things do happen if you just keep moving forward and working diligently on improving. Thanks to all of you on this forum for all of your great advice!


Starting Score: 500
Current Score: 631
Goal Score: 700


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Community Leader
Valued Contributor
HoldingOntoHope
Posts: 1,057
Registered: ‎09-29-2009
0

Re: Can't believe it! Got 0% financing 4 months after BK7!!!

Wow! Congratulations, I know your post will give hope to some who are coming out of Chapter 7 bankruptcy. I'm somewhat surprised that the dealer was able to go all the way down to 630 for prime financing. I guess things are loosening up a little at last in the auto loans. Seems like not so long ago all we read was 720+ for prime deals.

Best financial advice I ever got: "Just imagine what an adult would do and do that."

Starting Score: 500's
Current Score: EQ 701 (FICO) TU 721 (FICO) EX 715 (Quizzle)
Goal Score: 760 ALL


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Moderator
pizzadude
Posts: 9,674
Registered: ‎01-28-2010
0

Re: Can't believe it! Got 0% financing 4 months after BK7!!!

 

Congrats on the approval and fantastic terms !

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Community Leader
Valued Contributor
azguy13
Posts: 5,381
Registered: ‎04-30-2013
0

Re: Can't believe it! Got 0% financing 4 months after BK7!!!

That is excellent news! I love when banks recognize hard working people who had a rough patch and believe in them. WFDS has done that in the past, but you have gotten the best deal I have heard of. Congrats and have fun in your new vehicle!




NFCU Flagship $25,000 I AMEX SPG $23,000 I Chase Sapphire Preferred $17,500 I Discover IT $12,000 I
Established Contributor
SoulMaster
Posts: 993
Registered: ‎11-08-2011
0

Re: Can't believe it! Got 0% financing 4 months after BK7!!!

I still hate auto-loans, and buying new-new cars, but this is friggin' awesome!  WAY TO GO!

 

Congrats on your rebuild, and keep with it!  You'll be 700 in no time!

 

-SM

I am not an attorney and none of what I write should be construed as legal advice. For legal advice please consult an attorney.

Starting Score: ~470 preBK(8/2010)
Current Scores as of 3/15/14 All 700+. Last CR pull from a lender(housing) was mid-score 729.
Goal Score: 700+ - reached.
Established Contributor
SoulMaster
Posts: 993
Registered: ‎11-08-2011
0

Re: Can't believe it! Got 0% financing 4 months after BK7!!!

Mods, can we link a thread from the BK forum to here?  I'm sure there are a ton of people over there who would love to know this news, but that might not check this (Auto) forum every day?  I'd build a link-y post, but I'm not sure that doesn't violate the rules.

 

-SM

I am not an attorney and none of what I write should be construed as legal advice. For legal advice please consult an attorney.

Starting Score: ~470 preBK(8/2010)
Current Scores as of 3/15/14 All 700+. Last CR pull from a lender(housing) was mid-score 729.
Goal Score: 700+ - reached.
Frequent Contributor
blunderer
Posts: 377
Registered: ‎01-09-2013
0

Re: Can't believe it! Got 0% financing 4 months after BK7!!!

onmyway2day -  Congratulations!!!! 

Enjoy your new ride.

Moderator
pizzadude
Posts: 9,674
Registered: ‎01-28-2010
0

Re: Can't believe it! Got 0% financing 4 months after BK7!!!

I'll post a link in the BK forum.
March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Regular Contributor
ChistineNJ
Posts: 160
Registered: ‎04-04-2013
0

Re: Can't believe it! Got 0% financing 4 months after BK7!!!

That is great! Im in a 2011 leased traverse, trying to find out how to get in anthor next year before this one is up in 3/2014....its not in my name i just make the payments. I dont want to ask someone else to finance for me...again...ally is the lein holder but i highly doubt they will approve me. Thanks for sharing
 Cap1 1500.00, CU card 800.00, express 250, nrewards 2500.00, VS 500.00, quicksilver 1500.00, BML 500.00, CB Loan 1000.00

Starting Score: 553
Current Score: 630
Goal Score: 650


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 Pre BK score: 565 (Credit-Infonet)
Filed Bk : 3/26/13
Scores: TU 591, EQU 579 EXP 516
BK D/C: 6/21/2013
Post Clean up Scores: TU 569, EQU 553 EXP 587
New Accounts
6/28 Capital One $300.00
7/ Fp $700.00
9/11 Express Retail Charge $250.00
10/28/13- nfcu nrewards $500.00
Member
onmyway2day
Posts: 9
Registered: ‎05-31-2013
0

Re: Can't believe it! Got 0% financing 4 months after BK7!!!

Thanks, everyone! And it's now official! Checked my old loan account last night and the balance is zero, so the dealer paid off the trade. It's a done deal! Yahoo!!


Starting Score: 500
Current Score: 631
Goal Score: 700


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