I'm just blown away. 2.5 weeks post bk discharge, and I'm in the market for a different car. Put in my info in the auto nav prequal page and come back with a 4.25% interest rate for 72 mos on an Audi RS5 I've had my eye on. I'll have a large downpayment + paid off trade in to make up the difference between their $40k max and the actual price of the car, but WOWWWWWWW!!!! I never thought I'd get an APR this low ever! My APR on my car that was paid off in my chapter 13 was 12.13%, and I had no blemishes on my credit then (just high util)!
Amazing!!!!!!!! 
I wonder if I'd get as lucky going to the dealer and seeing if they'd finance the whole amount? My scores aren't great, but my salary is.
edit: yes, I realize the car I want is over the top, probably too much money, and yes, I did just get out of BK. However, my salary is 4-5 times higher than it was when I filed, I have only a few small student loans remaining as debt, and plenty of disposable income. So while I probably don't need that much car, I can def afford it very comfortably.
@Anonymous wrote:I'm just blown away. 2.5 weeks post bk discharge, and I'm in the market for a different car. Put in my info in the auto nav prequal page and come back with a 4.25% interest rate for 72 mos on an Audi RS5 I've had my eye on. I'll have a large downpayment + paid off trade in to make up the difference between their $40k max and the actual price of the car, but WOWWWWWWW!!!! I never thought I'd get an APR this low ever! My APR on my car that was paid off in my chapter 13 was 12.13%, and I had no blemishes on my credit then (just high util)!
Amazing!!!!!!!!
I wonder if I'd get as lucky going to the dealer and seeing if they'd finance the whole amount? My scores aren't great, but my salary is.
edit: yes, I realize the car I want is over the top, probably too much money, and yes, I did just get out of BK. However, my salary is 4-5 times higher than it was when I filed, I have only a few small student loans remaining as debt, and plenty of disposable income. So while I probably don't need that much car, I can def afford it very comfortably.
That is fantastic! You could not hope to do better than that.
Don't let the dealer run your credit. They will not be able to beat that rate and they will likely hit you with 20 inquiries. In fact I would make sure to Freeze all three reports.
With your large equity position, you can then start shopping for a refi in six months or 12 months. You know those with the best credit are getting 2.5% from DCU (without direct deposit), so you are hardly paying any premium at all.
Seriously. Take that deal and refi later. You will hate yourself for two years if you have see all those inquiries.
Also, under NO CIRCUMSTANCES give the dealer your social security number. The only reason they want it is to pull credit. They can't pull it with frozen reports of course, but if you choose not to freeze all three it should prevent them from pullling.
CH-7-Rebuilding - You're right, I don't want to see tons of inquiries!! I'm amazed/glad I got this offer! I was going to wait another 4-5 months to try to improve my credit score and then try my luck with the dealer, but it looks like I can be in the car I want much sooner! Hopefully with my down payment and trade in, I won't even need the full $40k (The car I want is about $59-62k 
) which would make it even better!
I was seriously expecting like a 14% rate, so I was going to try to refi ASAP. 4.25% isn't the best, but it's amazing to me, and I won't feel like I'm throwing away a ton of money in interest. I won't have to be in QUITE as much of a hurry to refi, but I'll probably do it pretty quick anyway.
I think I probably will, when I entered info for a model year newer than what I had in there (2015 vs 2014) it dropped to 3.74% for 72 mos oh my!
Not trying to be the negative Nancy here, but I would be very surprised if you actually got the rates or terms that are shown on that prequalification.
@sanglee24 wrote:Those rates are real and true. I just financed a car at 1.99%, the exact rate I was quoted when I added the VIN into their system. I couldn't believe it myself but Cap 1 auto finance is awesome.
I myself have used Capital one auto finance I just don't think anyone who is just out of bankruptcy is going to get such low interest rates. Anything is possible though.
My Ch. 13 discharge was on 10/15
. I am barely 5 months out of BK and I was approved for 1.99%.
. I am barely 5 months out of BK and I was approved for 1.99%.