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Auto loan approved 2 months after discharge!

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New Contributor

Auto loan approved 2 months after discharge!

Hey guys,

 

  So during my bk I surrendered my lease I had with Acura since I was over mileage limits and thought it'd be for the best. Yesterday I was approved for and purchased a used vehicle and was financed through Capital One. I did their pre qual online a few weeks back and had been searching for cars and dove in when finding the right one. 

Below are the details for those interested and I definitely will be looking to re-finance once scores improve!

 

APPROVING BANK: CAPITAL ONE
BUREAU PULLED: EXPERIAN
CREDIT SCORE: 527

SOFT PULL/HARD PULL:  SOFT PULL FOR PRE-QUAL, HARD FOR DEALERSHIP APPROVAL
CUSTOMER STATE OF RESIDENCE: CALIFORNIA
NEW/USED: USED
YEAR OF VEHICLE: 2015
MAKE: ACURA 
MODEL: TLX V-6 TECH PKG
MILEAGE: 34,600
FINANCE/LEASE: FINANCE

PURCHASE PRICE: $19,000
AMOUNT OF LOAN: $20,252
TERM CONTRACTED: 72 MOS
APR/LEASE RATE: 14.70 %
MONTHLY PAYMENT: $428
ANNUAL INCOME: $35,000
DEBT TO INCOME RATIO: 12%
MISCELLANEOUS COMMENTARY: BK CHP 7 DISCHARGED NOVEMBER 2018

On the road to a positive rebuld!!!!

Current scores:
TU:532
EQ: 578
EX: 547
Message 1 of 5
4 REPLIES 4
Senior Contributor

Re: Auto loan approved 2 months after discharge!

Congratulations on your approval! Did you provide a down payment for your approval?

Starting Scores FICO 8 (Feb '18):
EX- 519, TU- 530, EQ- 545

Current Scores



Message 2 of 5
Member

Re: Auto loan approved 2 months after discharge!

I’ll echo the congrats! Did they approve you for a certain amount, or was the approval amount the $20,252?
Message 3 of 5
New Contributor

Re: Auto loan approved 2 months after discharge!

I put $1,000 down
On the road to a positive rebuld!!!!

Current scores:
TU:532
EQ: 578
EX: 547
Message 4 of 5
New Contributor

Re: Auto loan approved 2 months after discharge!

Capital One limited me to a loan of up to $22,000, so I just about had reached my max exposure.
On the road to a positive rebuld!!!!

Current scores:
TU:532
EQ: 578
EX: 547
Message 5 of 5
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