Just have to keep pinching myself. This has been a very long journey for me to get to this point - years of shady dealers and being taken advantage of due to my horrible credit from a very bad divorce. I was finally able to afford an attorney to file BK7 and it was discharged in April this year. Thanks to everyone's help on the forum, I've been climbing my way back up. Here are the loan details:
New 2013 Chevy Traverse 2LT - leather, nav, dvd. Sticker price - $43,090. My loan amt - $38,430 (I get GMS pricing through my dad, plus $1900 equity from my trade, $2000 down, ttl). Monthly payment - $640 - that's 0% for 60 months. The dealer ran my EQ report and I had 643 FICO and 653 Auto FICO through EQ. The lender was WFDS and they ran EX. My EX FICO is 623. The dealer had told me that two lenders will do the 0% financing - Ally and WFDS. Ally denied me. WFDS approved me. The dealer said the minumum score to qualify for the 0% was 630 and they because I had a recent BK7, I would have to show that I had reestablished myself by having a new cc and auto loan. I did have a new cc that I opened in June and I did not include my current auto loan in the BK7 (reaffirmed it).
I purposely waited a week to share the news because I was worried that it would somehow fall through. But yesterday, the new Traverse loan showed up in my WFDS account online (my current auto loan was also with them) and gives all the loan details and I could make my first payment on it now if I wanted, so I hope that means it's official. The old loan is not showing as being paid off yet, but hopefully, that will show soon.
Wanted to share my story and tell everyone that good things do happen if you just keep moving forward and working diligently on improving. Thanks to all of you on this forum for all of your great advice!
Starting Score: 500
Wow! Congratulations, I know your post will give hope to some who are coming out of Chapter 7 bankruptcy. I'm somewhat surprised that the dealer was able to go all the way down to 630 for prime financing. I guess things are loosening up a little at last in the auto loans. Seems like not so long ago all we read was 720+ for prime deals.
Starting Score: 500's
I still hate auto-loans, and buying new-new cars, but this is friggin' awesome! WAY TO GO!
Congrats on your rebuild, and keep with it! You'll be 700 in no time!
-SM
Mods, can we link a thread from the BK forum to here? I'm sure there are a ton of people over there who would love to know this news, but that might not check this (Auto) forum every day? I'd build a link-y post, but I'm not sure that doesn't violate the rules.
-SM
Thanks, everyone! And it's now official! Checked my old loan account last night and the balance is zero, so the dealer paid off the trade. It's a done deal! Yahoo!!