Capital One Auto Loan at 12.45%

[coralfang]

My husband who was discharged about two months ago, just got approved for a C1 loan at 12.45% for 48 months. When filling out the application for gross income he averaged his last three months worth of income. Upon completion of the application, it asks for him fax over proof of income which they define as "...a copy of the most recent computer-generated pay stub with year to dated no more than 90 days from the date capital one receives it." Seeing he just got a a seven dollar raise in the past three months, the year to date does not average out to the gross income he listed. Why do I feel this is going to be a problem?

Anyways, they pulled his transunion credit score which is 629 for those of you wondering. We have saved up for an emergency, but don't want to use that money for a vehicle. We only have $1000 for a down payment and live almost four hours away from a big city, so private party purchase is out of the question for us.

[awayalways]

i received cap1 approval for an auto loan last month at 9.9% on a 5 year note. my fico was 660 at the time and it was a $0 down loan. but i also had a cap1 bank account and cap1 credit card which i open right after my BK7 discharge so maybe this is why i was approved. anyways, i think the worst cap1 would likely do with an income discrepency would be to lower your line of credit based on your average income. i hope it all works out for you

[aces67]

Just fax it to them and see what happens. We got approved last week dh's check stubs were okayed within 30 minutes of us faxing them.

[coralfang]

We faxed over the papers and shortly recieved an email stating that we could proceed to go to a dealership. We found a car that was still under warranty, in great shape, and great fuel economy. We were able to talk them down on the price and the out the door price was almost $6000 less than kelley blue book (helps that the hubby use to sell cars). Once at the dealership, the finance specialist said that she could get us financing at 7.10% and we told her to see if she could. With $500 down she was able to get us a rate of 8.00% with wachovia. not bad after my husband being discharged about 8-9 weeks ago

[awayalways]

Wow! What a deal coralfang. Thanks for updating us all.

[killinstinct]

Congratulations! Sounds like you guys are doing all the right things.

I'm hoping to just pay cash, but if I have to, I'll go the finance route. I hope to never finance again, personally, but I understand that reliability may be worth it. In the meantime, I'm beefing up my mechanic skills.

[77ford]

We just completed our Chapter 13 and we went looking for a new car since both of ours are nearly 10 years old now. We were approved through cap1 0 down at 12.53% also, but they want a copy of our discharge papers which we don't have yet. The finance manger at the dealer ship said we could try to contact our attorney to see if he could contact the trustee to get them expedited somewhat. I did contact him, but I haven't heard back from my attorney yet. The Loan offer is good for 30 days so hopefully we'll be able to get them my credit score surprised me when the finance dude told me it was 651.

I know it varies on how long it take to get discharge papers in, but what would be considered a normal amount of time?

Thanks,

[coralfang]

It took my husband about 2 weeks to get his discharge papers. As for the capital one papers, ours say the check is good for 45 days

[77ford]

Not trying to Hijack the thread but:

Well my attorney contacted me and he has sent the papers to the trustee to try to make sure it happens as quickly as possible. He says after the trustee files an "In Compliance Motion" there is a 20 day waiting period that pretty much can't be waived. I'm hoping the trustee actually already did that since we recieved a letter from them saying we completed everything and our discharge papers will arrive later. If that is the case then our 20 days would be pretty close to being done now. But if they were waiting on the attorney to tell them to file them then the 20 days haven't even started yet.
I hope after we get our discharge papers I can get on the blank check program instead of financing through the dealership so that I'll have some more bargaining power. This may be a blessing in disguise to help us get a better deal.

[77ford]

To continue on with my Hijacking of this thread, we got our discharge and I reapplied for the Blank check program and got approved for up to $20,400 at 9.45%!! I'm stoked!! We aren't gonna spend the $20,000, we want to stay between 14-17,000. As close to the 14 as possible.