Toyota financial Post Chpt.7

Conny2012 · ‎03-07-2014

Just wanted to see how many people got a loan trough toyota financial after thier Chapter 7 Bankruptcy was discharged? Thanks all.

0REDSOX7 · ‎03-08-2014

I did... At 21%. Said no thanks. Got a Honda instead.

BK Discharge 2/11/14

Currently in the garden.

somotao · ‎03-09-2014

I got a 4.9% loan from Lexus Financial Services which I belieave is also Toyota Financial Services, 28 months after my BK7 was discharged.

Starting Score: 500s
Current Score: EQ: 708myFICO(7/15/17), TU: 721myFICO(7/15/17), EX: 701myFICO(7/15/17)
Goal Score: 750
Wallet: Discover IT $50300, Capital One Platinum $17000, Barclays Rewards $6700, Walmart $6000, Amazon Store Card $6000 Chase Sapphire Preferred $5000, Chase Sapphire Reserve $10000, Bank of America Cash Rewards $500. BestBuy $10000

ezdriver · ‎03-10-2014

Any particular reason for targeting Toyota Financial for financing vs a local credit union? I refinance a 21% auto loan and got a 5.5% deal from a local credit union only 8 months post ch 7 bankruptcy.

Conny2012 · ‎03-10-2014

Well I'm gonna have about 5k for a down payment and I want a new Camry. Just wanted to see if Toyota helps out people like me. Credit union I can probably try but I'm sure they would want you to be a member.

Scupra · ‎03-10-2014

@Conny2012 wrote:
Well I'm gonna have about 5k for a down payment and I want a new Camry. Just wanted to see if Toyota helps out people like me. Credit union I can probably try but I'm sure they would want you to be a member.

Hello, and welcome to the forums! If you have a BK it would be a great idea to start doing some research on credit unions you could join to build a relationship with.Having to become a member of a credit union isn't that bad when they will probably be more generous than any other "big bank" you find. Good luck! NFCU gave me an auto loan at 4%

ezdriver · ‎03-10-2014

@Conny2012 wrote:
Well I'm gonna have about 5k for a down payment and I want a new Camry. Just wanted to see if Toyota helps out people like me. Credit union I can probably try but I'm sure they would want you to be a member.

Now that would be horrible! lol

Have you looked into what it takes to be a member of a credit union? It is not big deal and the rewards will be worth it for sure. I tried refinancing a 21% auto loan a month ago and got it done at 5.5% with a local credit union. Give it a try. Take their check and then walk into Toyota dealership and negotiate hard!

Please report back and let us know how things worked out. Hearing of folks' successes is one of the best things about reading posts here in this forum.

SoulMaster · ‎03-10-2014

If you have a less-than-perfect credit report, you should definitely shop for the best rates. IME, CapitalOne and Credit Unions are giving the best rates to blemeshed credit reports (3-6% on average).

Also, buy used (CPO is fine, too, but true-used saves more). If you "can't" buy used, please send me a cheque for $500 since you seem to like to waste money.

Cheers,

-SM

I am not an attorney and none of what I write should be construed as legal advice. For legal advice please consult an attorney.

Starting Score: ~470 preBK(8/2010)
Current Scores as of Late January 2016 All 700+. Last CR pull from a lender(housing) was mid-score 749.
Goal Score: 700+ - reached.

Conny2012 · ‎03-11-2014

Thanks all for all your help!!!