topic Re: Next Day Post BK Approval in Bankruptcy

Next Day Post BK Approval

CostantinoA — Wed, 18 Sep 2019 07:26:37 GMT

Our BK was discharged on 09-16-19 at 5:00pm. We went to the BMW dealership 17 hours later and was approved for 2 Cars. Capital One Auto Fiance picked them up. One in my name and one in my wife's name. $14.4% on one and 14.9% on the other. We were approved with the scores in the signature. Also, they didn't even ask for the DC letter. They just asked if it was DC and I said yes.

Re: Next Day Post BK Approval

Anonymous — Wed, 18 Sep 2019 13:28:55 GMT

Do you think if you might have waited a bit that you could have gotten a more favorable interest rate? Congratulations on your cars, I just wonder if the rate could have been lower with higher scores.

Re: Next Day Post BK Approval

FireMedic1 — Wed, 18 Sep 2019 16:29:56 GMT

@Anonymous wrote:
Do you think if you might have waited a bit that you could have gotten a more favorable interest rate? Congratulations on your cars, I just wonder if the rate could have been lower with higher scores.

You are correct. Many of us tried to have the OP be patient wait it out at least 30 days after DC for better scores for lower interest. But he was in a hurray to get back to his "lifestyle". Some take our advise and some dont. Its their life. Their choice.

https://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/Debt-Discharged-in-BK-Pay-For-Delete/td-p/5728481/page/2

Congrats OP. But this poster is correct.

Re: Next Day Post BK Approval

Anonymous — Wed, 18 Sep 2019 17:12:29 GMT

@FireMedic1 wrote:
@Anonymous wrote:
Do you think if you might have waited a bit that you could have gotten a more favorable interest rate? Congratulations on your cars, I just wonder if the rate could have been lower with higher scores.
You are correct. Many of us tried to have the OP be patient wait it out at least 30 days after DC for better scores for lower interest. But he was in a hurray to get back to his "lifestyle". Some take our advise and some dont. Its their life. Their choice.
https://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/Debt-Discharged-in-BK-Pay-For-Delete/td-p/5728481/page/2
Congrats OP. But this poster is correct.

Ohhhhhhhh okay, okay. I see now. Probably should have just waited it out longer. I know for me, even though my credit report continues to update daily as creditors are correcting entries and whatnot, that they'll be doing it long after my discharge. I'm going to give it at least 30 days...Maybe even 60. And even then, I'll be sifting through my reports to ensure that everything is reporting correctly. As you know, I'm not eager to hop back on the credit boat just yet. I just know it's essential to the rebuild so I'll be choosing wisely whenever I get to that point.

Re: Next Day Post BK Approval

FireMedic1 — Wed, 18 Sep 2019 17:20:31 GMT

@Anonymous wrote:
@FireMedic1 wrote:
@Anonymous wrote:
Do you think if you might have waited a bit that you could have gotten a more favorable interest rate? Congratulations on your cars, I just wonder if the rate could have been lower with higher scores.
You are correct. Many of us tried to have the OP be patient wait it out at least 30 days after DC for better scores for lower interest. But he was in a hurray to get back to his "lifestyle". Some take our advise and some dont. Its their life. Their choice.
https://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/Debt-Discharged-in-BK-Pay-For-Delete/td-p/5728481/page/2
Congrats OP. But this poster is correct.
Ohhhhhhhh okay, okay. I see now. Probably should have just waited it out longer. I know for me, even though my credit report continues to update daily as creditors are correcting entries and whatnot, that they'll be doing it long after my discharge. I'm going to give it at least 30 days...Maybe even 60. And even then, I'll be sifting through my reports to ensure that everything is reporting correctly. As you know, I'm not eager to hop back on the credit boat just yet. I just know it's essential to the rebuild so I'll be choosing wisely whenever I get to that point.

Not to hijack. But I waited 3 months. And my 1st card was the Cap1 Plat at 3k. I learned each move from here. Even that Plat. If I didnt know about this place. I could have been stuck in toy limits. I post from experience from learning all that I have on here. It will pay off your case too. Good Luck!

Re: Next Day Post BK Approval

Anonymous — Wed, 18 Sep 2019 19:48:06 GMT

What kinda cars did you pick up ?

Re: Next Day Post BK Approval

CostantinoA — Wed, 18 Sep 2019 20:04:52 GMT

2017 BMW 528i Certified and 2017 Audi A3

Re: Next Day Post BK Approval

Anonymous — Thu, 19 Sep 2019 03:47:00 GMT

I’m filling chapter 7 right now.
Did you have a down payment at all?

Re: Next Day Post BK Approval

CostantinoA — Tue, 24 Sep 2019 08:25:05 GMT

@FireMedic1 wrote:
@Anonymous wrote:
Do you think if you might have waited a bit that you could have gotten a more favorable interest rate? Congratulations on your cars, I just wonder if the rate could have been lower with higher scores.
You are correct. Many of us tried to have the OP be patient wait it out at least 30 days after DC for better scores for lower interest. But he was in a hurray to get back to his "lifestyle". Some take our advise and some dont. Its their life. Their choice.
https://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/Debt-Discharged-in-BK-Pay-For-Delete/td-p/5728481/page/2
Congrats OP. But this poster is correct.

So what am I suppose to do? Go without cars and wait 30 days? We had no choice but to get cars right away when the DC happened.

Re: Next Day Post BK Approval

CostantinoA — Tue, 24 Sep 2019 08:26:19 GMT

@Anonymous wrote:
@FireMedic1 wrote:
@Anonymous wrote:
Do you think if you might have waited a bit that you could have gotten a more favorable interest rate? Congratulations on your cars, I just wonder if the rate could have been lower with higher scores.
You are correct. Many of us tried to have the OP be patient wait it out at least 30 days after DC for better scores for lower interest. But he was in a hurray to get back to his "lifestyle". Some take our advise and some dont. Its their life. Their choice.
https://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/Debt-Discharged-in-BK-Pay-For-Delete/td-p/5728481/page/2
Congrats OP. But this poster is correct.
Ohhhhhhhh okay, okay. I see now. Probably should have just waited it out longer. I know for me, even though my credit report continues to update daily as creditors are correcting entries and whatnot, that they'll be doing it long after my discharge. I'm going to give it at least 30 days...Maybe even 60. And even then, I'll be sifting through my reports to ensure that everything is reporting correctly. As you know, I'm not eager to hop back on the credit boat just yet. I just know it's essential to the rebuild so I'll be choosing wisely whenever I get to that point.

I was proactive during the BK and disputed the accounts that weren't reporting correctly and had them updated before the DC happened.

Re: Next Day Post BK Approval

Anonymous — Tue, 24 Sep 2019 18:39:45 GMT

you just got all debts cleared then you go get a bmw 5 series and an Audi. Your definition of broke must be way different then mine lol. It’s going to suck when you have to wait years to file chapter 7 again. Good luck.

Re: Next Day Post BK Approval

CostantinoA — Tue, 24 Sep 2019 18:50:36 GMT

We filed BK because I made way more than I do now. We had 300k in debt. We can easily afford these cars as we don’t owe any other debt.

Re: Next Day Post BK Approval

Tuscani — Tue, 24 Sep 2019 18:58:39 GMT

@CostantinoA wrote:
We filed BK because I made way more than I do now. We had 300k in debt. We can easily afford these cars as we don’t owe any other debt.

I don't think anyone here means to judge nor is it their right. But there is a bit of perception here. You know what you make and can afford. You can expect some "feedback" when you say you bought a late model BMW and Audi hours after being discharged. But there is also a stigma with those brands of course. If you said Dodge or GM no one would have been quick to say anything is my guess. LOL.

Re: Next Day Post BK Approval

CostantinoA — Tue, 24 Sep 2019 19:10:58 GMT

Very true. I had 14 paid off auto loans on my credit over the last 7 years. When I went to the dealer, they focused on that to get the approvals not the BK. The banks agreed that was worth more and approved them.

My friend drives a Dodge Caravan with a payment more than my BMW. It is all about the terms of the loan.

Re: Next Day Post BK Approval

Dj4Money — Wed, 25 Sep 2019 19:32:34 GMT

@Tuscani wrote:
@CostantinoA wrote:
We filed BK because I made way more than I do now. We had 300k in debt. We can easily afford these cars as we don’t owe any other debt.
I don't think anyone here means to judge nor is it their right. But there is a bit of perception here. You know what you make and can afford. You can expect some "feedback" when you say you bought a late model BMW and Audi hours after being discharged. But there is also a stigma with those brands of course. If you said Dodge or GM no one would have been quick to say anything is my guess. LOL.

Nobody means to but you are? He is not breaking any rule that I know of. He shouldn't expect anything, I thank him for giving a data point to draw from.

Proving you can get vehicle financing below usury rates which means having bad credit is worse than no credit or bankruptcy.

Re: Next Day Post BK Approval

jaxstraw — Wed, 25 Sep 2019 20:53:39 GMT

@CostantinoA wrote:
@FireMedic1 wrote:
@Anonymous wrote:
Do you think if you might have waited a bit that you could have gotten a more favorable interest rate? Congratulations on your cars, I just wonder if the rate could have been lower with higher scores.
You are correct. Many of us tried to have the OP be patient wait it out at least 30 days after DC for better scores for lower interest. But he was in a hurray to get back to his "lifestyle". Some take our advise and some dont. Its their life. Their choice.
https://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/Debt-Discharged-in-BK-Pay-For-Delete/td-p/5728481/page/2
Congrats OP. But this poster is correct.
So what am I suppose to do? Go without cars and wait 30 days? We had no choice but to get cars right away when the DC happened.

You have been been going without any vehicles all the way up to the DC ?

Or you didn't want to use the vehicles you have for 30 more days ?

I'm sorry but the comments 'what am I supposed to do' and 'we had no choice' makes it sound as if your back is to the wall and you had no other options.

It might be better to just say you desperately wanted to purchase new vehicles immediately....

......( you were posting on the Auto Loan forum a few weeks back looking for an institution that would give you three car loans)...

......and didn't care about a better interest rate in 30 days instead of making it sound like a desperation scenario.......

.......which if you had vehicles it wasn't of course.

Enjoy your new cars.

Re: Next Day Post BK Approval

CostantinoA — Wed, 25 Sep 2019 21:50:08 GMT

No. Don’t assume that I didn’t have vehicles or didn’t want to use the ones we had. We were told by our attorney than when the DC happens , they can come get the cars at anytime. As soon as the DC happened, we went and got new cars. The old cars are parked in front of the house and as of today, they are still there 9 days after DC.

I went through my reports and made sure everything was reporting correctly so why wait 30 days. I was able to get 3 auto loans approved with not too bad interest. Even the dealer finance manager said he never seen that low of rates out of BK and 3 approvals, That is what I don’t understand about this forum. It’s always wait. Slow. Years ago, when I used this forum, I built my credit fast and get approvals that were unheard of on here.

Re: Next Day Post BK Approval

Anonymous — Thu, 26 Sep 2019 01:50:27 GMT

@jaxstraw he’ll be back in no time. “Back on the chopping block”

Re: Next Day Post BK Approval

Anonymous — Thu, 26 Sep 2019 03:35:05 GMT

14% interest on a car note is pretty dismal

Buying things with “payments we could afford” and then having unexpected life changes is how we all got into our messes to begin with.

That’s the main reason for the go slow advice so often given here.

I do love the cars you picked out and buying a few years old always yields way more for your money. This also helps on the future refinancing front, as the chance of being underwater is greatly reduced.

I’m just personally leery of diving right back into the fire of debt for luxury items.

Re: Next Day Post BK Approval

Tuscani — Thu, 26 Sep 2019 18:23:55 GMT

@Dj4Money wrote:
@Tuscani wrote:
@CostantinoA wrote:
We filed BK because I made way more than I do now. We had 300k in debt. We can easily afford these cars as we don’t owe any other debt.
I don't think anyone here means to judge nor is it their right. But there is a bit of perception here. You know what you make and can afford. You can expect some "feedback" when you say you bought a late model BMW and Audi hours after being discharged. But there is also a stigma with those brands of course. If you said Dodge or GM no one would have been quick to say anything is my guess. LOL.
Nobody means to but you are? He is not breaking any rule that I know of. He shouldn't expect anything, I thank him for giving a data point to draw from.

Proving you can get vehicle financing below usury rates which means having bad credit is worse than no credit or bankruptcy.

I was hardly judging. More playing a little devils advocate