topic Re: New car after chapter 7? in Bankruptcy

New car after chapter 7?

Anonymous — Tue, 06 Feb 2018 22:21:38 GMT

What are the chances of me getting a new car loan after bankruptcy? Also an idea of interest rate?

Some factors:

- Current credit score, 586, 595, 544

- 3,950 monthly income

- Prefect ontime payment for current car that I will let go in BK.

Re: New car after chapter 7?

Scupra — Fri, 16 Feb 2018 03:52:52 GMT

Most likely money down and a rate in the high teens.. The longer you wait, the better.

Re: New car after chapter 7?

Anonymous — Fri, 16 Feb 2018 04:42:11 GMT

I was able to get a new auto loan at 10% after my BK. Not ideal, but better than what I was expecting. It can get extremely better with good payment history. My current auto loan (the next one) is 0.9%. My BK is still on my reports.

Re: New car after chapter 7?

Anonymous — Fri, 16 Feb 2018 15:23:42 GMT

My 431 meeting is mid April. Won't know until then if KMF will allow me to contineu paying on my car without reaffirming. Wish there was a way to get a new car loan before the meeting.

Re: New car after chapter 7?

rurahrah — Sun, 18 Feb 2018 17:04:21 GMT

I know that you mean 341 meeting. You will actually start getting offers in the mail soon. Use KBB to see the value of your vehicle, sometimes it's better to just let the vehicle go if you owe more than it is worth. They also won't report to the credit bur. if you reaffirm.

Re: New car after chapter 7?

Anonymous — Sun, 18 Feb 2018 19:50:50 GMT

Well i am still awaiting my discharge but i have an approval from New Roads Auto Loans for up to $29,294. Does not require money down and the interest rate is 15.90% for any car or 10.90 if i'm willing to get a CPO car from one of their dealers. Not the best but not the worst either. I am still waiting for discharge to try a few more banks.

Re: New car after chapter 7?

Anonymous — Tue, 20 Feb 2018 01:53:09 GMT

I have seen a few people saying they were able to get a car loan after their 341 meeting but before discharge. Is that accurate? I thought you had to wait until discharge.

We filed last Tuesday and have already been mailed 4 offers from dealerships. I laugh every time. They don’t sound legit. But maybe they are.

Re: New car after chapter 7?

Scupra — Tue, 20 Feb 2018 02:06:16 GMT

Plenty of predatory lenders will approve pre discharge.

Re: New car after chapter 7?

Anonymous — Tue, 20 Feb 2018 23:29:15 GMT

I just got approved and purchased a car before discharge

Carvana, 72months, 7.58% APR

i'm super happy with this as i am not even discharged

Re: New car after chapter 7?

Anonymous — Fri, 23 Feb 2018 17:53:17 GMT

I only received offers from one lender for the entire process.
I guess that it varies based on location, idk.

Re: New car after chapter 7?

Anonymous — Fri, 23 Feb 2018 22:13:36 GMT

Just for a data point, I was approved for a $30k new car loan 5-months after discharge at a 13% rate. I refinanced with Navy Federal 10 months after discharge and got a rate of 2.69% while my credit score was 666 (creepy). Keep in mind, Navy Federal uses a custom score that considers more than just credit score. So my positive account history likely contributed to the rate being lower than typical for my credit score.