@Anonymous wrote:
So, I know it's not necessarily the best thing to do but I surrendered my vehicles in my Ch. 7 BK. I had my 341 Meeting a couple weeks ago. I had all my negative acounts removed from my credit reports. My scores are in the mid 500s and climbing during my repair. I can't seem to secure an auto loan with ANYBODY. Nobody will finance me, not even a buy here pay here. I've tried obtaining a loan for $3000 and $5000 but it seems as if there is some sort of freeze on my credit report. I've read about many people getting auto loans after their 341 meeting but before discharge. I've tried all the deep-subprime lenders, too. I'm not understanding.
Thanks for taking the time to share with us.
BK or no BK, most lenders want to see a minimum FICO
score of 620 before they'll make an auto loan. So if your
scores are in the mid 500s and climbing, then try getting
a couple of secured cards to bump your scores into the 600s.
Once your scores hit 620, then try again for an auto loan.
Please keep in mind that since BK7 is debt liquidation, other lenders
are wary of falling into that same category and they don't want history to
repeat itself. But like I said, if you do business with a local credit union
and you have a good relationship with them, then try working with them.
They should have no problem giving you a secured card, let you make
on time payments for 3-6 months, and then give you an auto loan after
your scores rise to 620 or better. Yes, I've read the same stories as you
about folks obtaining auto financing days after BK7. But it doesn't always
work out that way every single time. Everyone's situation is unique to them.
Please keep us posted on your progress. Thanks again for sharing!
