Who were approved through post BK and some details...

[bkdone]

Discharge Date: 2/18/2011
Lender: Capital One
Date Applied: 2/22/11
Approval Amount: $30000
Interes Rate: 10.25%
Term: 72 Mos

i thought the rate was going to be in the teens since i applied with one week of discharge. All my FACO scores are barely hitting 700s and i used to have two car loans with no late payments, so my Auto Loan scores should be higher. i paid finish paying off one my last car loan out of bankruptcy. My plan is to go to the dealership and tell them i've been approved with a lender and i'll let try to beat the rate without know what my rate is. If that doesn't work than i'll just refi within one year.

Does anyone knows if i put $5k down will cap one reduces the rate?

I'm kinda lazy to do the math, but what will your monthly payment look like? Sounds like a big payment for a long time.

[dumpinmydebt]

We chose to not reaffirm our loan with Chase when we filed. The car is way upside down, over 100k miles, large cracks in the windshield, needs new tires, stalls when it idles, and has been having some other issues.

Well, I decided it was time to just move on. I did not want us to be stuck in a position where we had to buy a car ASAP because ours died. And I really would get worried that we may not have a way to work or school. We've worked so hard to get where we are, don't want to take any chances!

I applied to Cap1 online with just my husbands name(better credit), got denied. He didn't have any Cap1 credit in our bankruptcy, but whatever. Roadloans approved him, interest rate sucked, but it was better than the one we had at Chase. Isn't it crazy that AFTER bk, our interest rate was better than BEFORE bk???

Roadloans offer:

Discharge Date: 1/19/2011
Lender: Roadloans
Date Applied: 3/12/11
Approval Amount: $16500
Down Payment required: $2750
Interest Rate: 20.4%
Term: 72 Mos

I didn't like many limited dealers with Roadloans. Plus, my husband was REALLLLLLLY wanting a sporty car/convertible. I want a reliable, fuel efficient car with good safety ratings. I also wanted our car payment to stay the same and have no more than 40k miles.


Somehow, we found our match! We got a Mitsubishi Eclipse convertible, with 40k miles, for $15 @ Carmax. It has a premium sound system, leather seats, heated seats, just freakin awesome. I really think my husband deserves a decent car that he likes after being so supportive and great the past few years. He has worked his butt off. He has never had a car he likes. Plus, it gets over 30mpg on the highway, which is awesome and makes me happy It has a 5 star crash safety rating on ALL sides (makes me HAPPIER!), and has good ratings from JD Power for quality.

Carmax applied at multiple places for us. I wasn't expecting much better. But I SERIOUSLY about CRAPPED my pants when this offer popped up on the screen. Keep in mind, we were late on our car that we bk'd and I have a Cap1 card discharged in the BK.

Discharge Date: 1/19/2011
Lender: Capital One
Date Applied: 3/13/11
Approval Amount: $15320 (after down payment of $2750)
Interes Rate: 13.25%
Term: 72 Mos
Payment : $312 (Going to pay $400 or $500 every month so it gets paid off more quickly)

His score was 602, mine was 587.

Car payment is the same as before and the process was so simple. I am so glad I went to Carmax and tried it out. I love our car(well, his car that I have to drive to work and school sometimes until we get a 2nd car in 6-9 months), and I can't wait to hand the keys over to Chase. The BK will be officially complete and we will be in the process of rebuilding our credit so we can buy a house in 3 years!

[Phil]

Date Discharged: October 2009
Lender: CapitalOne
Date Applied For: 03/10/2011
Approval Amount: 30,000
Interest Rate: Depends on car year...

Model Year Annual Percentage Rate (APR)
2010 or newer 5.45%
Term: 48 months

Experian credit score 677, TU 640.

I was denied by Nissan Financing on the same day.

[BMCM0916]

Date Discharged: May 2010
Lender: CapitalOne
Date Applied For: 03/14/2011
Approval Amount: 40,000 (requested $36,000)
Annual Percentage Rate (APR)
2010 or newer 7.47% - 72 months
2010 or newer 7.22% - 60 months
2010 or newer 6.89% - 36 months

My Experian Credit Score today is 602, my husbands is 622

I was really surprised that we got approved, this is the first thing that we have applied for since our BK was discharged, except for a very small credit card that we pay off every month.

[Restored]

Congrats! Did u have to put anything down? How much are ur monthly payments at 8k? nice int rate

Thanks!!! Nope, nothing down. My monthly pmt is $188. The car that I purchased is an older model (a 2002), but it is in excellent shape. It doesn't have a scratch on it and the leather seats are flawless. Also, It only has 74k miles. I am totally happy with it:0). Debt is bondage and I refuse to get in over my head ever again!!!

[mikemike]

Thanks!!! Nope, nothing down. My monthly pmt is $188. The car that I purchased is an older model (a 2002), but it is in excellent shape. It doesn't have a scratch on it and the leather seats are flawless. Also, It only has 74k miles. I am totally happy with it:0). Debt is bondage and I refuse to get in over my head ever again!!!

Thats great! Low monthly payment. Im glad u are happy. u right debt does suck

[JJ888]

I applied thru my CU and got denied. Capital One approved. Anyone know any other lenders?

Date Discharged: March 2010
Lender: CapitalOne
Date Applied For: 03/15/2011
Approval Amount: 36,000 (requested $30,000)
Annual Percentage Rate (APR)
2010 or newer 7.36% - 72 months
2010 or newer 7.12% - 60 months

[mikemike]

I applied thru my CU and got denied. Capital One approved. Anyone know any other lenders?

Date Discharged: March 2010
Lender: CapitalOne
Date Applied For: 03/15/2011
Approval Amount: 36,000 (requested $30,000)
Annual Percentage Rate (APR)
2010 or newer 7.36% - 72 months
2010 or newer 7.12% - 60 months

Those are good interest rates. What type of car u looking for? If its a Honda apply through them. But Besides that go to the dealer and see what they get you. Btw wats ur credit score and how much down are u putting?

[JJ888]

mikemike.. getting a new subaru outback. I bk'd honda financial so that no good. dealer was saying they can beat the rate thru subaru finance, we'll see. credit score on my cap1 check said 600. wife was 617.

[mikemike]

mikemike.. getting a new subaru outback. I bk'd honda financial so that no good. dealer was saying they can beat the rate thru subaru finance, we'll see. credit score on my cap1 check said 600. wife was 617.

They good cars. My boss and co_worker has subarus and they love it. Scores are not to bad atleast in the 600's...Keep us posted and good luck

[killinstinct]

I was declined by Ford Credit and up2drive.

Roadloans approved for:

21k, 72 months, 20.74%, $1500 down
23k, 72 months, 18.74%, $2500 down
16k, 72 months, 20.74%, $500 down

Capital one approved for $24,000:

2006 model: 12.27%
2007-08 model: 11.02%
2008 model: 10.27%
2010-11 model: 9.37%.

I feel particularly grateful because I BK'd a cap one card and was sure they would turn me down. They now hold my auto loan, which is only a few % points higher than what I had pre-bk! There is hope....

[mikemike]

I was declined by Ford Credit and up2drive.

Roadloans approved for:

21k, 72 months, 20.74%, $1500 down
23k, 72 months, 18.74%, $2500 down
16k, 72 months, 20.74%, $500 down

Capital one approved for $24,000:

2006 model: 12.27%
2007-08 model: 11.02%
2008 model: 10.27%
2010-11 model: 9.37%.

I feel particularly grateful because I BK'd a cap one card and was sure they would turn me down. They now hold my auto loan, which is only a few % points higher than what I had pre-bk! There is hope....

How much did u end up borrowing? and how much down did u put and monthly payment? Also whats ur credit score looking like?

[HHM]

Have any of you actually considered that you don't actually need credit. If you control your spending, you can actually pay cash for cars and even a house.

[tobee43]

Have any of you actually considered that you don't actually need credit. If you control your spending, you can actually pay cash for cars and even a house.

best idea yet.

we have began a "car" fund. we are hoping our 11 year old car will hold out for another 5 years, wishful thinking on our part.

when and if it goes, the money that's in the fund will purchase the next car, whether it be 1k or 20k. i have allocated $500 monthly in our budget for a car in the future. i don't want us to be caught off guard when the inevitable happens.

[mikemike]

Have any of you actually considered that you don't actually need credit. If you control your spending, you can actually pay cash for cars and even a house.

I doubt that. The economy is getting harder and more expensive. Who can save say 30k for a car minus all other expenses or at that buy a home like u said that starts at 350k for a studio condo. Unless u make six figures and not everyone makes that much