Just discharged and seeking an auto loan!

[missgaonmymind]

You guys were right to try and wait a little longer. Just got my dispute results back from EQ and my score is up 62 points!!  Already got the car, but I will keep everything in order and try to follow SoulMaster as closely as possible to get better terms later.

[MacMan313]

My question to OP is why did you give your car up intially? Where you upside down? Mechanical problems? etc

My advice is to wait. You dont want yourself to get into that position again.

[missgaonmymind]

I surrendered my car in the BK, so as soon as I was discharged they would and recover it, so I was trying to avoid that happening.

[Anonymous]

So my first thought would be to wait as long as you can.  I've heard some banks can take months to actually come collect a surrendered car...

Second thought would be to look for something a little older & cheaper.  They say new cars lose half their value in 3 years, so I'd be thinking 2011 or 2012 this time around. Do you know a dealer who could take you to a dealer auction?

Third thought is to get moving on SM's guide to improve your score as quick as you can, which it sounds like you're already doing.  If you can fix your report and bump your score 50-100 points, that might make a big difference in your rate.  if you can save up a 10% or 20% down payment in the meantime, that might also make a difference.

If you wind up taking a less favorable rate it will cost you less on a smaller loan, and you can always plan on refinancing this car in a year or two after re-establishing your credit per SM's guide, or trading up to what you really want then.

[DaUsMsB]

ya i know mine was high at 12% through capital one...for a 2014 Altima (used) for $425/month.  I put 1k down, but I didnt have many people approving.  I figured I'd jump at capital one to rebuild credit...and I've been with them 5 months...and was approved for a Visa Rewards from them today for $3k for me and $1k for wife....we had capital one prior to BK 13 too...but they were PIF and accounts closed before we fell.

[Insoc]

I purchased a new car prior to filing, due to my scores at the time, I only could get 9% APR, not the greatest but not the worse.  I also put a lot down which made it easier.  I also just got a lease for another family member from VW Credit for a $25K new car.  Scored a Tier A lease, effective rate less than 4% APR, sign and drive no money down.  My Auto Enhanced FICO helped with this even with being 15 months post Chap. 7 BK discharge.  I had a very high Auto Enchanced FICO due to my current financed car and previous leased cars.

My wife also recently got a Capital One Blank Check for $35K, 5% APR, we filed jointly and she is still out of a job and has not even cleaned up her credit reports, go figure.

I read a lot of reports on Capital One Blank Check, but I do not know how one get's it or how it works?

[DaUsMsB]

@Insoc,

When you financed, did you just go to a dealer? Or did you go through a pre-approval via bank or online?  I wasn't able to get much coming my way...the fastest and best was Capital one at 12%, so I took it just to start my rebuilding.  I offered to put more down, but it didnt seem to make a difference.  So we wonly put 1k down.  However, for that same car we bought in May for around 20k (i think 22k after taxes and all)...we're going to pay it off in January and put a couple K down on another car to start again.  I'm not sure who to run to for a loan yet, or use Capital one again ...only if they give me a lower rate.

[missgaonmymind]

For some reason, Cap One won't budge with me on the auto or cc side. I did include them in the BK for less than $500. But it seems I'm on the "blacklist" with them.

[Insoc]

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@DaUsMsB wrote:

@Insoc,

When you financed, did you just go to a dealer? Or did you go through a pre-approval via bank or online?  I wasn't able to get much coming my way...the fastest and best was Capital one at 12%, so I took it just to start my rebuilding.  I offered to put more down, but it didnt seem to make a difference.  So we wonly put 1k down.  However, for that same car we bought in May for around 20k (i think 22k after taxes and all)...we're going to pay it off in January and put a couple K down on another car to start again.  I'm not sure who to run to for a loan yet, or use Capital one again ...only if they give me a lower rate.

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My financed car was direct through Ford Credit, I was turned down for financing from several other banks due to credit condition at the time, a charge off and etc.  Ford worked with me because I had a leased car with them at the time and was in good standing with them.

I could refinance, but it's not worth it at this point.

[Insoc]

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@missgaonmymind wrote:
For some reason, Cap One won't budge with me on the auto or cc side. I did include them in the BK for less than $500. But it seems I'm on the "blacklist" with them.

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Capital One blacklisted me till I hit 1 year post BK Discharge, how long has it been for you?