I just wanted to share that last month we were looking to buy a new car and decided to apply online for Ford Credit since they were offering 0% interest for 60 months on some of their vehichles. To our surprise, we were approved! My husband and I both have a discharged chapter 7 bk on our credit from Aug of 2013 and our Experian FICO scores (that is who they pulled) were 688 for me and 671 for my husband. Experian is by far our lowest FICO scores, TU is over 700 for both and Equifax is 690's for me and low 700's for my hubby.
We were very surprised that we were approved for the 0% for 60 months because we thought the bk and the scores under 700 would have affected our ability to be approved, but according to the person we spoke to at Ford Credit, they use an auto enhanced form of Experian FICO and much of their decision is based heavily on how you have performed on auto loans in the past.
We currently have 3 PIF auto loans reporting to our credit from the past 7 years, 2 of those are from refi's, trying to get the 16.99% rate down that we received when we bought our last car just a week after our chapter 7 was discharged. Capital One Auto Finance gave us 16.99% for 72 months with zero down. We kept that loan for 9 months, then refinanced with our credit union for 9.99%, and then 6 months later, we refinanced again for 5.99% with Alliant FCU. I am so happy we no longer have to deal with double digit interest rates on an auto loan!
Chap 7 BK Discharge Aug 2013 (Initial CL/Current CL): Discover IT ($5.5K/$32.5K) Cap1 QS ($500/$30K) Amazon ($700/$8K) Barclay's MC ($1,300/$10.3K) Upromise ($500/$33K) Lowe's ($900/$13K) Sportsman's Visa ($17K) WF Amex ($13K) AMEX BCE ($10K) AMEX Gold NPSL - FICO's: All 740+
