Auto Loan from Credit Union post Ch. 7

[Metsfantransplant]

Has anyone had any luck getting approved for an auto loan with a credit union right after discharge? I should be discharged any day now and will need a car immediately as Santandar will be coming to take their car back. I've read about some of the companies people are getting approved from, but I haven't seen much about a credit union. I ask because I know the best credit union around here uses Transunion and I'm showing the highest credit score with them (credit karma 624...I know it's fako). I'll also be trying with capital one auto finance and whatever else a dealership might suggest, but myfico is showing my score as 544 and I'm not sure if that's going to be good enough. 

[ezdriver]

I refinanced mine with a CU but only after having shown 10 months of payments after my discharge date. Highly unlike that a CU will finance a car for you immediately following a abnkruptcy ... but auto dealers will.

[TRC_WA]

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@ezdriver wrote:

I refinanced mine with a CU but only after having shown 10 months of payments after my discharge date. Highly unlike that a CU will finance a car for you immediately following a abnkruptcy ... but auto dealers will.

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+1

I bought my car with dealer 8.9% financing 2 days after BK13 discharge.... Then refinanced at 3.99% with my CU 10 months later.

[Scupra]

Same time frame but not a refi.. 10 months d/c got my auto loan from NFCU @ 4%

[arholden]

I was discharged from BK7 in Feb 14. In June '14 I opened CU checking & savings acct and applied/was approved for a credit builder loan. At that time I still had 2 years to pay on my auto loan, which is through Cap1 with almost 19% interest. I asked the rep about refinancing (she was aware of my BK7) and she told me to wait about 6 months before applying to refi through them. I've gotten tons of financing offers through the mail from various lots and lenders, but all the interest rates are just as high as what I am currently paying. 

I still have about 21 months left of payments, but I'd love to be able to trade in AND get a lower interest rate.

[Desiflavour101]

From what I have observed from my local credit unions (3 in the area) they want to see positive history with them and others before approving an auto loan.

Capital One Auto will be a better route and then refinance after 1 year with the CU. My car is financed through COA using my Dad. His bankruptcy was discharged in the beginning of June 2013 and Road Loans approved him for an auto loan. We took the offer with us to the dealership and they countered it with a better I/R from Capital One Auto.