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Auto financing post Chap 7

Established Member

Auto financing post Chap 7

We were discharged in July. Suggestions on who to try for financing? Looking at a new 2015 Durango for 33k (MSRP 47k) Scores are high 500s yearly income 100k. We burned NFCU & USAA so they are a no go.
Message 1 of 9
8 REPLIES
Regular Contributor

Re: Auto financing post Chap 7

Have you tried prestige financial?
Message 2 of 9
Established Contributor

Re: Auto financing post Chap 7

Gosh, talk about shooting for the stars. Better think about a used sub 10k car..pay cash if you can, interest will kill you. Insurance will be really high, since your Bk will show up. Guess u can always hit up CAPONE or such preq sites (for auto loans)to see if u can get that..

Message 3 of 9
Senior Contributor

Re: Auto financing post Chap 7

Have you checked the auto loan section of this forum?

Message 4 of 9
Established Member

Re: Auto financing post Chap 7

Not shooting for stars IMO. We have perfect payment history on the current car & mortgage. No other debt & we keep our monthly expenses down. Pay off cards each month. USAA does allow you to keep your insurance & we have already been renewed once with the BK with no increase in premium-in fact it went down. Just need a bigger vehicle now that our family is bigger. I have spoken with quite a few people that have gotten financing early out for amounts over 30k but they were through Ford, Honda & GMC. Just looking to see if anyone has dealt with a Dodge dealer......
Message 5 of 9
Contributor

Re: Auto financing post Chap 7

With that kind of income you probably won't have an issue getting subprime financing. I would try cap1 first. 

Pro Se Chapter 7 discharged July 2015
Message 6 of 9
Senior Contributor

Re: Auto financing post Chap 7

I was able to finance through Wells Fargo when I was subprime. I only borrowed about half that amount though. 

Message 7 of 9
Established Contributor

Re: Auto financing post Chap 7

I just got discharged 4 days ago and have been trying to look around for a new car. I want a new car maybe, $20-$25k but it looks like im gonna need someone to cosign me. I got approved for roadloans for up to $21k with 21% apr, chrysler financial for $16k and everyone else declined me so far (toyota, hyundai, americredit, exeter, and some other banks that i dont know of, the dealership must've tried to get me approved) i have 8 pulls from Experian and 5 from TU. They always pull EX here in SoCal. I wish I can find someone that will pull EQ because that is my highest score. 

 

PS. I don't think you would have a problem getting a used car for under $15k, seems like dealerships will try to push u to buy used. I never believed in getting a used car since used cars are sometimes more expensive. Thats just my own opinion though. Im wondering if I can cosign my dad, his score is ~680 on all three but his DTI might be too high. Can I use his credit while i use my income??


Starting Score: MYFICO 12/30/15 -TU: 481, EQ:561, EX:532 - BK7 DISCHARGED 12/2015 - Current: 09/01/2016 TU:642 EQ: 651 EX: 646
NFCU cashRewards:$6200 QS:$1500 Merrick:$1200 Cabelas:$1000 SonyVisa: $500 JCrew:$850 Overstock:$850 Express: $1050 PaypalCredit:$2150 NAVCHECK:$10K
Message 8 of 9
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Established Contributor

Re: Auto financing post Chap 7

Capital One would definitely be the first place I would go. I understand your desire for a new car, but I would also look at a slightly used car of the same model. When you buy a new car, you are immediately underwater by quite a bit. Getting something used has already included the depreciation driving off the lot with a new car causes. What you will find is you may have to have more out of pocket to get a decent new car loan over a well-priced used one.

 

Good luck in your decision!

Ch7 Discharge 3/15: Goal: 700 Current FICO:Equifax: 674(608) Tranunion: 664(585) Experian: 679(590)
Message 9 of 9