PenFed Auto Refi after BK?

[Anonymous]

Hello!

I've searched through the forums to see how likely PenFed will approve an auto refinance after a BK.  I'm not a member yet of PenFed and will definitely apply but was wondering if they can tell me if I am approved after submitting the loan app before I become a member?  I'd hate to apply, pay the membership fee, and get a denial.

I'm trying to lower the interest rate from an embarrassingly high rate on our current auto to something more managable.  My home CU won't approve it unless I have a year of established credit history under my belt, and even then they won't approve our auto unless it's a max 24 month term.  Capital One's auto refinance preapproval was denied but I had included a CC of theirs in our BK so I understand that one.

Any help is appreciated!

[Anonymous]

Why not open a checking with $500/month direct deposit then apply for it?

If denied, you could get approved after some history.  How many years left do you have on the loan?

[Anonymous]

57 months left on the loan.  I'd like to get that down to a 48 month term with a lower rate and pay the same payment we are paying now to pay it down even quicker.

I'd only want to use PenFed for the auto loan now and keep our current credit union.  I just wasn't sure if they require the $17 fee to join an affiliated association and the $5 deposit for savings just to submit the loan app, or if I can see if I am approved first before paying both of those.

[Anonymous]

Just in case it is denied what is the email to recon?

[svtthis]

Penfed refinanced my loan after my bk7. It was 2 or 3 years passed my discharge date. Can't remember what my score was at the refi time but I know I got the cheapest rate. If you're scores are good I don't think you'll have a problem. I didn't have any banking set up with them at the time of approval either

[Anonymous]

I got a denial but sent in an email for a recon. I haven’t received a survey yet.

The score they came back with was 622.

[Anonymous]

Got the survey in my email and filled it out.  I was transparent about our situation.  Crossing my fingers!