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

[freedomnow7]

Date of Discharge: 11/2010
Date Applied: 11/2010
Lender: RoadLoans / Santander Consumer USA
APR: 25%
Amount Approved For: $14k
Payment Amount: $383
Number of Payments: 72
Amount Down Requested: $2k
Credit Score: Unknown

This will be a last resort, as the interest rate is super high. But, I don't have a car right now and in order to make more $$$, I need a car. However, I did tell the lender that I filed BK for making unwise financial decisions and I'm not going to make another financial mistake by getting an auto loan at 25% interest. The dealer is working with me on other finance options so when I get those, I will update the board.

[ewilson47]

still waiting for them to get back to me on my income verification. apparently since i'm self employed and have an LLC they dont like the fact that the bank statements I sent in say my company name rather than my name. i had to send in my personal bank statements but i dont use my personal account at all.

explained it in detail like three times. it's still in "verification" arrrgh

Thought an update would help someone.

I still hadnt heard back from Cap One but my car was ready today. I ran my credit scores the other day and they were: Expn 609 (wtf!), Equi 629 and TU 628.

Needless to say I was worried but I did hear about the "auto enhanced fico score". I kept my car loan through and after my bk so I guess that helped and only late a few times in 2008 and it was actually GMAC's fault. But never late since then and since my bk and had two prior paid off car loans that were never late.

Scores came back at the dealer and TU was 705 and Expn 675, they didnt run Equi I guess. So, told them to beat capital one's rate of 5.52 and they did. See below:

Date Discharged: 7/2009
Lender: Toyota Motor Corp
Date Applied For: 11/14/10 (7 days after I applied w/ Cap One)
Approval Amount: $29,430
Interest Rate: 4.99% (Cap One was 5.52%)
Term: 60 Months

Pleasantly surprised. Hang in there and pay your auto loans on time. Less than two years post bk and i'm getting one digit interest rates...low one digits...that's awesome.

[ewilson47]

Date Discharged: 7/2009
Lender: Capital One
Date Applied For: 11/7/10
Approval Amount: $36,000
Interest Rate: 5.52%
Term: 60 Months

Just sent in my income verification today and I haven't gotten the check just *yet* but I'm sure it's coming. I applied online, approved in seconds for $30k (the amount I put in myself). Called like they asked and they said I'm approved up to $36k. So, still in the verification process and I'll let you know if it falls through or anything but if you don't hear from me I got my car!

still waiting for them to get back to me on my income verification. apparently since i'm self employed and have an LLC they dont like the fact that the bank statements I sent in say my company name rather than my name. i had to send in my personal bank statements but i dont use my personal account at all.

explained it in detail like three times. it's still in "verification" arrrgh

[snapfish96]

Date of Discharge: 11/01/10
Lender: Capital One
Date Applied For: 11/10/10
Approval Amount: $14,400
Interest Rate: 10%
Term: 60 Months
Credit Score: 635
Down Payment: 0

Actually not going to use it all... Looking to loan only $10000. Looking for Honda Civic, Toyota Corolla or Scion XB.

[ewilson47]

Congrats pris72!! You have an affordable payment and you got a good deal. I picked up my Nissan Rogue last night and love it. Now, let's both start working on rebuilding our credit some more so that we can get houses.....

Hey backtoschool, how was your buying experience w/ the Cap One Blank Check?

The dealer that I *hope* has the exact car I want, or can get it, is on their preferred dealer list or whatever.

So, was it easy? I was reading the Loan to Value on the FAQ, but still don't quite understand that. Do the dealers like it when you have that? Did you have to wait for your car?

[ewilson47]

Date Discharged: 7/2009
Lender: Capital One
Date Applied For: 11/7/10
Approval Amount: $36,000
Interest Rate: 5.52%
Term: 60 Months

Just sent in my income verification today and I haven't gotten the check just *yet* but I'm sure it's coming. I applied online, approved in seconds for $30k (the amount I put in myself). Called like they asked and they said I'm approved up to $36k. So, still in the verification process and I'll let you know if it falls through or anything but if you don't hear from me I got my car!

[felice]

AWESOME AND CONGRATS! thanks for responding. i hope i have the same luck as you!
i agreed to retain and pay on my vehicle(did not sign any reaffirmation) but something is going on with the engine and i would like to get into something else. i have an app in with my credit union but still waiting to hear.....

[Beachlover2]

We did it through the dealer we got the car from, they did the work for us and found the financing. It was actually just as easy to get this loan as it was 3 years ago when our scores where in the 700's. We know the owner of the dealer though. We called them Friday morning gave ss's, income, etc. Saturday morning went here, and drove a few vehicles, 12:30 p.m. drove away with the new vehicle. As I said I was surprised how easy it was especially with 0 down. I am not really crazy about the interest rate, but its better than 18.95% before discharge, and our credit was pretty crappy before filing, so I will be thankful of what we got and move forward to repairing our credit now.

[felice]

beach lover did u apply with americredit yourself? i am needing to get something, i put in an app with my credit union and am still waiting on their decision, im really hoping to get in there because they do payroll deduction. they are actually a credit union that services my job so im like as long as im working here and i've been at my job over 11 years, then u get paid! we are not in danger of losing our jobs and i'll be there for 11 more years as long as i dont do something stupid and get fired...which i wont be doing lol. wish me luck! but i would like to apply with americredit if i could do it directly.

[Beachlover2]

Americredit Financial, I think they are part of Ally Bank. We had to get my husband something as our leasing company is going to be knocking on our door. I left two messages for them the other day to make arrangements to surrender it, I have not heard back from them. I'll keep calling them though. We want to move on with our life already.

Before discharge we were quoted 18.95% with $500 down.

[mom2three09]

Date of Discharge: 10/25
Date of Purchase: 10/30
Interest Rate: 14%
Credit Score: 567 (I was surprised it was this high actually)
Down Payment $0

who approved you??

[Beachlover2]

Date of Discharge: 10/25
Date of Purchase: 10/30
Interest Rate: 14%
Credit Score: 567 (I was surprised it was this high actually)
Down Payment $0

[backtoschool]

How long after discharge could we finance a car. We are due to discharge on 10/18, can we do it the next day?

If you finance a car right after discharge, you will not get good interest rates. Expect interest rates in the high teens or higher. If you get a rebuilder card and establish credit first and wait several months, you will get a better interest rate.

[LSUTiger32]

How long after discharge could we finance a car. We are due to discharge on 10/18, can we do it the next day?

[Beachlover2]

How long after discharge could we finance a car. We are due to discharge on 10/18, can we do it the next day?