Auto9 score helped me get approved

[MDCruiser]

I discharged on 6/25/2018, my car is going back as a result of my bankruptcy and I need another one. I have no debts at this point on paper, I live with family so no mortgage and income is $55k yearly.

I went to Honda, they offered 19% and acted insulted that I didn't kiss their feet in praise for it.

I did some research here, finding that PenFed pulls Auto9 scores. Mine was 639, so I applied. I was approved today, 4 DAYS after discharge, for a $35k loan at 11.2% for 72 months. Yes it's not 5%, but it's also not 19%. This is a 'blank check' auto loan where you take your paperwork to any dealer and make your purchase.

I hope this is helpful to some of you. I'm very thankful for the guidance I've gotten from this forum since I filed CH7, and through my re-establishment period.

[19eighty5]

Congratulations on your approval and good luck reestablishing! What kind of car did you end up buying?

[MDCruiser]

Nothing yet, but leaning towards a Honda CR-V.

[Anonymous]

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@MDCruiser wrote:
I discharged on 6/25/2018, my car is going back as a result of my bankruptcy and I need another one. I have no debts at this point on paper, I live with family so no mortgage and income is $55k yearly.

I went to Honda, they offered 19% and acted insulted that I didn't kiss their feet in praise for it.

I did some research here, finding that PenFed pulls Auto9 scores. Mine was 639, so I applied. I was approved today, 4 DAYS after discharge, for a $35k loan at 11.2% for 72 months. Yes it's not 5%, but it's also not 19%. This is a 'blank check' auto loan where you take your paperwork to any dealer and make your purchase.

I hope this is helpful to some of you. I'm very thankful for the guidance I've gotten from this forum since I filed CH7, and through my re-establishment period.

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Thanks for sharing your story and for providing all of us some inspiration.

No, just because we've filed BK doesn't mean we're obligated to accept

the first offer that comes our way, even if it is factory financing from Honda.

And Yes, it pays to explore your options and work with credit unions whenever

possible. Getting an auto loan with PenFed will open doors for you down the

road when it's time to start applying for unsecured credit like cc's and personal

loans. Plus, your internal score with Pen Fed will rise as you make on time payments,

which means it'll make future approvals that much easier as well. Once again, thanks

for sharing and best of luck to you!!!

[MDCruiser]

Thanks for the positive feedback. I brought home my new CRV last night. I surrendered my last car, it was financed at 0%. This one is about $100 more per month, not bad considering my situation.

[AJR1]

I kept my lease out - 6/22/2018 discharged - Lease matured - I switched my lease into a car loan from GM @ 12.9 same amount as my lease - Got to start somewhere

[Pharoe33]

Congratulations on your car loan.

I'm curious, how long had you been a member with PenFed prior to applying?

I just joined them two days ago and considering putting in an application for auto loan once I discharge next week.

[MDCruiser]

I've been a member since 10/2011

[MDCruiser]

When I applied, I gave a VIN and dealer of a car I was going to purchase to PenFed. But I got a better deal at another Honda dealer. Today when the check came, the wrong dealer name was on it. So I called PenFed, and was told I had to reapply for the loan. My heart sank.

So they had to pull my credit again. The operator said, 'oh wow the rate went down'. So I'm now at 10.5% for 72 months vs. 11.2%/72. I almost passed out! I got an even better rate than initially.

Also, I called PenFed to get an auth letter for the dealer to let me take my CRV on Saturday. At 7pm on a Saturday. And a HUMAN answered the phone at PenFed! A credit processor typed a letter and manually faxed it to the dealer. Their dedication to customer service is astounding! Highly recommended.

[Pharoe33]

Now that’s awesome, congratulations!
I’m going to pull the trigger and apply for an auto loan with them after discharge next week. I called and asked a few questions about getting an auto loan after discharge and was told to make sure I call and apply over the phone from the dealership instead of applying online. The customer service rep said the app stands a better chance of approval if done that way.