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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

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.

Message 31 of 42
New Member

Re: Help Obtaining an Auto Loan after Chapter 7 discharge

right there with ya. Smiley Sad

bkcy discharged 7/5/16 - rebuilding - credit score as of 8/13/16: 508
Message 32 of 42
Valued Contributor

Re: Help Obtaining an Auto Loan after Chapter 7 discharge

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.




TU fico08=820 11/10/17
EX fico08=812 10/25/17
EQ fico08=818 10/25/17
Garden since 4/5/2017
Message 33 of 42
Valued Contributor

Re: Help Obtaining an Auto Loan after Chapter 7 discharge


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. 

CH7 Discharged: 4-14-16
Rebuilding in Progress.....
May 2016 - EX: 594, TU: 582, EQ: 619
July 2016 - EX: 629, TU: 600, EQ: 622
Message 34 of 42
Frequent Contributor

Re: Help Obtaining an Auto Loan after Chapter 7 discharge

Every situation is different.
BK Discharged 06/02/2016 SCORES AROUND 475

Current scores:
EXP-667
EQ-654
TU-653
Message 35 of 42
Community Leader
Senior Contributor

Re: Help Obtaining an Auto Loan after Chapter 7 discharge


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 Smiley Happy

Filed BK7: 7/2012 (start score EQ 560 / TU 529) Discharge 10/2012
730 EQ FICO 11/2017
750 TU FICO 11/2017
735 EX FICO 11/2017
$20k NFCU Platinum | $25k NFCU cashRewards Sig | $15k NavChek | $7.1k Cap1 Quicksilver | $10k Amazon Store | $19k Cap1 VentureOne | $16k Barclay Aviator | $5k Chase Freedom | $5k Chase Sapphire Preferred | $9k Costco Visa | $20k AMEX BCE
Message 36 of 42
Frequent Contributor

Re: Help Obtaining an Auto Loan after Chapter 7 discharge

Oh I will have to check it out Scupra Smiley Happy


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 Smiley Happy


 

BK Discharged 06/02/2016 SCORES AROUND 475

Current scores:
EXP-667
EQ-654
TU-653
Message 37 of 42
New Contributor

Re: Help Obtaining an Auto Loan after Chapter 7 discharge

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. 

Message 38 of 42
New Contributor

Re: Help Obtaining an Auto Loan after Chapter 7 discharge

 
Message 39 of 42
Frequent Contributor

Re: Help Obtaining an Auto Loan after Chapter 7 discharge

Why are you putting blank posts all over the boards? 

Message 40 of 42