Help Obtaining an Auto Loan after Chapter 7 discharge

[Anonymous]

You should try Carvana.com. They appoved me a few days post discharge with a 7.4% apr, $500-$1500 down depending on the amount of the car up to about $40K. A little more if I wanted a car in excess of the $40K.  My score at the time was around 630 and they only pull experian.

[Anonymous]

right there with ya. 

[sarge12]

I have a hard time understanding everyone fresh from BK discharge looking to go in debt again immediately. Years ago when I filed, what I did was bought a 1000 dollar clunker that I found out had bad rings and lost compression. Someone advised me to put restore in it, which did restore the compression for a while. I drove that vehicle for 3 years and 45000 miles and never did anything but add oil and restore. I paid cash for the clunker but it got me through the trouble I had caused myself. As painful as having to file BK was to me the last thing in the world I wanted at that time was debt! PS..after 3 years I sold the clunker, which was still running for 800 dollars. I drove 45000 miles in a vehicle that my net investment besides normal maintenence (tires, oil, spark plugs) was 200 dollars. It never left me stranded and got me to work.

[Datx]

---

@sarge12 wrote:

I have a hard time understanding everyone fresh from BK discharge looking to go in debt again immediately. Years ago when I filed, what I did was bought a 1000 dollar clunker that I found out had bad rings and lost compression. Someone advised me to put restore in it, which did restore the compression for a while. I drove that vehicle for 3 years and 45000 miles and never did anything but add oil and restore. I paid cash for the clunker but it got me through the trouble I had caused myself. As painful as having to file BK was to me the last thing in the world I wanted at that time was debt! PS..after 3 years I sold the clunker, which was still running for 800 dollars. I drove 45000 miles in a vehicle that my net investment besides normal maintenence (tires, oil, spark plugs) was 200 dollars. It never left me stranded and got me to work.

---

I agree with you somewhat. But I think everyone's situation is different. Some end up having their cars re-possessed or have to give up their vehicles in the BK process. For me fortunately, I have an 07 Nissan that was already paid off that I have kept good maintenance on with low milege since I work from home. But for others, they are left with no vehicle or maybe just one vehicle between more than one driver in their household. 

[TXinandout]

Every situation is different.

[Scupra]

---

@TXinandout wrote:

It is a 2014 328i sport package loaded with a bunch of stuff. I like this one better than my 2014 Mercedes CLA 250, much of a better ride.

---

Side note, I am in love with what they have done to the new 335

[TXinandout]

Oh I will have to check it out Scupra 

---

@Scupra wrote:

---

@TXinandout wrote:

It is a 2014 328i sport package loaded with a bunch of stuff. I like this one better than my 2014 Mercedes CLA 250, much of a better ride.

---

Side note, I am in love with what they have done to the new 335

---

[Anonymous]

We are pretty fresh out of chapter 7. Our discharge was in May. We were approved for capital one cards pretty quickly (like a week out?). We have a 16 year old vehicle that needs to be replaced. We have to have two reliable vehicles for work and our clunker would need a lot of work and no guarantees that will get us much longer.... so we have decided to replace it with the funds that owuld be used for repairs used for a down payment instead. We did a capital one prequal and were approved so bit the bullet and did the hard pull with our credit union. They approved us for about double what we are requesting and basically said "no problem" BUT they did ask for a letter of explanation for our bk to put in our file. We have been with this credit union just about two years.... we do live in a relatively small town and our loan officer knows our family so I'm not sure if that makes a difference. FWIW, we both have stable jobs and decent income. My husband has been with his company for the last 19 years and I've been at mine for 15.

I think that it may be worth waiting a bit and establishing a relationship with a credit union if you don't already have one. 

[Anonymous]

Why are you putting blank posts all over the boards?