Hello all. Little back story, All debts charged off in 04/18, Bankruptcy was discharged in 07/18. After BK7 was discharged I had to get a new car because my car during the BK was given back to the bank. I am currently with CPS at 17% intrest a month on a car i purchased in August 2018. I bank with Well Fargo. I tried to refinance there, they didnt deny me, but told me that my interest rate would be higher (didnt even think that was possible). Cap1 refuses to forgive me for my past with them. Is anybody aware of any other bk friendly banks for auto refinance? every CU i've talked to denys me or tells me to wait 2 years. I'd really like to refinance this car.
I was in your boat but unfortunately you may not have any good options until 2 years post discharge 7/2020.
You may bite my tongue do better to trade it in and take out a new loan if you are right side up.
Prior to hitting 2 years post discharge (not even 1 year post discharge) I got a decentish loan 7.9% with Chase but I had to put $5,000 down if I remember correctly.
Just also please keep in mind when that 2 years post discharge comes you will need to show positive rebuild and car can't be greater than 120 Loan to Value with most lenders.
Thanks for the reply. I just need cap1 to forgive me. It's been a year now since the charge off and it was for about 5k, but they wont let me back in still. I've heard of alot of people getting back in with cap1 but I dont know how they do it haha they do not like me for some reason.