Capital One Auto Loan 2 Days Post CH 7 Discharge!

[Anonymous]

I received a loan approval through Capital One two days after my BK was discharged (of which I did Pro Se after firing my lawyer but that's another post! ). I was approved with $0 down with an APR range of 6.50% - 15.95% depending on the year and mileage up to $40,000.  I ended purchasing a used 2016 Nissan Maxima 3.5 S with 12,000 miles for $25,800 with an interest rate of 7.92% which I hope to refinance in a year or so.  My scores at the time were TU: 622 EX: 630 EQ: 601 and my income is $62,000/yr.

[Scupra]

Awesome job and congrats! I love the new Maxima, great choice

[jim44]

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@Anonymous wrote:

I received a loan approval through Capital One two days after my BK was discharged (of which I did Pro Se after firing my lawyer but that's another post! ). I was approved with $0 down with an APR range of 6.50% - 15.95% depending on the year and mileage up to $40,000.  I ended purchasing a used 2016 Nissan Maxima 3.5 S with 12,000 miles for $25,800 with an interest rate of 7.92% which I hope to refinance in a year or so.  My scores at the time were TU: 622 EX: 630 EQ: 601 and my income is $62,000/yr.

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Congrats!  Just curious what is your payment and terms?  A good friend of mine is thinking about buying a Maxima and is about a year post DC.  Thanks

[Anonymous]

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@Anonymous wrote:

I received a loan approval through Capital One two days after my BK was discharged (of which I did Pro Se after firing my lawyer but that's another post! ). I was approved with $0 down with an APR range of 6.50% - 15.95% depending on the year and mileage up to $40,000.  I ended purchasing a used 2016 Nissan Maxima 3.5 S with 12,000 miles for $25,800 with an interest rate of 7.92% which I hope to refinance in a year or so.  My scores at the time were TU: 622 EX: 630 EQ: 601 and my income is $62,000/yr.

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congrats!

did you burn Cap1 in BK?

[Anonymous]

I had a preapproval very similar days after discharge also, but the Dealer was able to get me better terms, still through capital one. I didn't mention anything about my preapproval until after they gave me their best terms which were terrible, I showed them my pre approval, and shortly after that they beat the pre approval terms, this was a significant difference. Good luck. 

[6speed8]

Congrats. I did the Cap One pre-approval as well but the dealer came back with more money and equal terms to Cap One - $4000 more and 4.9%. 

I considered a Maxima as well as an Altima among others (Sonata,Accord,Legacy). What turned me away from them, besides finding the car with the right "fit" for me (Sonata Sport 2.0T Limited seats were aces for me) was the CVT transmissions. Please don't think I'm knocking your choice of cars. Just as a retired mechanic / service advisor, my experience tells me to stay away from CVT and DSG-type transmissions. They're great and efficient. It's just besides not liking the "feel" of CVT transmisisons, they're problematic. If you plan on keeping it past the factory warranty, add an extended warranty to it. Just advice from my experience on the service end. I love the looks of the Maxima and if it didn't have the CVT, I'd have one in my driveway because the seats were almost as good as the Sonata for me.

[Scupra]

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@6speed8 wrote:

Congrats. I did the Cap One pre-approval as well but the dealer came back with more money and equal terms to Cap One - $4000 more and 4.9%. 

I considered a Maxima as well as an Altima among others (Sonata,Accord,Legacy). What turned me away from them, besides finding the car with the right "fit" for me (Sonata Sport 2.0T Limited seats were aces for me) was the CVT transmissions. Please don't think I'm knocking your choice of cars. Just as a retired mechanic / service advisor, my experience tells me to stay away from CVT and DSG-type transmissions. They're great and efficient. It's just besides not liking the "feel" of CVT transmisisons, they're problematic. If you plan on keeping it past the factory warranty, add an extended warranty to it. Just advice from my experience on the service end. I love the looks of the Maxima and if it didn't have the CVT, I'd have one in my driveway because the seats were almost as good as the Sonata for me.

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CVT is not my favorite either :/

[Anonymous]

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@jim44 wrote:

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@Anonymous wrote:

I received a loan approval through Capital One two days after my BK was discharged (of which I did Pro Se after firing my lawyer but that's another post! ). I was approved with $0 down with an APR range of 6.50% - 15.95% depending on the year and mileage up to $40,000.  I ended purchasing a used 2016 Nissan Maxima 3.5 S with 12,000 miles for $25,800 with an interest rate of 7.92% which I hope to refinance in a year or so.  My scores at the time were TU: 622 EX: 630 EQ: 601 and my income is $62,000/yr.

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Congrats!  Just curious what is your payment and terms?  A good friend of mine is thinking about buying a Maxima and is about a year post DC.  Thanks

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My total price out the door with extended warranty, taxes and gap was around 28K and my payments are $520 for 72 months.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

I received a loan approval through Capital One two days after my BK was discharged (of which I did Pro Se after firing my lawyer but that's another post! ). I was approved with $0 down with an APR range of 6.50% - 15.95% depending on the year and mileage up to $40,000.  I ended purchasing a used 2016 Nissan Maxima 3.5 S with 12,000 miles for $25,800 with an interest rate of 7.92% which I hope to refinance in a year or so.  My scores at the time were TU: 622 EX: 630 EQ: 601 and my income is $62,000/yr.

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congrats!

did you burn Cap1 in BK?

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Thank you and no, I did not burn Cap1.

[Anonymous]

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@6speed8 wrote:

Congrats. I did the Cap One pre-approval as well but the dealer came back with more money and equal terms to Cap One - $4000 more and 4.9%. 

I considered a Maxima as well as an Altima among others (Sonata,Accord,Legacy). What turned me away from them, besides finding the car with the right "fit" for me (Sonata Sport 2.0T Limited seats were aces for me) was the CVT transmissions. Please don't think I'm knocking your choice of cars. Just as a retired mechanic / service advisor, my experience tells me to stay away from CVT and DSG-type transmissions. They're great and efficient. It's just besides not liking the "feel" of CVT transmisisons, they're problematic. If you plan on keeping it past the factory warranty, add an extended warranty to it. Just advice from my experience on the service end. I love the looks of the Maxima and if it didn't have the CVT, I'd have one in my driveway because the seats were almost as good as the Sonata for me.

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Thank you! I did purchase the extended warranty and you're right, the seats are great! And it's roomier than I expected but the overall look is what sold me. Gas mileage has been great also.