No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
So how do leases work fresh out of DC?
Are they stricter with credit? Looking at Toyota/Lexus Financial Services
@CreditGuy03 wrote:So how do leases work fresh out of DC?
Are they stricter with credit? Looking at Toyota/Lexus Financial Services
Depending on your credit profile before you file...YMMV...overall, I do think for most it would be pretty tough as most lease programs are through the captive lenders and most captive lenders want some rebuild history post BK before considering an approval....in particular auto loan rebuild. Toyota/Lexus was fairly leninent after a year or so of solid rebuild but someone posted here that their underwritting rules have since changed in regards to post BK credit profiles.
I want to add some data points to people in a similar position to me:
1099, lost W2 job at the start of the year so 1099 full time now.
$31,200 annual income (based on last year's return)
Experian FICO = 554, now 534 after the single credit card I have reported 90% of credit usage.
I don't know what my others are but they should be roughly the same as my reports are almost exactly the same with all three.
Approved: Westlake Financial (New/CPO 16-18%, Used 18-20%, max amount $20,000 with 10% down)
Example: Carmax 2017 Ford Focus ST (ST2) $18,898 max approved amount $14,000 @28.9% I would have to come up with the difference with down payment. Carmax runs another HP for additional cars. I opted not to do that when I was told Westlake was the approving bank, I can find better deals than that.
Example: Regional Ford Dealer 2017 New Ford Fiesta ST (Base) $17,546. Westlake came back with approved with $3250 down.
All my other denials except for Ally and Capital One via Carmax happen post discharge. I have denials from United Auto and Road Loans. I did try Road Loans again after discharge and again denied.
It's likely others will approve me but that's what I got so far.
Penfed is not BK friendly
I was discharged 3 months ago and just applied and they denied with the sole reason of the word "Bankruptcy" on my denial letter
I have been with Penfed for 12 years so I guess age and history mean nothing
I was able to get a lease through Honda Financial Services. Its a 2019 Civic Sport at about 436/month . Only put down the cost of tags/titles.
Guess this would be as good a spot as any to put this.
2 Years post BK7, scores are now 715, with tons of cards now. Just applied to refiance my car loan I got right out of BK7. Here was the results. I chose a lot of local CUs and some of the larger ones. Some I had a relationship with, most I didn't though, this was for a 48 month used car refinance.
Chase - DECLINE
WF -Decline
SFFire - DECLINE
Golden1 - Approved 5.540%
Alliant CU - Approved 5.25%
SM Credit Union 4.49% (3.24% for 36)
Penfed - Approved 4.75%
Tech CU - Approved 3.99%
Patelco - Approved 3.94%
Provident CU - Approved 3.625%
Langley CU -DECLINE
NASA CU - DECLINE
Any recent success with Infiniti Finance? I'm 4 mos out from a 100%Ch 13 with high income and scores just under 700.
Infiniti Financial uses Nissan's underwritten criteria for post BK. Nissan is known to be fairly forgiven with a solid rebuild. Fresh out of a 13 with a new rebuild and high scores, I would say you'll be fine. Infiniti is running some great deals right now! Keep us posted on how it goes.
@CreditGuy03 I know this was 7 months after you were denied for "Bankruptcy" but I was able to obtain an auto loan refi (just purchased and refi'd from the dealers chosen lender) for 72 months @ 2.99%. It was also for a 55k truck...no money down.
Maybe their guidelines changed?
I ended up with the QX60 CPO fully loaded, 6% interest (lower than my previous pre-bankruptcy loan with Acura), $4500 down.
Took awhile and they shot me out to about 6 other banks that turned me down, but we made it happen.