@melizuh wrote:
In need of two vehicles. Upside down on both of ours. Discharged chapter 7 four days ago. Applied at my credit union for an auto loan. Denied. Applied at local capital one branch. Denied. Applied online to prestige financial and am still awaiting decision. No idea where are scores sit but feel discouraged and disappointed about already wasting two, possible three inquiries. Someone at a dealership told me even though local capital one branch denied me, I may be approved at capital one through a dealership. Is this true? What should I do? I'd appreciate all advice and opinions!
It sounds like you are surrendering both your vehicles and you need at least one vehicle urgently. As such you don't have time to clean your reports first.
You always have a better chance of getting approved through the dealer than with direct apps post-BK. My suggestion is this, try one more CU app-Logix CU. You can apply online. If denied, call for a recon immediately. Call and ask to speak to a loan officer in autos. If this fails, you will have to go the dealer route.
There is a potential to be fleeced a little because the dealers make money on the loan which gives them incentive to give you the most expensive loan. You might want to go to a franchised dealer rather than "bad car loan specialists". They tend to be more ethical. Speak with the finance manager before you go. Explain that you just got discharged and if they can secure a loan for you. If the answer is no, call the next guy. When you get to the dealership, do the credit app first before picking a car. If you do it reverse, the dealer can certainly put you in a 50K vehicle. There are many ways to get there if they want. Have a number in your head about the total car price, not the monthly payment. Look over the three deatails, Price, rate and monthly note...IN THAT ORDER!
Also, tell them you don't want to be rate shopped...you only want them to submit to x number of lenders.... give them a firm number after which you are not willing to re-submit. Every lender they submit to will pull credit individually. If they submit to capone again, that will be three pulls! This is how people pile on INQs.
PM me if you need any more specifics. Good luck.
Starting Score: 501
@melizuh wrote:
In need of two vehicles. Upside down on both of ours. Discharged chapter 7 four days ago. Applied at my credit union for an auto loan. Denied. Applied at local capital one branch. Denied. Applied online to prestige financial and am still awaiting decision. No idea where are scores sit but feel discouraged and disappointed about already wasting two, possible three inquiries. Someone at a dealership told me even though local capital one branch denied me, I may be approved at capital one through a dealership. Is this true? What should I do? I'd appreciate all advice and opinions!
Yes. Unfortunately, those kinds of auto finance companies are more likely to approve you when the dealer puts your app through. it sucks because you can end up with mega-inquiries that way and the dealerships will tack on a lot of "fees" and crap. but you'll get a car.
You can do what I did. I went through Prestige through the dealer with awful fees and high interest, paid good for 6 months, and then refinanced with my credit union.
New goal 675
When I was discharged back in 12/2011i called several Dealerships and spoke to the finance managers to get an idea on their approvals for people with bankruptcies and also sick banks will approve them. They told me that capital one was good at approvals. I advised the finance manager to only put my application through to capital one. It was approved but it was a high interest rate. It was 16.99. But the day after I was approved for that auto loan, capital one also approved me for an unsecured credit card. I would recommend going to the dealership to see I'd they can get you in with capital one cause they are really good in the beginning of your bankruptcy discharge.
@melizuh wrote:
Were you satisfied with prestige? I did get a pre-approval yet they need my check stubs and references before telling my my interest rate. I live in a small town and an wondering what dealership they will put me through if I go through them? I'd like to find a lender through a dealership but don't want so many inquiries! Ugh, so frustrated...
Yes actually. Prestige is easy to work with. I set up auto pay on their website and think I only had to talk to a human being once. When they got the refi payoff from my CU, they sent the title within a week. I don't hate them at all, they're just very expensive.