341 Completed today!! Questions!!

[rbizzle]

Hi everyone, had my 341 meeting this morning and it was simple. Trustee didn’t ask any of the questions my lawyer thought he would.

We decided not to reaffirm my auto loan with Santander. I bought the car in a pinch back in September as my previous vehicle was taken away from my father in a fight. It’s a 2017 Hyundai Sonata 2.0T with 42,000 miles on it. I owe $21,600 and my payment is $545 a month on a 72 month loan and the interest rate...21.4%!!

My attorney said don’t pay for it and just get a new car, I should be able to get a way better rate. Question is, should I wait till discharge or go shopping now? Will I get a better rate after d/c? I know some lenders will work with me now but I don’t want to get taken advantage of, plus the benefit of waiting is pocketing at least 2-3 months of payments. I do need a car to go to work so public transportation is not an option.

Any advice is welcomed.

[Jnbmom]

I suggest you wait til after your discharge . Wait for your reports to update correctly .

[FireMedic1]

Congrats on your MOC. Once your DC'ed. Then everything will update on your reports to IIB and $0 balance. Most get a fairly decent score bump because your legally out of debt.. Which may mean a lower interest rate due to higher scores afterwards. Theres many out there for a car loan that will beat that 21% mess. Cap1 auto navigator you can check a SP pre-qual once the smoke clears. Good Luck. Some may pop in with who they went with after BK. Good Luck!

[FireMedic1]

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@Jnbmom wrote:
I suggest you wait til after your discharge . Wait for your reports to update correctly .

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LOL! Same time posted. Great minds think alike.

[rbizzle]

Thank you guys! I’m just waiting for Navy Federal to update, they’re the only ones left still not showing IIB, hopefully then I can get a nice score boost. According to Capital Ones credit wise I’m at a 565 currently.

[twono]

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@rbizzle wrote:
Thank you guys! I’m just waiting for Navy Federal to update, they’re the only ones left still not showing IIB, hopefully then I can get a nice score boost. According to Capital Ones credit wise I’m at a 565 currently.

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Creditiwise is not a true FICO score.  Don't look at that number at all.  Useless.  Pull youre FICO scores from myfico or creditchecktotal.

After you are DC'd and reports reflect the DC, you will get a score bump which should translate into better car rates.  Check out carvana...see if you pre-qualify  https://www.carvana.com/account/login?returnUrl=/financing-prequalification

I didn't apply for my 2 new cards until 45-60 days post DC, Credit One $2k, OLLO $1100.  Carvana prequalified me at 3.9 - 9.9% with $0 down or less than $500 down, depending on the car.  Of course i didn't buy a vehicle.  I'm content with my 18 yr old truck.

DC'd in OCT....EQ 639, EX 615, TU 611

[twono]

I lied.....3.90% - 6.45%, and $0 down.