Carvana and chapter 7

Anonymous · ‎10-20-2018

I’m a single mother to a 3 year old and when my ex and I broke up I was left with no car. Although living in NYC we have public transportation it’s not easy to get my daughter to daycare and then head to work. Long story short I filed my ch 7 on July 22,2018 my bankruptcy should be discharged in about 3 weeks. I was desperate for a car but didn’t want to run my credit a million times or deal with a dealership so I tried Carvana.com
I was instantly approved! I put $1500 down, my interest rate is very high but as soon as I get my discharge I will refinance with someone like Cap1 or a credit union.
Anyone looking for a car should def check out Carvana.

Anonymous · ‎10-20-2018

Congrats on getting approved for a vehicle.

DaveInAZ · ‎10-24-2018

Congrats, and Carvana does seem like a good option. But you are not suppposed to incur any new debt until after you are discharged. Hopefully your Trustee doesn't catch this and cause any problems.

Anonymous · ‎10-24-2018

Did you go all the way through with the process? At first they approved me, gave me an interest rate and terms and everything, then when I confirmed the car I wanted to buy they actually ran my credit (hard pull I guess on experian?) and then they denied me the next day. They told me it was because I was not yet discharged. If you're actually approved congrats! and please let us know how it goes.

Anonymous · ‎10-25-2018

Warning - you are going to need to owe less on the car than it is worth in order to refinance it. It is VERY easy to get buried/underwater on a high interest rate loan and when it occurs, you may need a few thousand in cash to actually get out of the high rate loan and refinance it. We see folks here all the time that are stuck with bad loans they planned on "refinancing".

While not a picnic, your future financial security is going to fare MUCH better if you deal with public transportation until your rebuild is under way and you can get a non-predatory loan. I hate seeing people recently freed of years of bad debt jump right back into it and that's sadly what this is.

Anonymous · ‎11-01-2018

I did go through the whole process. They delivered the car and everything about 3 weeks before my discharge. Maybe it depends on the underwriter. Are you in a chapter 7 or chapter 13?

Anonymous · ‎05-02-2019

Congrats, that's awesome news! I am new to Carvana and somewhat skeptical on the process and getting approved, but you have a success story that has inspired me. Thanks for sharing.

Anonymous · ‎06-13-2019

UPDATE!

Loving my Carvana car no problems at all. I have been paying almost double the monthly payment every month and have paid of 20% of my car debt in about 7 months. Working towards having it paid off at the 2 year mark or soon (fingers crossed)