Refi auto with BK friendly lenders

[amieric]

Hola - question for you all.

So I have my lease back to Lexus and it's showing IIB, while in the middle of the BK I was able to get a pre owned car with Go Financal, however the terms are awful. I was discharged in May and would like to refi my car, my scores are much better now. However, before anyone mentions NFCU or Cap1 - I've burned them; only on unsecured debt. I have good car credit - never been late before within the last 6 years. Anyone suggest any lenders I could look at?

I also assume since I've burned NFCU they'll never let me back in with a credit product. Is that right?

[Anonymous]

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@amieric wrote:
Hola - question for you all.

So I have my lease back to Lexus and it's showing IIB, while in the middle of the BK I was able to get a pre owned car with Go Financal, however the terms are awful. I was discharged in May and would like to refi my car, my scores are much better now. However, before anyone mentions NFCU or Cap1 - I've burned them; only on unsecured debt. I have good car credit - never been late before within the last 6 years. Anyone suggest any lenders I could look at?

I also assume since I've burned NFCU they'll never let me back in with a credit product. Is that right?

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NFCU might consider letting you back in if you pay them back in full.  You can try Cap1, if you are blacklisted they usually won't pull your report, how many months since your discharge?  What are your current terms?

[amieric]

I've burned both cap1 and NFCU. It'll roughly 45 days since discharge. I'm at 65 months at about 18%

[Anonymous]

I'd wait until the 60 day mark and try Cap1 anyway. Secured credit is different than unsecured.

You could try a local CU but I'm thinking the bk isn't old enough. You might have to wait until the 6 month mark. All the really good lenders want you a little bit further out (PenFed, DCU etc).

[SSH0126]

Will Cap one allow someone that burned them on credit cards get an auto loan post BK?

[Anonymous]

Cap1 is very forgiving. If you burned them they'll make you wait, many think a year, some folks even less on the credit card side.

Secured is a whole different story. I've heard of them approving sooner than one year even if burned. I'd at least try at the 2/3 month mark and 6 month mark if both are a no go then at 13 months (I'm not afraid of inquiries, lol). If you've burned the other bk friendly lenders they are going to be the first to let you back in.

[TXinandout]

No, I tried and no dice. I have to wait a year from the day my account was charged off in my case discharge date since I was not late with them, ever!

[amieric]

Maybe I'll just keep the darn thing and trade in later this year. Hopefully I'll be able to lease another car. Leasing is better for me than financing - personally speaking. Do you think I even have an option? I want to lease a new Infiniti. Which sounds crazy after a BK, but mine was just medical debt. I'm a lucky one!

[SSH0126]

Did you burn them with credit cards and an auto loan?

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@TXinandout wrote:
No, I tried and no dice. I have to wait a year from the day my account was charged off in my case discharge date since I was not late with them, ever!

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