Chase auto loan approval:)

[jcregs28]

Can anyone tell me little about their experience if they have had one with Chase auto loans? Just recently was approved for $20,900 for a 2007 Dodge Ram with 30K miles (they needed 2K down, and i get it at 15.75% for 66 months, $419/month). I am 2 months post discharge, they pulled Transunion, dealer said had mid to hi 600 score. I am SO excited i was approved and i didnt have to put too much down!

Has anyone had experience with Chase and their auto loans? Positive? Negative? Any feedback would be appreciated..there is LIFE AFTER BANKRUPTCY!!!!!

Discharged 8-24-09

[mikemike]

Well i dont know how they are but im sure u got a pretty good deal.I've read alot of post and people got 21% int or more...not to bad for post discharge..u could also re-fi in 6 months for a lower int rate...go for it in my opinion..dont run ur credit to much

[aces67]

Did you apply on your own or through your dealership?

[jcregs28]

I applied through the dealership...I was also approved through Americredit, but they said the interest rate and deal with Chase was much better. They also pulled Capital One and Wachovia (both declined).

[RBisDebtFree]

If they say declined, it doesn't always mean declined Some of them get better kickback from some banks as opposed to the others. That is, 1% of your 15.75% can be going back to your dealer -- I didn't know that but dealers can do that without you even knowing. I would try to get financed at a local CU or a bank you didn't include in bankruptcy. Just an advice, I don't know much, don't have too much experience with post-bk auto loans, just wanted to throw this in for you, don't know if it helps.

[1.6Million]

Chase Auto Loan

1 year out of BK to the day! 25K auto loan on a new car 6% 72 months 1500 down...... No Problems with the loan

I discharged 2 home loans with them and I was still approved.

Income is 120K a year
668 fico

APPROVED

Looking for a new home loan....Ill try Chase first

[RBisDebtFree]

1.6Million, how long after discharge did you get your auto loan?

[jcregs28]

RBisDebtFree,

Just to interject, I received my approval 3 months post discharge (filed in May 2009). The finance director said that because I have three paid off auto loans before (all paid, no lates, always on time), that my auto FICO score looks great to lenders eyes. I also take home good income (about 70K year, single, no kids) and besides rent and student loans ($200/month), no other large expenses.

I also spoke to my credit union, who told me to come back to them in 6 months and i could refinance with them to a much lower rate (currently at 15.75%).

[owesopoor]

I just got approved for chase 1 year out of BK7 $17000 @ 7% for a 2009 ford taurus with 6500 down . . . .

[BobMango]

...Just recently was approved for $20,900 for a 2007 Dodge Ram with 30K miles (they needed 2K down, and i get it at 15.75% for 66 months, $419/month)....

Congratulations on getting the approval, but this is why I will pay cash for my next vehicle. If you stick with this financing for the term (unlikely, I know) you would end up paying almost $10K for that loan. I understand people need transportation so don't think I'm down on you for needing to do this.

I've always been rather practical about cars, just need it to get me from point A to point B safely and reliably. I drove my 87 Nissan until it literally died from exhaustion. Based on what I paid to purchase, insure, maintain and drive, I figured it cost me about $55/month total. Not saying that's the right way for everyone to go, just that I'd rather spend that money on other things.

Good luck to you!

[StartingOver08]

BobMango you have hit the nail on the head with your statement: "Not saying that's the right way for everyone to go, just that I'd rather spend that money on other things." Since my BK discharge I purchased a SUV (older model, 2002) with $3500 down and paid the balance over 8 months, as I did not have enough to pay it outright at the time of purchase. I also paid off my husband's car, the one that was reaffirmed in the BK, last month.

I can not tell you how liberating it is to have no car payments! Car payments keep us broke. I personally will never finance another vehicle in my lifetime. I will use this opportunity to save the funds first, then buy. What a concept!

[RBisDebtFree]

Or you can have money to buy it outright but finance it and pay-and-save in 1-2 years. That way you raise your credit history, don't take a serious hit on savings balance and still risk basically nothing as you have the money to pay it off. Again, it's not right for everybody as you guys say but just an idea...