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Bankruptcy Friendly Auto Loans Guide

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Established Member

Re: Bankruptcy Friendly Auto Loans Guide

I posted this in the Auto thread last week...GM Financial approved me last week, two days after my BK discharge, at 9.9%.

Message 51 of 60
Member

Re: Bankruptcy Friendly Auto Loans Guide


@rm1011 wrote:

@zack7895 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. 

Message 52 of 60
Established Member

Re: Bankruptcy Friendly Auto Loans Guide

Just thought I’d add my two cents since this info isn’t advertised freely. Some CU’s will finance a used vehicle from a private owner. Some of us aren’t able to purchase a reliable car for cash so quickly out of BK. I work about 50 mi from my home, so buying a hooptie just wouldn’t suffice. We applied with our local CU and since we still had a good relationship with them and didn’t burn them for anything they approved us. I purchased a used Acura from a private seller for 6k. I was able to purchase an extended warranty from my CU and they take biweekly payments of $88. My int rate is %4.
Message 53 of 60
Valued Member

Re: Bankruptcy Friendly Auto Loans Guide

To add to this for those looking into things
We applied with roestige and were accepted, but they have several hidden dees and they wanted around 19-20 percent interest. They also sent us to an "approved dealership that claimed only 2 cars fit into the criteria with the monthly payment we wanted (375 or less)

Applied at capital one, it opened up a whole new world. Went down to 12 percent for a lot of cars and the highest was 18.5

Word of caution, took out cap 1 preapproval in and the dealership said we needed 2k down..m well they lied. I cerified with cap 1 4 times before going in and demanding them.
The dealership had sent the our loan to CPS and trued to structure it all funky (and add extra money for themselves... probably hoping id just be happy to be approved. )

A
Capital 1 didnt require money down on the car, had better interest and etc. So if you are told auto navigator is wrong... double check with capital 1. Smiley Happy
Message 54 of 60
New Member

Re: Bankruptcy Friendly Auto Loans Guide

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.


Message 55 of 60
Regular Contributor

Re: Bankruptcy Friendly Auto Loans Guide

Really?? I was reading their website and the fine print said you cant have any active bk. I instantly closed webpage.
Message 56 of 60
Regular Contributor

Re: Bankruptcy Friendly Auto Loans Guide

Active meaning not yet discharged. Once you’re discharged, that changes things.
BK7 08/2016 | DC 12/2016

Message 57 of 60
Frequent Contributor

Re: Bankruptcy Friendly Auto Loans Guide

Just to add to the list, for DP

Just was recently approved by Mazda Capital/JP Morgan Chase for a new 2018 Mazda 6 for 27000 at 8.19%. Definitely not the best Apr, but better than I expected for having a 11 month bk DC. They pulled Transunion fico9 auto enhanced which was a 677.

BK 7 Discharged: 05/30/2018
Fico Scores after Discharge: Experian-552 TransUnion- 490 Equifax- 571
Message 58 of 60
Established Contributor

Re: Bankruptcy Friendly Auto Loans Guide


@empire777 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

Message 59 of 60
Contributor

Re: Bankruptcy Friendly Auto Loans Guide


@Dj4Money wrote:

@empire777 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.

Message 60 of 60
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