Those that have purchased car post bk DC

[empressj]

I'm in the midst of bk chapter and in need of another car after DC. My question is for those that have purchased a car shortly after. What type of car? Interest rate? Car payment (if it's not too personal).

We have a 2013 Santa Fe sport (not reaffirming)'and happy, and want another. We have no choice and need another car for my family. One car has been brutal. So I'm wondering if this would be possible. I've read some people have gotten high end vehicles, nowhere near what I'm interested in.

thoughts, suggestions?? 

[Anonymous]

 I am purchasing my car through Carvana. They use Experian Vantage score...my Fico score is 599 and my vantage is 627. I was approved at 10 percent interest with 1k down. 2014 GMC Terrain with an additional 1k off for their Black Friday promotion. Car price ended up at 18500 final after taxes, tags etc. and my payment is 328 per month. I am also 2.5 weeks post bankruptcy discharge (Ch7). I will update again when I pick my car up Saturday.

I applied during BK and my rate was 24 percent with 3k down. They let you reapply after 45 days and as you can see the rate went down quite a bit. 

[empressj]

Thank you for your response.

Wow that's great! GMCs are vey nice!

May I ask how did you find out your vantage score? I learned I had a charge off and disputed it. Well the Experian is claiming that based on what the company provided they are reporting correctly. I'm so afraid this will hurt my situation even more even though it was IIB.

Does Vantage provide scores, reports and any changes? TIA

[Anonymous]

I posed in the auto loan approvals thread a couple months ago with some detail on my experience (post CH 13 DC)

APPROVING BANK: Ford Credit
BUREAU PULLED: Experian
CREDIT SCORE: 692 (Auto Enhanced)
CUSTOMER STATE OF RESIDENCE: TX
NEW/USED: New
YEAR OF VEHICLE: 2016
MAKE: Ford
MODEL: Explorer
MILEAGE: 35
RETAIL/LEASE: Retail
AMOUNT OF LOAN: $42K
TERM CONTRACTED: 60 months
APR/LEASE RATE: 0%
MONTHLY PAYMENT: $700
ANNUAL INCOME:  $125K
DEBT TO INCOME RATIO:  23%
MISCELLANEOUS COMMENTARY: Discharged BK 13 in June 2015.  I went in with a prequalification for a CapitalOne auto loan at 2.49%.  When they asked about financing, I explained my situation and told them I was comfortable with the prequalification and didn't want the 15 hard pulls from their finance department looking for the best loan with other banks.  The dealer was extremely helpful at this point, said they do whatever millioins of dollars of business with Ford Credit and that I would not have an issue getting 0% financing with them.  I took the chance and let them pull my credit just for Ford Credit and they were right...happy happy!

[empressj]

That's awesome! Congrats 🎉

I hope things are in our favor once we're out of the bk. Thank you again for sharing.

[Anonymous]

We bought a new car 3 months after our discharge and got 6% with Capital One, that was when they had the blank check program.  It was a Nissan Rogue and we put 4k down (trade in equity), and bought the most basic model so the payment was $284. We didn't actually have to put anything down, we just had the trade in so it worked out that way.  We have since financed a CPO VW Jetta at 3.4% ($199/month zero down), and traded in the other Rogue for a newer one at 3.9% ($425/month had $1500 in trade in equity).  We have actually found we get better rates now than before our bk, but that could be because we are taking a more active approach to our credit.

[empressj]

Wow! That's great! I surely hope we have some options coming out of this!

[Anonymous]

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@empressj wrote:
Thank you for your response.

Wow that's great! GMCs are vey nice!

May I ask how did you find out your vantage score? I learned I had a charge off and disputed it. Well the Experian is claiming that based on what the company provided they are reporting correctly. I'm so afraid this will hurt my situation even more even though it was IIB.

Does Vantage provide scores, reports and any changes? TIA

---

When i did the pre qual to see what carvana offered under the financing tab it showed me what my score was. My send a letter of validation to the credit bureaus and collection agency. That worked for me to get all of my collections off. 

[kaylord84]

When I did it it showed me my down payment and interest rate

[Anonymous]

I am wondering if anyone out there post BK has used Roadloans.com, and if so, what has been their experience?