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I posted this in the Auto thread last week...GM Financial approved me last week, two days after my BK discharge, at 9.9%.
@rm1011 wrote:
@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.
No, I've never had VW credit before. My previous auto loan was through a local credit union. I've only been discharged a few days. I was very surprised myself. The dealership has been working very hard at it. They have been discussing it in depth with their VW "buyers" (not sure who they are) and the bank itself. The owner of the dealership even called me. This has been by far the best experience I've ever had buying a car. Never had a dealership go so above and beyond.
GM Financial approved me 10 days out of bankruptcy for a 29k loan on a 2016 silverado, 10.75% interest. My auto score was 671 at time of application. Got the preapproval from gmfinancial.com then found the truck i wanted and worked a deal with that dealer.
@Anonymous wrote: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
When people say "341 Meeting" I'm slightly confused. Before meeting with the trustee, it was called "341 Meeting". But as I have read around here, 341 could mean MOC (meeting with crediors). If it's the latter then yes Carvana will finance you. But since I only have met with the trustee I can't get approval for anything.
How would they know if I had the meeting with creditors? Do banks and dealers have PACER accounts
@Dj4Money wrote:
@Anonymous wrote: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
When people say "341 Meeting" I'm slightly confused. Before meeting with the trustee, it was called "341 Meeting". But as I have read around here, 341 could mean MOC (meeting with crediors). If it's the latter then yes Carvana will finance you. But since I only have met with the trustee I can't get approval for anything.
How would they know if I had the meeting with creditors? Do banks and dealers have PACER accounts
The 341 meeting you and your attorney had with the trustee, is also the MOC meeting.
Only you, your attorney, and the court have access to your PACER acct.....AFAIK anyway.