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Registered: ‎07-27-2016
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Re: Help Obtaining an Auto Loan after Chapter 7 discharge


SSH0126 wrote:

How much of a deposit did Carmax want? 


homie_braxton wrote:

Here's an update, reached out to Carmax and got two offers...problem is still the down payment amount. So I guess I just have to wait until I'm able to come up with a nice down payment amount. Hella discouraged makes me wonder why I even filled. SMH


 


For one lender it was $2300 for the other it was $2600...funny becuase I went to a ford dealership who told me $1800 to $2000 and this was just this past Friday.

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Re: Help Obtaining an Auto Loan after Chapter 7 discharge

Man how much were you trying to get financed? What were your payment amounts going to be? We used santander once with carmax burned them


homie_braxton wrote:

SSH0126 wrote:

How much of a deposit did Carmax want? 


homie_braxton wrote:

Here's an update, reached out to Carmax and got two offers...problem is still the down payment amount. So I guess I just have to wait until I'm able to come up with a nice down payment amount. Hella discouraged makes me wonder why I even filled. SMH


 


For one lender it was $2300 for the other it was $2600...funny becuase I went to a ford dealership who told me $1800 to $2000 and this was just this past Friday.


 

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Re: Help Obtaining an Auto Loan after Chapter 7 discharge

$14k for a Nissan Altima S 


SSH0126 wrote:

Man how much were you trying to get financed? What were your payment amounts going to be? We used santander once with carmax burned them


homie_braxton wrote:

SSH0126 wrote:

How much of a deposit did Carmax want? 


homie_braxton wrote:

Here's an update, reached out to Carmax and got two offers...problem is still the down payment amount. So I guess I just have to wait until I'm able to come up with a nice down payment amount. Hella discouraged makes me wonder why I even filled. SMH


 


For one lender it was $2300 for the other it was $2600...funny becuase I went to a ford dealership who told me $1800 to $2000 and this was just this past Friday.


 


 

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Re: Help Obtaining an Auto Loan after Chapter 7 discharge

Jeez thats a lot right???

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Re: Help Obtaining an Auto Loan after Chapter 7 discharge

Right with payments being in the 400s like NOPE.

So my best bet would be to find a dealer who can actually work with $500 down or just save for a nicer down payment and rebuild while doing so.

 


SSH0126 wrote:

Jeez thats a lot right???


 

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Re: Help Obtaining an Auto Loan after Chapter 7 discharge

I know this isn't what you want to hear, but I would recommend sticking with your old car for at least 6 months (even a year if you can stomach it).  Your terms for an auto loan are going to be much better once your BK ages and you've done a little rebuilding with starter credit cards.

 

Back in 2006, I totaled my car just 2 months after my BK7 was discharged. All the dealers I went to at that time wanted at least $2K down payment, and interest rates were between 12-18%. I ended up going to my local public auto auction and buying an 8-year-old Chevy Cavalier for $1000 cash. It wasn't glamorous but it was surprisingly reliable for such a cheap car.  Then in early 2009, when my scores were still only in the high 600s, I bought a brand new Toyota Camry, zero down and "tier 1" rate (around 5% IIRC) for 60 months.  It was worth the wait.

Current scores high 600s on EX/EQ/TU.

Amex Platinum NPSL - NFCU Platinum $17,900 - Chase Ritz $14,000 - PenFed Promise $5000 - Synchrony PayPal MC $5000 - Barclay AA $4000 - Merrick Bank $2400 - USAA Amex $2000 - Local CU Visa Classic $1600 - Cap 1 $1650 - Amex Delta Gold $1000 - Chase Freedom Unlimited $500 + several store cards.
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Posts: 448
Registered: ‎07-17-2013

Re: Help Obtaining an Auto Loan after Chapter 7 discharge

Lord, I don't know how many times I have to write the same thing every time I see a post like this? Please people go pre-approved to a dealership!

Try carfinance.com and Wells Fargo, very easy and super bk friendly.
BK Discharged 06/02/2016 SCORES AROUND 475

Current scores:
EXP-667
EQ-654
TU-653
Established Contributor
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Registered: ‎02-22-2009
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Re: Help Obtaining an Auto Loan after Chapter 7 discharge

Don't and keep scrolling
New Member
Posts: 12
Registered: ‎07-27-2016

Re: Help Obtaining an Auto Loan after Chapter 7 discharge

Thanks you all for the responses. I'm going to try Carfinance and Wells Fargo. Wish me luck. I'll be back to update ya.
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Posts: 436
Registered: ‎06-22-2016
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Re: Help Obtaining an Auto Loan after Chapter 7 discharge

SOMETHING will turn up Homie. Smiley Happy

Ch7 BK filed 7/5/16, DC 10/12/16

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