Valued Contributor
Scupra
Posts: 1,696
Registered: ‎07-12-2012
NFCU auto loan question..

Does anyone have any experience with obtaining an auto loan through NFCU after a bankruptcy? I was planning on waiting 1yr post bk7 to apply and was just wondering. Thanks!

Filed BK7: 7/2012 (start score EQ 560 / TU 529) Discharge 10/2012
687 EQ FICO 12/2014
680 TU FICO 12/2014
673 EX FICO 12/2014
$14k NFCU Platinum - $25k NFCU cashRewards Sig - $15k NavChek - $6k Barclay Arrival WEMC - $5k Cap1 Quicksilver - $2.2k Amazon Store - $10k Cap1 VentureOne
Frequent Contributor
grassfeeder
Posts: 375
Registered: ‎03-01-2012
Re: NFCU auto loan question..

Not through NFCU, however I was just approved at 10.99% through Wells Fargo - discharged on Oct 31 of last year.......

Filed BK7: 7/12 (discharge 10/12) 5/12- EQ FICO - 508 / TU FICO - 490
EQ FICO: 672 (10/14)
TU FICO: 648 (10/14)
EX FICO: 667 (10/14)
NFCU cashRewards $18,000 - NFCU Flagship Visa $18,000 - First Tech C.U. Cash Rewards $5,000 - Barclays Apple Card $2,000 - JCrew $4650
In the garden starting 3/1/14 till ???
Valued Contributor
Scupra
Posts: 1,696
Registered: ‎07-12-2012
Re: NFCU auto loan question..

grassfeeder wrote:

Not through NFCU, however I was just approved at 10.99% through Wells Fargo - discharged on Oct 31 of last year.......



Wow! Congrats on the approval, not a bad rate to be so fresh out of BK. My BK was discharge 10/2012 as well :smileyhappy:  I included a Wells Fargo cc in my BK so I am not too sure how that will go :/

Filed BK7: 7/2012 (start score EQ 560 / TU 529) Discharge 10/2012
687 EQ FICO 12/2014
680 TU FICO 12/2014
673 EX FICO 12/2014
$14k NFCU Platinum - $25k NFCU cashRewards Sig - $15k NavChek - $6k Barclay Arrival WEMC - $5k Cap1 Quicksilver - $2.2k Amazon Store - $10k Cap1 VentureOne
Valued Contributor
MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012
Re: NFCU auto loan question..
Prestige Financial is a subprime lender that offers auto loans to those whose bankruptcy has been discharged. Their website is www.gopfs.com
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014
Valued Contributor
Scupra
Posts: 1,696
Registered: ‎07-12-2012
Re: NFCU auto loan question..

MovingForward_2012 wrote:
Prestige Financial is a subprime lender that offers auto loans to those whose bankruptcy has been discharged. Their website is www.gopfs.com

I will look into that when the time comes! I would really prefer to aquire the loan through NFCU though. I want to establish as much of a relationship with them as I can haha.

Filed BK7: 7/2012 (start score EQ 560 / TU 529) Discharge 10/2012
687 EQ FICO 12/2014
680 TU FICO 12/2014
673 EX FICO 12/2014
$14k NFCU Platinum - $25k NFCU cashRewards Sig - $15k NavChek - $6k Barclay Arrival WEMC - $5k Cap1 Quicksilver - $2.2k Amazon Store - $10k Cap1 VentureOne
Valued Contributor
MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012
Re: NFCU auto loan question..
I agree that applying with NFCU should be first and then try subprime lenders as a backup. Prestige is a good first lender to try if NFCU falls through. Good Luck! :-)
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014
Valued Contributor
Scupra
Posts: 1,696
Registered: ‎07-12-2012
Re: NFCU auto loan question..
Awesome! I am going to wait until I have a one year relationship built up with NFCU before applying for the loan. Hoping for the best! This Nov will be one year post NFCU secured card opening.
Filed BK7: 7/2012 (start score EQ 560 / TU 529) Discharge 10/2012
687 EQ FICO 12/2014
680 TU FICO 12/2014
673 EX FICO 12/2014
$14k NFCU Platinum - $25k NFCU cashRewards Sig - $15k NavChek - $6k Barclay Arrival WEMC - $5k Cap1 Quicksilver - $2.2k Amazon Store - $10k Cap1 VentureOne
Established Member
hrguy
Posts: 50
Registered: ‎11-06-2012
Re: NFCU auto loan question..

NFCU wants to see 6 months auto history usually before granting an auto loan after BK, however an installment loan may help with that - such as a secured share loan.  IF you get a subprime auto loan now, and try refinancing with NFCU after 6 payments have posted - that is almost a guaranteed approval.

Filed BK 7: 2/28/2012 | Discharged: 7/24/2012
POST BK APPROVALS:
NFCU nRewards Secured Visa: $1000 7/12| Apple FCU Secured Visa: $1000 9/12
Toyota Finance Lease: 0% | 0.0008 MF 10/12
Barclay Apple Finance Visa: $2200 1/13
NFCU cashRewards Visa: $2500 3/13

Valued Contributor
Scupra
Posts: 1,696
Registered: ‎07-12-2012
Re: NFCU auto loan question..
Thank you very much for that info. I have two paid perfect history auto loans on my credit, BUT I also included a desert schools auto loan in BK. Wonder if that would help.. I will still try them first while shopping. :smileyhappy:
Filed BK7: 7/2012 (start score EQ 560 / TU 529) Discharge 10/2012
687 EQ FICO 12/2014
680 TU FICO 12/2014
673 EX FICO 12/2014
$14k NFCU Platinum - $25k NFCU cashRewards Sig - $15k NavChek - $6k Barclay Arrival WEMC - $5k Cap1 Quicksilver - $2.2k Amazon Store - $10k Cap1 VentureOne
Established Member
hrguy
Posts: 50
Registered: ‎11-06-2012
Re: NFCU auto loan question..

Post Bankruptcy, if the two were before it won't matter to NFCU since they do not use auto-enhanced scores for auto loans.

 

Now on the other hand, those two if before the BK will help your score when a dealer runs it.  

 

For example: NFCU turned me down 3 months post-bk with a 600 score an told me, 6 months post-bk auto history.  Now, the same day I went to Toyota, and they pulled 650 auto-enhanced score, because I had 3 perfect paid auto loans before bankruptcy.  Walked away with 0% on a 2013 Toyota and my BK was barely 3 months old - they didn't even flinch or ask about it, it was like the BK wasn't even there.  Good luck :smileyhappy:

Filed BK 7: 2/28/2012 | Discharged: 7/24/2012
POST BK APPROVALS:
NFCU nRewards Secured Visa: $1000 7/12| Apple FCU Secured Visa: $1000 9/12
Toyota Finance Lease: 0% | 0.0008 MF 10/12
Barclay Apple Finance Visa: $2200 1/13
NFCU cashRewards Visa: $2500 3/13