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PenFed is not BK friendly, at least to me. They denied my auto refi even after a recon and I was told that it’s due to my BK being less than 2 years old.
How friendly is Ford? We are looking at either a Ford Explorer or a GMC Acadia for my wife. I have spoken with the finance director at a large Ford dealership in the area and she said Ford doesnt go off of the beacon score but an internal one. Does anyone know? I was told that even if I can’t get the 0% rate that the most on Fords program we are looking at is 3.9 but I’m not sure what that references.
I emailed back and forth with a GMC dealer finance manager and they said the lowest rate is 700 or better with no credit blemishes. So I’m not sure how BK friendly GM Financial is.
@Anonymous wrote:PenFed is not BK friendly, at least to me. They denied my auto refi even after a recon and I was told that it’s due to my BK being less than 2 years old.
How friendly is Ford? We are looking at either a Ford Explorer or a GMC Acadia for my wife. I have spoken with the finance director at a large Ford dealership in the area and she said Ford doesnt go off of the beacon score but an internal one. Does anyone know? I was told that even if I can’t get the 0% rate that the most on Fords program we are looking at is 3.9 but I’m not sure what that references.
I emailed back and forth with a GMC dealer finance manager and they said the lowest rate is 700 or better with no credit blemishes. So I’m not sure how BK friendly GM Financial is.
I have heard/read mixed things about PenFed so I can assume YMMV. As far as GM Financial, yes to qualify for their best rate would require min 685 but they def approve post BK's with far less credit scores... you def won't get the best score fresh out of a BK but you would def get approved. YMMV here as they want to see your credit profile pre and post BK in particular to auto loan history. You get dinged for surrending any cars during the BK, etc. The right F&I guy really can make or break the deal irrelevant to the bank. When I was 6 mos post BK, the first dealer I went to told me I needed to be 5+ years post BK to get financed through their captive lender then I went to the same brand but another dealership and was approved on the spot with tier 2 credit.
So Ford Credit won’t approve us but I have a feeling it’s due to the deal. GM Financial approved us for a 9.9% rate on an Acadia but we were told it had to be a 2017 year model to get the rate, otherwise it’s 15-17%. 😔
I take it back about PenFed not being BK friendly. They approved us for a new auto loan at 7.3 but not quite for the amount we needed. We will be doing a new auto refi within the month though. They said our approval will work for that too. Amazing how they change their minds within a 2 month span.
Awesome write up and I thank you for sharing this information.
I'm curious, has anyone burned the subprime lenders listed for a non-reaffirmed auto loan but was approved for a new auto loan by the same lendor post discharge? I ask this because dealerships like Carmax seem to blast out an applicants information to multiple lenders at one time.
Just to share my experience with anybody out there that's looking. I was discharged on 7/19/18 and have been approved for financing through Volkswagen Credit on a 2018 Jetta. This is all thanks to my dealership talking extensively to VW. I had to explain to them why I filed bankruptcy and what I'm going to do to make sure it doesn't happen again etc. before they would approve the loan. I'm not sure yet on the exact terms. but it looks like the APR is going to be between 6-8%. I also got approved through Regions Bank on a 2018 Toyota iM but passed on the deal. Just keep pushing! You'll get a good loan!
@Anonymous wrote:Just to share my experience with anybody out there that's looking. I was discharged on 7/19/18 and have been approved for financing through Volkswagen Credit on a 2018 Jetta. This is all thanks to my dealership talking extensively to VW. I had to explain to them why I filed bankruptcy and what I'm going to do to make sure it doesn't happen again etc. before they would approve the loan. I'm not sure yet on the exact terms. but it looks like the APR is going to be between 6-8%. I also got approved through Regions Bank on a 2018 Toyota iM but passed on the deal. Just keep pushing! You'll get a good loan!
Congrats and glad to hear you were approved through VW Credit. First story I have heard of VW approving someone pretty recent out of BK. Did you previously have a VW loan? I have heard of VW approving people who burned them in a BK a few years post D/C with a nice rebuild.
Toyota must have just changed the rules then because we got our Toyota in March, about 2 months after discharge. We didn't put much down.