06-20-2016 11:53 PM
06-21-2016 08:40 AM
there is plenty of lenders will approve u post DC . you will get plenty of offers in mail .
my experince was great .
i was approved for autoloan after 341 meeting same day with Honda 2016 exl accord Apr 2.4 and no DP.
my score was 682 that time tho .
but i had 3 pain in ful autoloans since 2012 .
your case is fine too . you should be approved with someone . yes you can refinance in 6 to 12 months
06-21-2016 07:55 PM
I was curious as to what the APR's were that all of those offers in the mail are offering? Did you check any of them out? Also, if you don't mind saying, is your Honda loan through Honda credit? Thanks!
06-21-2016 08:07 PM
my Honda loan with local CU .
my payment history before BK is very good . no lates no collections . this help my approval with my CU .
and the offers i got by mail the apr was between 13 to 25 .
let me tell u what happened to me .
when i filed for bankruptcy i did not know they will include my carloan . i had a loan with Nissan finance for altima 2015 i got it with trade so my loan was 30000$ and teh car value was 21000.
it was saturday when i notice nissan closed my loan IIb and i freaked out and tried to call them but they were closed . so i thought they will come and repo my car tonight (i had very poor education about bk and autoloan) . so i went to toyota and talked to finance and applied with them and got approval from small finance company with 17% apr for corola 2015 . any way i said i will wait until monday and call my lawyer so i did not sign the loan . and my lawyer told me do not worry no one can repo ur nissan so i waited after 341 meeting and now financing 25000 instead of 30000 ..and guess what now after 14 days from my DC they still did not repo the nissan i still have it tho
so what i am trying to tell u . you will be approved even if u have high apr it is ok just do it and refinace later .
by the way when my acounts start reporting 0 balance and have no debt in my credit my car insurance went from 140$ a month to 80$ a month with same covarage .
i cant belive it went lower .
i will attach link to capitalone pre approval autoloan
it is soft inquiry yo can try it ..
and u can talk to the finance in dealership they will help u but make sure dont try for luxury cars tho
honda . nissan .toyota.ford all okay cars to start with
good luck and keep us posted
06-22-2016 02:46 AM
06-22-2016 07:51 AM
I was in the same situation as you in regards to the negative equity. My attorney referred me to a finance director at a dealership that he partnered with after my 341 meeting, and I was able to obtain financing on a vehicle at an understandable 14.99% interest rate through prestige financial. One thing to consider when refinancing though is the LTV of the vehicle. That was the obstacle I was facing when trying to refinance. I wasn't able to due to the LTV being past 130% so I traded the vehicle in for a new one at a 6% interest rate and rolled over about 2k negative equity to a vehicle I plan to keep for a very long time. Best of luck to you in your search!
06-22-2016 02:54 PM - edited 06-22-2016 02:57 PM
My husband and I are meeting with an attorney on 7-1 to discuss chapter 7. His auto loan is a POS Subaru that got lumped in with other debts with our credit union, so this car that's worth on a good day $1,500 has a loan balance of $25k on it so we won't be keeping it and my credit union is a pain in the butt so they won't let us just pay the balance and walk away with the title ( I know this, they're horrible).. I have been reading people saying after the 341 meeting they were able to get financed, and others are saying after discharge. What's the difference? Is waiting till discharge better than trying to get financed after the 341? I presume we should have about $3-4k saved by that point as a down payment, and I'm looking at a used Prius V.. CarMax said we had to wait till discharge, then walk in with the paper and they can finance us. I'm in Oregon so I don't know if that makes a difference as to when we can get financed.
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