I have a perfect car payment history, since 2000, with one exception. I was 42 days past due on my car loan with a local CU and they repoed my car! The CU had pulled a credit report, and my financial picture became clear. I was on a fast track toward a Ch7 BK, and they worried I would end up rolling my car into it so they took it back before I had the chance. Never been late or had ANY other issues with a car payment, EVER!!! Too bad I had planned to maintain current payments and KEEP that car through the BK process. Stupid CU.
Following the repo, I could only find financing from Santander, and am currently financed with them at something like 26%. I financed with them before filing my Ch7 BK, and reaffirmed the debt during the BK process. My BK was discharged April 2012. I have maintained a perfect payment history on this car since I acquired it in April 2011.
Santander has started to report to the bureau's again, which is great. However, I am TIRED of paying the interest rate that I am! So I am looking to refi this puppy with another company. Only problem is- I haven't a CLUE which companies will touch a refi following BK! Google research led me to 1) Santander and 2) Roadloans. These are the same company and I am currently financed with Santander, so that doesn't help me in the least.
Anyone have suggestions on who to apply to in order to obtain an auto refi following Ch7 BK? I could really use some "been there, done that" advice as I really can't afford a bunch of credit rejections. Help?!?
Try wells fargo bank. My situation wasn't quite like yours, but my BK discharged Feb 12. I just went to carmax and got financed by Wells Fargo for $27,700 at 8.79%, so you may want to try wells fargo. Santander offered 15.5%, so naturally I took the wells offer. Wells is pretty good on subprime loans.