Is US Bank BK friendly on auto loans?

[jmcmillan]

I use my US Bank checking and savings as my main bank accounts, with direct deposit. I also have a secured credit card through them. Will my current relationship make me eligible for an auto loan?

I'm 13 months post-discharge. My Experian Fico 8 is 661, Auto Score 2: 706, and Auto Score 8: 682. Transunion is about the same, and my Equifax is a little higher at 696.

[JcT21]

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@jmcmillan wrote:

I use my US Bank checking and savings as my main bank accounts, with direct deposit. I also have a secured credit card through them. Will my current relationship make me eligible for an auto loan?

I'm 13 months post-discharge. My Experian Fico 8 is 661, Auto Score 2: 706, and Auto Score 8: 682. Transunion is about the same, and my Equifax is a little higher at 696.

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im pretty much in your same situation.  im 14 months past bk13 discharge. ive got a nice rebuild going and my scores are about where yours are.   i also use usbank. im looking for a new ride.   i found a link where usbank says you can pre qualify for a loan.  i have not tried it yet, i dont know if its a SP or a HP.  the website doesnt specify exactly.   i cant seem to find anything online saying either way.  

you might want to give capital one auto finance a try.  im pre approved with them for 42.3k.  each pre approval is a soft pull and good for 30 days.  they give you a code to show to the dealer when they submit it to cap1.   that might be your best bet.  good luck in finding a car, im having a heck of a time finding a dealership with anything in stock.  its all dealer ordered or in transit.    demand is high.  i had to put a deposit on the truck i wanted so when it comes in i get first crack at it.   in the meantime im trying to find my best finance option.   

as far as being bk friendly for auto loans, i cant say for sure, but i did get a pre approved offer for their  visa platinum credit card.  i declined because im trying to keep HP to a minimum because of my auto dealings.  so they are bk friendly in that regard.  perhaps its where i bank with them also.  not sure if a non customer would get the offer with a bk showing.

here is the link i found for usbank pre qualify....

Apply for auto loan pre-approval | U.S. Bank (usbank.com)

[jmcmillan]

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@JcT21 wrote:

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@jmcmillan wrote:

I use my US Bank checking and savings as my main bank accounts, with direct deposit. I also have a secured credit card through them. Will my current relationship make me eligible for an auto loan?

I'm 13 months post-discharge. My Experian Fico 8 is 661, Auto Score 2: 706, and Auto Score 8: 682. Transunion is about the same, and my Equifax is a little higher at 696.

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im pretty much in your same situation.  im 14 months past bk13 discharge. ive got a nice rebuild going and my scores are about where yours are.   i also use usbank. im looking for a new ride.   i found a link where usbank says you can pre qualify for a loan.  i have not tried it yet, i dont know if its a SP or a HP.  the website doesnt specify exactly.   i cant seem to find anything online saying either way.  

you might want to give capital one auto finance a try.  im pre approved with them for 42.3k.  each pre approval is a soft pull and good for 30 days.  they give you a code to show to the dealer when they submit it to cap1.   that might be your best bet.  good luck in finding a car, im having a heck of a time finding a dealership with anything in stock.  its all dealer ordered or in transit.    demand is high.  i had to put a deposit on the truck i wanted so when it comes in i get first crack at it.   in the meantime im trying to find my best finance option.   

as far as being bk friendly for auto loans, i cant say for sure, but i did get a pre approved offer for their  visa platinum credit card.  i declined because im trying to keep HP to a minimum because of my auto dealings.  so they are bk friendly in that regard.  perhaps its where i bank with them also.  not sure if a non customer would get the offer with a bk showing.

here is the link i found for usbank pre qualify....

Apply for auto loan pre-approval | U.S. Bank (usbank.com)

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Thank you for the reply. Yes, I have used Capital One Auto Navigator and I’m pre-approved for $60k. I was just thinking I’d prefer to use US Bank if I can. Their pre-approval website isn’t clear on whether they HP or SP, so I haven’t made the plunge until I got some responses here.

[JcT21]

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@jmcmillan wrote:

I use my US Bank checking and savings as my main bank accounts, with direct deposit. I also have a secured credit card through them. Will my current relationship make me eligible for an auto loan?

I'm 13 months post-discharge. My Experian Fico 8 is 661, Auto Score 2: 706, and Auto Score 8: 682. Transunion is about the same, and my Equifax is a little higher at 696.

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i called my local branch regarding bk.  the rep told me that bk will be taken into consideration but a bk alone would not disqualify someone from getting an auto loan. she said they look at how much time has passed and overall credit profile of the customer.  she said things like down payments play a larger role in getting approved.    she also stated the pre qualify process on their website is indeed a hard pull on equifax. 

[jmcmillan]

Well, I purchased my new vehicle last night, and applied for financing through the dealer. US Bank was on the list of denials. I have no way of knowing if it was bankruptcy related…. But Chase approved me, of all banks!

[jmcmillan]

Just an update… I spoke with the finance guy at my dealer, and he was able to confirm that US Bank denied me due to my bankruptcy. Sounds like they may not be bk friendly.

[FLLGuy]

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@jmcmillan wrote:

Well, I purchased my new vehicle last night, and applied for financing through the dealer. US Bank was on the list of denials. I have no way of knowing if it was bankruptcy related…. But Chase approved me, of all banks!

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@jmcmillan- Same here. My wife was approved by Chase a few days ago traded-in her car with a great deal on a 2020 Hyundai Palisade.  We had pre-approval on hand from both NFCU and CAP1, Finance manager promised he could beat both pre-approved offers with Class A bank - we laughed at the list of banks (chase, wf, boa, truist).  We agreed to give him one opportunity then BAMM!~  Chase came back with a 5.24% not the best rate but much better than NFCU and CAP1.   We're only 7mos post BK 13 discharge and we burned Chase Credit Cards about $10K in our bankruptcy, my wife did it on her own as I'm preparing to close on a new mortgage days away.

[jmcmillan]

Congratulations @FLLGuy ! I can't beieve Chase approved her after being burned in bk.