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Help Obtaining an Auto Loan after Chapter 7 discharge

New Member

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.

Message 11 of 42
Established Contributor

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.


 

Message 12 of 42
New Member

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.


 


 

Message 13 of 42
Established Contributor

Re: Help Obtaining an Auto Loan after Chapter 7 discharge

Jeez thats a lot right???

Message 14 of 42
New Member

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???


 

Message 15 of 42
Regular Contributor

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.
Message 16 of 42
Frequent Contributor

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
Message 17 of 42
Established Contributor

Re: Help Obtaining an Auto Loan after Chapter 7 discharge

Don't and keep scrolling
Message 18 of 42
New Member

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.
Message 19 of 42
Frequent Contributor

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
Message 20 of 42