10-07-2012 07:09 PM
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?!?
10-08-2012 04:02 PM
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.
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO