1 Week After Chapter 7 Discharge..... 650 CS

[J102]

I haven't had a car since March 2009 (repo). It has not been fun!

Its been a week since my discharge and 2 days since closing.

I ran all 3 credit reports to see what they looked like after discharge. Everything was how it should look, 0 balance.
The big surprise: All 3 credit scores in the 650 range!
I couldn't believe it

Applied for a $15k auto loan with Cap One and got a sliding scale interest rate depending on vehicle year:

2009 or newer 12.95%
2008 14.95%
2007 - 2006 15.70%
2005 - 2003 16.95%

Not to bad considering when I applied for a loan before discharge I got a 22% interest rate from Roadloans and denied by Cap One. Funny thing is I applied yesterday on another website, the application went to Roadloans and got denied for lack of revolving credit accounts.

So if Cap One gave me a decent deal should I try the dealer too?

[nerves]

You can try the dealership but don't be surprised if the CapOne rate is better. I have seen several posts in regards to this and there really isn't any consistancy. I seen one person got a loan for 0% with Suburu and then I have seen where the dealership came in with a higher APR than CapOne. Dealerships usually get a kick back from the finance companies. A shady dealership may try to give you a higher interest rate than CapOne to pad their own pockets. Good Luck to you. Please post what you get as I am very interested. I will be looking for a loan right after discharge around the 22nd.

[J102]

Update:
I actually applied at Lending Tree last night right after applying directly at Cap One. Lending Tree sent the app to Cap One as well.

I had an email to call Cap One. Called and they said I had two loan apps. The Lending Tree offer was 72 months 11.95% up to $17,162 so I am going with that one. Won't be spending more on a car but the rate is better.

[nerves]

This is probably a good choice. This will allow you room to haggle on the price of the vehicle you choose. They will not have you in a corner knowing they have the upper hand due to finance issues. IMO. Happy hunting!

[jribe]

would you mind sharing your monthly income? I am going to need to apply for a loan shortly after discharge, just wondering what kind of income you had for the 15k approval.

Doesn't need to be exact.. 2500, 3000, 3500, 4000.?

Thanks

I haven't had a car since March 2009 (repo). It has not been fun!

Its been a week since my discharge and 2 days since closing.

I ran all 3 credit reports to see what they looked like after discharge. Everything was how it should look, 0 balance.
The big surprise: All 3 credit scores in the 650 range!
I couldn't believe it

Applied for a $15k auto loan with Cap One and got a sliding scale interest rate depending on vehicle year:

2009 or newer 12.95%
2008 14.95%
2007 - 2006 15.70%
2005 - 2003 16.95%

Not to bad considering when I applied for a loan before discharge I got a 22% interest rate from Roadloans and denied by Cap One. Funny thing is I applied yesterday on another website, the application went to Roadloans and got denied for lack of revolving credit accounts.

So if Cap One gave me a decent deal should I try the dealer too?

[J102]

I make about $2,200 a month before tax. Ah remembering the days of $4000-$9000 a month paychecks.... I have been saving about $1000 a month for a car. I will say that my credit history from 18 years old to the start of 2008 (9 years) was good, no lates, if that has anything to do with it. I was usually at about 760 to 780 on the credit scores before things hit the roof. I do also live with a family member now who is only charging me $200 a month for rent. No bills right now other than a cell phone.

Once I get a car the next step is to move out.

[cfgdag]

I also just got approved, 1 week post discharge thru Capital One. I was approved for up to $40,000.00 (will never use this amount) on a sliding scale also.

8.72% for 2009 or newer
10.59% for 2008
11.34% for 2006-2007
12.59% for 2003-2005

I was actually shocked at the low rates, considering with my excellent credit before bk my interest rate was 8.25% with my Credit Union. My fico's before bk ranged from 730-780. Hubby's fico was in same range. We have a combined income of $7000.00 a month. Current fico hovering around 600. Not sure if my excellent past payment history (over 12 years) had anything to do with low rate.

Not sure when and if we will get a new vehicle. We want to surrender our upside down vehicle soon but not sure how soon.

[jribe]

thanks for the response!

I make about $2,200 a month before tax. Ah remembering the days of $4000-$9000 a month paychecks.... I have been saving about $1000 a month for a car. I will say that my credit history from 18 years old to the start of 2008 (9 years) was good, no lates, if that has anything to do with it. I was usually at about 760 to 780 on the credit scores before things hit the roof. I do also live with a family member now who is only charging me $200 a month for rent. No bills right now other than a cell phone.

Once I get a car the next step is to move out.

[jribe]

BTW- what program(s) did you apply under? I just went to the cap 1 auto finance website; and i see their "blank check" - i'm sure there's others?

Thanks,

[jjj117]

Anyone know which credit report Cap One pulls if it is not all 3?

[123ABC]

Did any of you happen to have a card you discharged with Cap One in your BK?

[J102]

I did the cap one blank check. Its being overnighted and should be here in the morning. Not sure what credit report they pull and no cap one accounts on my bk.

I am also waiting on financing through Subaru. I found a used Subaru and that was just traded in that I like. They are making it into a certified pre-owned vehicle and if approved with Subaru will get me 9.99%. I believe Subaru uses Chase and I did have about $300 +/- discharged with them from a checking account so we will see.