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Next Day Post BK Approval

Auto Loans for ANY Credit Situation. Immediate Response.
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Established Member

Re: Next Day Post BK Approval

you just got all debts cleared then you go get a bmw 5 series and an Audi. Your definition of broke must be way different then mine lol. It’s going to suck when you have to wait years to file chapter 7 again. Good luck.
Message 11 of 21
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Established Contributor

Re: Next Day Post BK Approval

We filed BK because I made way more than I do now. We had 300k in debt. We can easily afford these cars as we don’t owe any other debt.
Chapter 7 BK Discharge 09-16-19
589 - 11-12-19 Experian FICO Score 8
632 - 11-04-19 Experian VantageScore 3.0
643 - 11-12-19 Transunion VantageScore 3.0
616 - 11-12-19 Equifax VantageScore 3.0
580 - 10-25-19 Equifax FICO Score 5
Loans: 1 Student Loan Deferred, 2 Auto Loans, 1 Secured Loan
Credit Cards: 2 Visa Cards, 1 Mastercard; 1 Store Card $500/$1,400
Inquires: 17 Equifax, 32 Experian, 15 Transunion
Average Account Ages: 1Y10M Equifax, 3Y11M Experian, 2Y9M Transunion
Gardening till 03-2020
Message 12 of 21
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Moderator Emeritus

Re: Next Day Post BK Approval


@CostantinoA wrote:
We filed BK because I made way more than I do now. We had 300k in debt. We can easily afford these cars as we don’t owe any other debt.

I don't think anyone here means to judge nor is it their right. But there is a bit of perception here. You know what you make and can afford. You can expect some "feedback" when you say you bought a late model BMW and Audi hours after being discharged. But there is also a stigma with those brands of course. If you said Dodge or GM no one would have been quick to say anything is my guess. LOL. 

Message 13 of 21
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Established Contributor

Re: Next Day Post BK Approval

Very true. I had 14 paid off auto loans on my credit over the last 7 years. When I went to the dealer, they focused on that to get the approvals not the BK. The banks agreed that was worth more and approved them.

My friend drives a Dodge Caravan with a payment more than my BMW. It is all about the terms of the loan.
Chapter 7 BK Discharge 09-16-19
589 - 11-12-19 Experian FICO Score 8
632 - 11-04-19 Experian VantageScore 3.0
643 - 11-12-19 Transunion VantageScore 3.0
616 - 11-12-19 Equifax VantageScore 3.0
580 - 10-25-19 Equifax FICO Score 5
Loans: 1 Student Loan Deferred, 2 Auto Loans, 1 Secured Loan
Credit Cards: 2 Visa Cards, 1 Mastercard; 1 Store Card $500/$1,400
Inquires: 17 Equifax, 32 Experian, 15 Transunion
Average Account Ages: 1Y10M Equifax, 3Y11M Experian, 2Y9M Transunion
Gardening till 03-2020
Message 14 of 21
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Established Contributor

Re: Next Day Post BK Approval


@Tuscani wrote:

@CostantinoA wrote:
We filed BK because I made way more than I do now. We had 300k in debt. We can easily afford these cars as we don’t owe any other debt.

I don't think anyone here means to judge nor is it their right. But there is a bit of perception here. You know what you make and can afford. You can expect some "feedback" when you say you bought a late model BMW and Audi hours after being discharged. But there is also a stigma with those brands of course. If you said Dodge or GM no one would have been quick to say anything is my guess. LOL. 


  Nobody means to but you are? He is not breaking any rule that I know of. He shouldn't expect anything, I thank him for giving a data point to draw from.

 

 Proving you can get vehicle financing below usury rates which means having bad credit is worse than no credit or bankruptcy. 

Message 15 of 21
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Established Contributor

Re: Next Day Post BK Approval


@CostantinoA wrote:

@FireMedic1 wrote:

@rustyshackelford wrote:
Do you think if you might have waited a bit that you could have gotten a more favorable interest rate? Congratulations on your cars, I just wonder if the rate could have been lower with higher scores.

You are correct. Many of us tried to have the OP be patient wait it out at least 30 days after DC for better scores for lower interest. But he was in a hurray to get back to his "lifestyle". Some take our advise and some dont. Its their life. Their choice.

https://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/Debt-Discharged-in-BK-Pay-For-Delete/td-p/57...

Congrats OP. But this poster is correct.


So what am I suppose to do?  Go without cars and wait 30 days?  We had no choice but to get cars right away when the DC happened.


You have been been going without any vehicles all the way up to the DC ?

Or you didn't want to use the vehicles you have for 30 more days ?

 

I'm sorry but the comments 'what am I supposed to do' and 'we had no choice' makes it sound as if your back is to the wall and you had no other options.

 

It might be better to just say you desperately wanted to purchase new vehicles immediately....

......( you were posting on the Auto Loan forum a few weeks back looking for an institution that would give you three car loans)...

......and didn't care about a better interest rate in 30 days instead of making it sound like a desperation scenario.......

 

.......which if you had vehicles it wasn't of course.

 

Enjoy your new cars.

 

 

Jax

*************************************************************************************
Then you are a fool. Be thankful that when God gave you a face, he gave you a fool's face
Message 16 of 21
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Established Contributor

Re: Next Day Post BK Approval

No. Don’t assume that I didn’t have vehicles or didn’t want to use the ones we had. We were told by our attorney than when the DC happens , they can come get the cars at anytime. As soon as the DC happened, we went and got new cars. The old cars are parked in front of the house and as of today, they are still there 9 days after DC.

I went through my reports and made sure everything was reporting correctly so why wait 30 days. I was able to get 3 auto loans approved with not too bad interest. Even the dealer finance manager said he never seen that low of rates out of BK and 3 approvals, That is what I don’t understand about this forum. It’s always wait. Slow. Years ago, when I used this forum, I built my credit fast and get approvals that were unheard of on here.
Chapter 7 BK Discharge 09-16-19
589 - 11-12-19 Experian FICO Score 8
632 - 11-04-19 Experian VantageScore 3.0
643 - 11-12-19 Transunion VantageScore 3.0
616 - 11-12-19 Equifax VantageScore 3.0
580 - 10-25-19 Equifax FICO Score 5
Loans: 1 Student Loan Deferred, 2 Auto Loans, 1 Secured Loan
Credit Cards: 2 Visa Cards, 1 Mastercard; 1 Store Card $500/$1,400
Inquires: 17 Equifax, 32 Experian, 15 Transunion
Average Account Ages: 1Y10M Equifax, 3Y11M Experian, 2Y9M Transunion
Gardening till 03-2020
Message 17 of 21
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Established Member

Re: Next Day Post BK Approval

@jaxstraw he’ll be back in no time. “Back on the chopping block”
Message 18 of 21
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Valued Contributor

Re: Next Day Post BK Approval

14% interest on a car note is pretty dismal

Buying things with “payments we could afford” and then having unexpected life changes is how we all got into our messes to begin with.

That’s the main reason for the go slow advice so often given here.

I do love the cars you picked out and buying a few years old always yields way more for your money. This also helps on the future refinancing front, as the chance of being underwater is greatly reduced.

I’m just personally leery of diving right back into the fire of debt for luxury items.
Ch 7 Discharge May 2015
Discover/Target/NFCU CLOC/NFCU Cash Rewards/NFCU Platinum/PenFed Power Cash Rewards/PenFed Pathfinder AMEX/Citi Costco Visa/CapitalOne SavorOne - $142k total revolving
Message 19 of 21
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Moderator Emeritus

Re: Next Day Post BK Approval


@Dj4Money wrote:

@Tuscani wrote:

@CostantinoA wrote:
We filed BK because I made way more than I do now. We had 300k in debt. We can easily afford these cars as we don’t owe any other debt.

I don't think anyone here means to judge nor is it their right. But there is a bit of perception here. You know what you make and can afford. You can expect some "feedback" when you say you bought a late model BMW and Audi hours after being discharged. But there is also a stigma with those brands of course. If you said Dodge or GM no one would have been quick to say anything is my guess. LOL. 


  Nobody means to but you are? He is not breaking any rule that I know of. He shouldn't expect anything, I thank him for giving a data point to draw from.

 

 Proving you can get vehicle financing below usury rates which means having bad credit is worse than no credit or bankruptcy. 


I was hardly judging. More playing a little devils advocate Smiley Happy 

Message 20 of 21
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