Penfed Auto after Chapter 13

[Lawns1]

Hello!  

So I am two weeks away from completing my 100% Chapter 13 about 2 years early.  I am in need of a vehicle and I am looking at used cars, just digging into some timeline questions regarding it.  I opened a savings account with Penfed and would like to utilize them for a used auto loan if possible.  I didn't burn a credit union in my Chapter 13 and I am a first time customer with Penfed, opened 2 months ago.  How long after the 13 discharges are you guys seeing a used auto loan approval from them?  Looking in the $35,000 area for a loan.

[FireMedic1]

@Lawns1 

Most recent I could find was here. 04/22

https://ficoforums.myfico.com/t5/Bankruptcy/PenFed-Ch13-Success/td-p/6519558 

[TRC_WA]

@Lawns1  If  your scores in  your sig are accurate I would say that your chances are slim and none.

When my 13 was discharged last year I joined PenFed and was denied an auto loan with scores in the 650 range.  I ended up getting a loan with Cap One on a vehicle purchased in March 2022... a week after discharge.

I ended up not liking that vehicle and traded it in Oct 2022 on my current vehicle.  I was again denied by PenFed and got the new loan through Wells Fargo.  I had also joined NFCU last summer and am currently building a relationship with them.  I recently graduated to a unsecured CC and have plans to possibly refi my current auto loan with them later this year.

I really don't have anything good to say about PenFed other than they did give me a $2500 Gold Visa.  I have gotten nowhere with auto loans with them.  Their website is also the worst website in the history of online banking... and I mean that.

[mixedracebaby]

Not a chapter 13, but i got an auto loan with them after a chapter 7.

i opened a Pen Fed account just after i was discharged, and had a regular desposit of about 50 dollars a month for about a year. I'm not sure if that did anything to help get the loan, but i was preapproved about a year after my discharge for an autoloan of about 25k.

i think part of their application process pre-approves you before an actual hard pull of your credit, so you can do that to see if the loan will go through.

JSYK ended up canceling the loan because the dealership was stupid (bought it online via carmax, they sold me the car despite not knowing where it is and on the day of pick up they said it was loaned out).

also was able to get a Power Cash Rewards credit card from them too after just over a year.

[Lawns1]

Thanks for the feedback.  I have a savings account with them and I put $125 a month into it for a Christmas fund.  I also tossed $7,000 into the savings account, not sure if that factors into anything or not but I wanted to show them that I am interested in them.  

[Lawns1]

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@FireMedic1 wrote:

@Lawns1 

Most recent I could find was here. 04/22

https://ficoforums.myfico.com/t5/Bankruptcy/PenFed-Ch13-Success/td-p/6519558 

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Man does this have me hopeful, that would be awesome!  I had an incredible experience with a credit union many many years ago and would love to jump back into the mix.  

[Lawns1]

Followup question to my previous.  

Considering a Credit Union or Capital One for the auto loan after the 13 reports complete to the credit in the next couple of days.  I have an auto loan through Bridgecrest and cash in hand to pay it off and get the title to sell the car outright.  

My question is which scenario is better.

1.  I pay the loan off now, get the title and apply for a loan after the chapter 13 reports as complete.  I lose the auto loan as open on my account.

2.  I apply for a loan while the other loan is still active.

3.  I attempt to trade it in, not really a realistic option in my opionion as I doubt the dealership will finance me.  

I am leaning towards option 1 but I didn't know what the downside would be to not having that open anymore.  

Thanks for all the help guys.