Auto Loan Question?

[Anonymous]

My question of the day, I have two auto loans one has 3 payments remaining and the other is almost half way through, Ally and Bofa.  I have never been late on any auto loan ever or any credit card in my credit history.  Here is the kicker I recently had to file Ch 7 not due to debt more to get the edited bank off my bank from my previous property that I could not sell due to loss of value in these times.  I am three months post discharge.  Once I am done paying off my auto loan in a couple of months I would like to purchase another vehicle.  Do banks look only at score?, I mean I will complete a 72 months loan with a clean history.  Salary is close to 100k, my equifax score is a joke as of this moment (607) this is with only the bankruptcy on it, no prior lates on anything.  Such a shame my fico use to be a 782.  Are the banks going to say this guy has never been late on anything yeah lets give him a loan and rape him on interest, or are they going to laugh at me.  Any feedback is appreciated.

[pizzadude]

Hi ! Welcome to the forums !    A recent BK is a major deragatory, which is going to impact your ability to take out a new loan.  It doesn't matter how many timely payments you made before the BK, it is a major red flag to lenders.     I don't understand your statement that filing BK was not due to debt, because you defaulted on a secured loan from the bank.  

Can I ask why you need another car at this point - are you able to keep going with the other two cars or are they not yours ?

You might get a better deal from lenders who pull an Auto-Enhanced score, as this weighs your Auto TLs more heavily than other TLs and may give you a higher score.   But the BK is still a factor.

[Anonymous]

I guess I should have phrased that a little better, what I meant to say is that I was not burdened with an insane amount of Credit Card debt or unsecured loans, I did not have many open cards or ones with high balances that would of led me to eventually file for BK.  In my scenarion it was a property that wroth 80% less than original value, regardless if you are saying that banks will not approve me and only at an insane rate, looks like I am pretty much screwed.  The vehicle with the loan ending is a high performance muscle car and I want keep in the garage and use it sparingly.  looks like I will be in a cash clunker for a few years.  Thanks for the feedback.

[Anonymous]

If you have a long term relationship with your bank or preferably a credit union you could always try to go in and talk to a loan officer for an old-fashioned manual underwriting of the loan. (I know I'm not the only one on this board old enough to remember when it was done face to face.) Perhaps they could accommodate you with your explanation. But if is one of the Mega-Bank corporations I wouldn't hold my breath expecting them to cooperate. It's simply worth a shot. All they can say is Yes or No.

[pizzadude]

Also you might consider contacting the companies who have currently have your auto loans.   Explain the situation, and who knows maybe they could work with you given your good payment history with them.

[Booner72]

My CH 7 was filed 2005 and my auto-ehanced TU FICO score was 714 last month when I was buying a new/used car.  Subaru's bank, Chase, wouldn't finance the loan due to the BK.  I was SERIOUSLY surprised that they turned me down for a six year old bk.

I was financed by a local CU. 

FYI