Auto refinance 3yrs post Ch 7

[ldavner]

October is 3 years since my ch 7 discharge date and I'm not sure who is a good option to auto refinance through. I burned the 1 relationship I had with a CU and the bank I hold my primary checking and savings through (PNC). I've tried Cap One but they keep denying me bc of the bankruptcy. I do have a checking account with them now and they have however approved me for 2 cards in the last 3 years 🤷🏼‍♀️. The most recent letter I got from them has my Equifax sitting at 713, I haven't checked my other 2 recently. I never missed a payment leading up to filing, and haven't missed anything since then either.

I got my current vehicle about 4 months after my discharge through Carvana and Bridgecrest and while my interest rate isn't the worst following a bankruptcy, 9.1% - about a 15k loan - $258/mo, I know it could be better and I wanna be done with Bridgecrest. I'm also getting close to the dollar cut off, I owe about $8100.

I have a Barclays card that survived the bankruptcy with a $4800 limit, and have since obtained a Mercury (Oculous? I think, I don't ever use it) $3550 limit, Cap One Quicksilver $1000 limit, Cap One Savor One $3000 limit and I'm under 10% untilization and only have a balance on the Barclays.

Anyone have any recommendations on who to reach to or try, or should I just stay since I'm at or close to the min $ a lot of companies have for a refi?

Thanks!

[pizzadude]

I think the minimum amount for auto loans will vary by lenders but I think you should still be able to refi the $8K balance. 

Also I'll move this post to auto loans as you may get more responses in that forum. 

[CH-7-Mission-Accomplished]

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@ldavner wrote:

October is 3 years since my ch 7 discharge date and I'm not sure who is a good option to auto refinance through. I burned the 1 relationship I had with a CU and the bank I hold my primary checking and savings through (PNC). I've tried Cap One but they keep denying me bc of the bankruptcy. I do have a checking account with them now and they have however approved me for 2 cards in the last 3 years 🤷🏼‍♀️. The most recent letter I got from them has my Equifax sitting at 713, I haven't checked my other 2 recently. I never missed a payment leading up to filing, and haven't missed anything since then either.

I got my current vehicle about 4 months after my discharge through Carvana and Bridgecrest and while my interest rate isn't the worst following a bankruptcy, 9.1% - about a 15k loan - $258/mo, I know it could be better and I wanna be done with Bridgecrest. I'm also getting close to the dollar cut off, I owe about $8100.

I have a Barclays card that survived the bankruptcy with a $4800 limit, and have since obtained a Mercury (Oculous? I think, I don't ever use it) $3550 limit, Cap One Quicksilver $1000 limit, Cap One Savor One $3000 limit and I'm under 10% untilization and only have a balance on the Barclays.

Anyone have any recommendations on who to reach to or try, or should I just stay since I'm at or close to the min $ a lot of companies have for a refi?

Thanks!

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Penfed would be good.   They show a rate of 6.34% for 48 months or 6.04% for 36 months.    They have varying minimum loan amounts for used car refinances so after 48 months the minimum loan amount is $10,000.    They are good to people with BK's after two years post filing.

https://www.penfed.org/auto/refinance

[cynicaldragon83]

Capital One is weird.

I also emerged from Chapter 7. I also have a loan with Carvana/Bridgecrest that I want to refinance, mainly because the BK wiped the good account off my report.

Tried to pre-qual with Capital One but they won't approve a refi...but they'd approve a loan on a newer used car with rates better than what I have with Bridgecrest. 

Following this post!