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Bankruptcy Friendly Auto Loans Guide

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Established Member

Re: Bankruptcy Friendly Auto Loans Guide


@Frozenpepsi wrote:
I can't even use the pre-qualify until my discharge is final. I'm pretty sure that if I tried it that it would be instantly rejected, haha.

I tried the Cap1 preapproval before my discharge and was instantly declined, when I received the letter in the mail it stated there was an open bankruptcy. I was discharged on the 29th and both my EX & TU have updated thier reports showing the discharge. Still waiting on EQ. I will be trying the cap1 again in like a week, and keep you guys posted on how things turn out. 

Message 21 of 60
New Contributor

Re: Bankruptcy Friendly Auto Loans Guide

Same boat as you except the discharge hasn’t been issued yet. So you know who sends the discharge letter? Pacer or the trustee or the court?  

Message 22 of 60
Contributor

Re: Bankruptcy Friendly Auto Loans Guide

I think this thread has a ton of info about people getting car loans after discharge, but everything without having a car loan IIB.. Does anyone have history of getting a loan WITH having a car IIB? I had my car turned over (repo'd) and cannot get approved for anything .. im 1 month discharged and a 670 score on credit karma, though when i have filled out an app it says a 540 score

Message 23 of 60
Regular Contributor

Re: Bankruptcy Friendly Auto Loans Guide


@chosen4th wrote:

I think this thread has a ton of info about people getting car loans after discharge, but everything without having a car loan IIB.. Does anyone have history of getting a loan WITH having a car IIB? I had my car turned over (repo'd) and cannot get approved for anything .. im 1 month discharged and a 670 score on credit karma, though when i have filled out an app it says a 540 score


I actually IIB two car loans and was able to secure a loan for a much lower payment the week of my discharge with Consumper Portfolio Services with a 14% interest rate. My dealer had a great finance guy who worked out the deal with CPS and as I have stated the dealership's finance manager can make or break a deal. Try reaching out to the "volume" dealers and asking if they have a special BK finance manager. Many of the dealers who do have them mailed me letters constantly to come in to see them for almost 6 months post Discharge. 

BK7 08/2016 | DC 12/2016

Message 24 of 60
Contributor

Re: Bankruptcy Friendly Auto Loans Guide

Very helpful thank you
Message 25 of 60
Established Member

Re: Bankruptcy Friendly Auto Loans Guide

Just adding my experience - Nissan Financing approved me 45 days post discharge with terrible interest, but 0 down. Their only stipulation was that I not keep my current car which was IIB but is reporting wrong on credit as open. Interest rate was 16.25, but the dealer is saying they can likey get it down to 14%. Terrible, but the payment would match what I had with my old car ($250/month) and I'll be trying to refinance with NFCU or another lender in 6-12 months when I'm able to get a much better rate.

 

This was looking at a used/certified pre-owned 2015 Nissan Sentra. I'd love to keep my SUV, but will be happy/survive in the Sentra with mangeable payments. Smiley Happy

Filed BK 10/2017
Discharged 2/1/18
3/2018 - 638EQ / 582TU / 630EX
Current TLs - NFCU Secured Card ($600) / Discover IT Unsecured ($500) / Nissan Motor Finance Auto Loan / Student Loan (Consolidated - in deferred status, but shows as 'pays as agreed' on report)
Message 26 of 60
Valued Contributor

Re: Bankruptcy Friendly Auto Loans Guide

Toyota financed me about a month after discharge, I had 2 cars included in the BK. My auto fico was around 650 and I got a 10 percent rate, I put about 5 percent down.

Message 27 of 60
Regular Contributor

Re: Bankruptcy Friendly Auto Loans Guide

Carvana is BK Friendly will approve after 341 meeting. I got a 7.58% rate before discharge, $0 down

Yes i had a car turned in (repo) IIB. Actually i had 3 repo's in total prior to my bk


Personal Cards:


AU Cards:

Message 28 of 60

Re: Bankruptcy Friendly Auto Loans Guide

Just got DENIED by Penfed for a used auto loan, due to my 2015 ch7 bk. 

 

They sent me a "conditional approval" email saying they needed the details of the vehicle make/model, VIN number etc.  So I went shopping and negotiated a price and then emailed them the details.  This is when they denied me, not because the vehicle didn't meet the parameters of their finance rules but because of the BK. Very frustrating, as they knew about the BK when they sent the conditional approval and they made it sound like the only condition was that the vehicle represent reasonable collateral for the loan.  

 

My profile:  Fico's are in the 680-700 range, BK filed May 2015 (2 years, 10 months ago).  I had a Toyota Financial Lease that was reaffirmed, with perfect payment history in that time frame.  My credit cards are at 6% util, no baddies at all on my report since the bk.

 

Penfed noted the bk and "time accounts have been established" as reasons for the denial.  

Message 29 of 60
Regular Contributor

Re: Bankruptcy Friendly Auto Loans Guide


@dontworrydontpanicwrote:

Just got DENIED by Penfed for a used auto loan, due to my 2015 ch7 bk. 

 

They sent me a "conditional approval" email saying they needed the details of the vehicle make/model, VIN number etc.  So I went shopping and negotiated a price and then emailed them the details.  This is when they denied me, not because the vehicle didn't meet the parameters of their finance rules but because of the BK. Very frustrating, as they knew about the BK when they sent the conditional approval and they made it sound like the only condition was that the vehicle represent reasonable collateral for the loan.  

 

My profile:  Fico's are in the 680-700 range, BK filed May 2015 (2 years, 10 months ago).  I had a Toyota Financial Lease that was reaffirmed, with perfect payment history in that time frame.  My credit cards are at 6% util, no baddies at all on my report since the bk.

 

Penfed noted the bk and "time accounts have been established" as reasons for the denial.  


That is interesting as I thought this would be plenty of time to have been reestablished....how much is the loan, your yearly income, and your down payment?

BK7 08/2016 | DC 12/2016

Message 30 of 60
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