Auto loan w/ dismissed BK

[Anonymous]

So I completed a Ch 13 payment plan but due to a previous 7 I didn’t qualify for a discharge. I have a great little rebuild with 700 across the board but my EX is reporting dismissed and the other two say discharged. The 7 was back in 2010 and the 13 was only to save my house and was filed in 2012. Well I’m now in need of a car and am wondering how the dismissed wording will affect me. 

Thanks in advance for any info you all may have 

[Anonymous]

What date on your credit bureau does it show the CH. 13 was dismissed? Have you had positive installment/revolving credit since the dismissal?

It is often tough overcoming a recent CH. 13 dismissal, and many prime bank's won't look past it, if it was recent. Because it shows your intent to file, but if adequate time has passed since the dismissal, you should be fine.

[Anonymous]

There is no dismissal date, only the original file date which was 10/2012. I completed all payments and BK shows balance of $0. I do have positive revolving credit only, for about last 2.5 years. All credit scores at 700 across all 3 bureaus but I recently discovered that “dismissed” may be an issue. Again only shows dismissed on Ex- TU and EQ show discharged. 

[MakeItAMudLight]

How recent was the dismissal?

[Loquat]

OP, if it means anything, I was able to secure 2 auto loans with PenFed DURING my BK13 and have had several since discharge.  My BK13 is still alive and well on my report and will be for a little while longer.

I don't think obtaining a auto loan will be that hard if your scores and DTI ratio is okay.  Good luck!

[Anonymous]

Thanks Loquat for the info! You say auto loan during ur 13? Wow! I didn’t think any lender would take you during the 13. But glad to hear it! Yes so I don’t have a dismissal date, just original file date which was back in 2012. Recently the status of my BK 13 went from “filed” to “dismissed” with no other dates, no drop in credit score or other notes. I saw somewhere (I don’t remember where now) that financing a car with a dismissed BK would be difficult so I panicked as I will need to within 6 months. 

[Loquat]

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@Anonymous wrote:

Thanks Loquat for the info! You say auto loan during ur 13? Wow! I didn’t think any lender would take you during the 13. But glad to hear it! Yes so I don’t have a dismissal date, just original file date which was back in 2012. Recently the status of my BK 13 went from “filed” to “dismissed” with no other dates, no drop in credit score or other notes. I saw somewhere (I don’t remember where now) that financing a car with a dismissed BK would be difficult so I panicked as I will need to within 6 months. 

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OP, yep, you read it right.  Auto loans during my BK13. Never had to provide POI nor was any of my loans "referred to loan officer".  All where instant approvals and checks were sent right away as I already have vehicles and price negotiated prior to applying.  I know that PenFed hasn't been great to some but they've been fantastic for me. 

With a BK13 alive and well on my report, I have $30k limit on my Platinum Rewards Visa, currently my '18 Charger RT ScatPack is financed with them,  7 payments left on my '15 GMC Yukon Denali, and I have a $5k line of credit.  They have been AWESOME in my experience.