Those of you who were approved recently...

[aces67]

Who approved you? For how much? How much did you have to put down? How long has it been since your discharge?

Dh and I are looking at buying me something else in a few months. I'm just curious about what to expect.

[lrprn]

Who approved you? For how much? How much did you have to put down? How long has it been since your discharge?

Dh and I are looking at buying me something else in a few months. I'm just curious about what to expect.

Ummmm.....approved for what? A car? A home? Something else? (I'm guessing you are talking about buying a car, but don't want to assume )

[aces67]

Sorry. A car is what I mean!

[GeG_Lost]

We were just approved yesterday for a 2007 Dodge Caliber R/T. I have no idea what our maximum approval was. We applied for different vehicles at different prices through the week at different dealers and Wachovia came through with approvals every time. We offered a $1500 down payment and they accepted that. We ended up deciding to go with the car at Carmax and added an extended warranty and gap coverage. Our interest rate is 15% which I am pretty pleased with considering we are 7 weeks post discharge.

We did end up coming up on the downpayment because I didn't want to finance more than 14000 to stay under the car's retail value. I just got a decent job which made a reliable car sort of a necessity. I wanted some kind of warranty, but did not want to get anything close to a new car. This seemed sensible. Our Durango will be paid off on the 1st of September and the first payment will be due on this on October 10th. We are going to just transfer that $750 payment over to this car and hopefully it will be paid off in 18 months.

[aces67]

We're thinking of using Carmax also. I want something used and they have such a good selection.

[Confused33]

Be REALLY careful with Carmax people. They sell their cars for every bit of retail value + some in a few cases. You don't need to be out there paying top dollar for a used car that you can find at another dealership for $1000s less.

I was approved last week through Capital One Auto Finance through the web. 9.95% for up to 72 months with a cap of $26,400. I was discharged from CH7 in 4/09 and walked away from a $60K boat, $70K worth of cars, and $50K worth of CC debt. My score is around a 600 where it was 660 in 7/09.

Try out the Capital One online app and see what happens, then do some research on craigslist (by dealer) and autotrader.com and find what you want then haggle through email and telephone.

DON'T GO TO CARMAX. Check the prices of other dealers then go search nationwide on Carmax and compare prices. You might be surprised.

[oldhack]

Just made a trade, not a straight purchase, with about an $8,000 difference. Chapter 13 discharged in January, new mortgage closed in March. Was a bit nervous about approval for yet another new monthly payment, even though I have no other debt and steady, long-term/secure income.
Well, GMAC (who was included as a secured creditor in the Chapter 13; unsecured -- including the GMAC cram-down -- got 80%) approved a 7.94% rate for 60 months. I'm sure it helped that the car I drove home was priced about 10% below guide-book retail. My only down payment was my free-and-clear trade-in.

[GeG_Lost]

For what it is worth, we looked at the same car at two dealerships before going to carmax. One was 2000 less and had a crushed back end. The other was almost 2000 less but had some dings all down one side (maybe hail, but why weren't they everywhere) and a hole in the bumper. I agree, I would have bought the car from another place besides carmax had we been able to find one without all the damages. I figured we would pay close to the 2000$ difference if we ever decided to get the bumber replaced and the dents repaired. The dealers didn't want to haggle much on the price although one offered to patch the hole in the plastic bumper. Carmax wasn't too far off on this one, but the initial cars we looked at there were outrageously expensive in comparison to other dealers. We got approved for basically the same loan at every dealershiip we went to, so if you can get approved at carmax then it should be the same everywhere else you go. That said, we got denied by capital one every time (online and in store) so don't get too discouraged if they turn you down.

[UpsideDown]

See my thread here:

http://www.bkforum.com/showthread.php?t=43733

We were discharged 6/10 and got a secured credit card from my CU (GTEFCU) a couple of weeks later. About 3 weeks ago I applied for a car loan and got approved for 85% LTV up to $17000 from my CU. Probably could've gotten more, but $17K is what I asked for.

The funny thing is, I went into the local branch of my CU to apply for a secured card and was told "no way", that I couldn't even get a secured card until I had 12 mos. of post-discharge payment history and a car loan was definitely out of the question. They wouldn't even take an application or pull my credit report. I went home and called the loan dep't. at the main office and got approved for a secured Visa that day. Before I had even made a payment on the secured card, I applied for the car loan and got it with no hassles. Now we've traded in my "clunker" and got a brand new $25K car, 2 1/2 months after discharge.

Moral of the story: Don't just automatically take no for an answer. Good luck!

BTW, the rate on my card is 14.9% with no fees and the car loan is 12.24%.
After I pay for a few months, I can get the rate lowered.

[Gillsbroke]

Upsidedown,

I too had good luck with the CU. I am 14 days post discharge and received my loan today on a 2010 Madza. I am putting down 25% and was able to get a loan for $25k at 6.75%. I asked for $25K...don't know if I could have gotten more. I was turned down by 3 banks for the car loan...but remained persistent. Two dealers also told me I would not be able to get financing...I guess you need to know who to ask!

I also got a secured credit card from PSB annual rate is 9.99% with 0% on purchases for 1st 6 mos. $79 annual fee.

[UpsideDown]

Wow, 6.75%, that's excellent! I wish I could've gotten mine that low. Maybe after I pay on it for a few months.......

[Lookadat]

Capital One, 30K for a new or used 2009 car at 10.5%.. Plus it would only be for 90% of the invoice after rebate plus taxes for a new car. For a used car it would be for 90% of the NADA clean trade value pus taxes. BAsically, it means a 2-4K down payment, which I don't have, so no car yet. I'm 2 weeks post discharge with a 610 FICO/Experian. My credit Onion says 3 lines of credit open 9 months or no loan. Even though you have owned a home, paid for 10 cars, etc, No DEal. Arrrrrgh. It all starts from SCRATCH.

[ska]

My lease is up today. I have applied for two loans and it was a big "No". Partly due to a repo in 12/2008, which I included in the BK. I actually called the lender and turned the car in, but my CR says it's a repo. The only reason I did turn it in was because the "piece of junk" (2005 Ford Mustang) decided to take a dive 2,000 miles over the warranty. Ford wouldn't fix it and my lease was up in a few months, so gave it back and included it in the BK. So, now it is hindering me getting another car.

I went to see a couple of used car dealerships that said they could finance anyone. The first place had nothing but a bunch of overpriced junky cars. The second place had some really nice used cars and said I would need approximately $1,500 to $3,000 depending on the price ($7,000 - $12,000), which is roughly 20-25%. Well, I am going to wait for my discharge, which my attorney said she'd call the court today to help expedite the discharge. My 60 days was up 9/11/09.

I know it is a tough road, but my suggestion is to just keep searching. There will eventually be a lender willing to take the chance.

[Amy26]

Today I purchased a 2010 Ford Edge SE at a Ford Dealership through AmeriCredit. Approved amount was 25,000 at 17.9% with the option to refinance it in 6 months. I will probably monitor my credit and try to refi it with a credit union a few months down the road. I had to put 1,000 down.

Carmax tried to offer me 24.9% on 20k which was a 2007 Ford Edge through Driveway Financial. This offer was also 1,000 down.

This is less than week after discharge.

[Gillsbroke]

Good luck with your new car....I got my new car 2010 Madza just 2 weeks after d/c. My rate is 6.75% with my CU. My scores were 634 2 weeks after d/c.