PenFed/NavyFed Auto Loan BK Friendly?

[Anonymous]

Hello,

Does anyone know the auto lending guidelines for PenFed/NavyFed post CH7? I see posts saying 2 years, some say 1 year, and some are approved months after discharge. Can anyone comment to this?

Thanks!

[wxman2021]

I am not sure, but I know 6 months out they denied me.  NFCU did.....I have been hearing a lot about 1 year.....

[pip3man]

PenFed is definitely BK friendly. I can't say the same for NFCU. My PF auto loan refi was approved at 5.8% exactly 1 year 1 month post BK7 filing and only 9 months post discharge. My credit card & auto loan apps with NFCU have all been declined till this day

[chalupaman]

Penfed approved me for one of their cards and I wasn't even two years post discharge at the time. Sometimes there are exceptions to the rule. Wouldn't hurt to give it a try if you are over a year past BK just to see what happens. You never know. 

In my case I had an account with them for years, and they first gave me back an Overdraft LOC, so that might have also been in my favor. 

[MileHigh96]

Not sure about auto loans, but I was just approved last week for a PenFed credit card and that was just barely 4 months post discharge. I would assume that if they are that BK friendly with unsecured credit that they would be as generous if not more with a secured credit product like an auto loan.

[wxman2021]

@MileHigh96 

I am almost 6 months post BK DC, what card did you apply for with PenFed and did they counter or did you recon or anything?

[MileHigh96]

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@wxman2021 wrote:

@MileHigh96 

I am almost 6 months post BK DC, what card did you apply for with PenFed and did they counter or did you recon or anything?

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I applied for the Pathfinder Rewards card.  I wasn't paying attention and wanted to apply for a different one, but regardless, the application went thru no problem.  Instantly approved for a $6K credit limit, no muss, no fuss.  Just waiting for the physical card to show up in the mail now.

[Hex]

I got a great rate from Cap1 auto navigatior after about 10. Months post d/c. 2.99% I think. I got PenFed 2 years and 2 months past filing.at 1,99%

[wxman2021]

Awesome!

[coreyb80]

Penfed is definitely BK friendly.  I've been able to obtain 3 CCs and an auto loan with them in the past few months while at the tail end of my chapter 13.  NFCU not so much it seems now.