topic Re: PenFed/NavyFed Auto Loan BK Friendly? in Bankruptcy

PenFed/NavyFed Auto Loan BK Friendly?

Anonymous — Sat, 13 Nov 2021 07:57:11 GMT

Hello,

Does anyone know the auto lending guidelines for PenFed/NavyFed post CH7? I see posts saying 2 years, some say 1 year, and some are approved months after discharge. Can anyone comment to this?

Thanks!

Re: PenFed/NavyFed Auto Loan BK Friendly?

wxman2021 — Sat, 13 Nov 2021 21:50:51 GMT

I am not sure, but I know 6 months out they denied me. NFCU did.....I have been hearing a lot about 1 year.....

Re: PenFed/NavyFed Auto Loan BK Friendly?

pip3man — Tue, 16 Nov 2021 01:49:32 GMT

PenFed is definitely BK friendly. I can't say the same for NFCU. My PF auto loan refi was approved at 5.8% exactly 1 year 1 month post BK7 filing and only 9 months post discharge. My credit card & auto loan apps with NFCU have all been declined till this day

Re: PenFed/NavyFed Auto Loan BK Friendly?

chalupaman — Tue, 16 Nov 2021 04:27:55 GMT

Penfed approved me for one of their cards and I wasn't even two years post discharge at the time. Sometimes there are exceptions to the rule. Wouldn't hurt to give it a try if you are over a year past BK just to see what happens. You never know.

In my case I had an account with them for years, and they first gave me back an Overdraft LOC, so that might have also been in my favor.

Re: PenFed/NavyFed Auto Loan BK Friendly?

MileHigh96 — Tue, 16 Nov 2021 11:12:26 GMT

Not sure about auto loans, but I was just approved last week for a PenFed credit card and that was just barely 4 months post discharge. I would assume that if they are that BK friendly with unsecured credit that they would be as generous if not more with a secured credit product like an auto loan.

Re: PenFed/NavyFed Auto Loan BK Friendly?

wxman2021 — Tue, 16 Nov 2021 16:19:36 GMT

@MileHigh96

I am almost 6 months post BK DC, what card did you apply for with PenFed and did they counter or did you recon or anything?

Re: PenFed/NavyFed Auto Loan BK Friendly?

MileHigh96 — Tue, 16 Nov 2021 18:23:20 GMT

@wxman2021 wrote:
@MileHigh96
I am almost 6 months post BK DC, what card did you apply for with PenFed and did they counter or did you recon or anything?

I applied for the Pathfinder Rewards card. I wasn't paying attention and wanted to apply for a different one, but regardless, the application went thru no problem. Instantly approved for a $6K credit limit, no muss, no fuss. Just waiting for the physical card to show up in the mail now.

Re: PenFed/NavyFed Auto Loan BK Friendly?

Hex — Tue, 16 Nov 2021 19:23:02 GMT

I got a great rate from Cap1 auto navigatior after about 10. Months post d/c. 2.99% I think. I got PenFed 2 years and 2 months past filing.at 1,99%

Re: PenFed/NavyFed Auto Loan BK Friendly?

wxman2021 — Tue, 16 Nov 2021 21:04:38 GMT

Awesome!

Re: PenFed/NavyFed Auto Loan BK Friendly?

coreyb80 — Wed, 17 Nov 2021 16:58:42 GMT

Penfed is definitely BK friendly. I've been able to obtain 3 CCs and an auto loan with them in the past few months while at the tail end of my chapter 13. NFCU not so much it seems now.

Re: PenFed/NavyFed Auto Loan BK Friendly?

southernblueeyes — Thu, 18 Nov 2021 01:14:10 GMT

I got an auto loan with NFCU 7 months post BK7 discharge at 8.49%. Refinanced 4 months later with PenFed at 5.6%.

Re: PenFed/NavyFed Auto Loan BK Friendly?

Goal7502022 — Mon, 29 Nov 2021 16:42:47 GMT

I was approve for Navy Fed at 6.99% one year post BK but I wound up going with Capital One as they approved me at 4.67%

Re: PenFed/NavyFed Auto Loan BK Friendly?

Anonymous — Tue, 30 Nov 2021 03:01:29 GMT

I just got approved for an auto loan today with penfed at 5.6%! I was discharged end of April this year, the 23rd I believe. I have Navy Federal with a secured card with them that just graduated this month to $2000 as well as a secured share loan but they denied me left and right for anything else including the auto loan I have been with them since 2007. I literally just joined Penfed today and figured I might as well try and I got an instant approval for just under 27k. So I'd say they are definitely more lienent with BK's when compared to Navy Federal, in my experience at least.

Re: PenFed/NavyFed Auto Loan BK Friendly?

Anonymous — Tue, 04 Jan 2022 03:28:45 GMT

@coreyb80 would you share more about your scores and cards you got with PenFed while being in BK13?

Re: PenFed/NavyFed Auto Loan BK Friendly?

coreyb80 — Tue, 04 Jan 2022 18:33:11 GMT

@Anonymous wrote:
@coreyb80 would you share more about your scores and cards you got with PenFed while being in BK13?

My scores at the time were around the mid 600s. I've been rebuilding while in 13 since 2018, filed 13 in 2016. Before the vehicle I had a a credit card and a checking account with them. Since then I now have 3 cards with them and a personal loan. They're pretty great to work with honestly. The process, once approved, is simple. I requested a check for the exact amount of the vehicle. They sent the check via overnight express and I gave it to the dealership.

Re: PenFed/NavyFed Auto Loan BK Friendly?

ballysdad — Sun, 23 Jan 2022 16:21:16 GMT

I have accounts at both Penn and Navy. I have a CH7 15 mo discharged.

Navy had secured card graduated to $2000 CLI to $3500 denied auto loan denied personal loans.

Penn I have CC was $3000 CLI to $7500. Auto loan $30k. denied personal loan

FICO scores mid 600's Utilization 2%. Income 100k range. Never had late payment until day I filed CH7.

What I would have done different.. only open secured card that should graduate with Navy and never apply to Navy for any other product. I feel I have wasted inquiries with Navy I would stick with Penn. Just my 2 cents