Anyone BK GMAC and get approve auto loan for GMAC or ALLY after discharge?

[Kuya]

Anyone BK GMAC and later get auto financing from GMAC or ALLY?

I know that GMAC changed it's name to ALLY . . . I BK'd them, although the debt was so old that GMAC does not actually show on my credit report . . .but they were on my BK for $6500.

My dealer wants to try Ally . . . but if I am a guarantee FAIL because of previous BK, then I don't want to waste a hard hit.

Anyone BK on GMAC and get approved for auto later on??

[DesdemonaB]

Hi

I BK'ed GMAC - and was approved in March via Americredit which is Ally's subprime branch. But I have a long GMAC history, I have been leasing GMAC since 2003; 3 perfect history, last one was BK'ed. I also had a FMC from 1997 perfect history on the one and only credit Ally/Americredit pulled. I got a 2011 Cruze, I plan to trade it in about 3 years and hopefully go back to leasing.

Good Luck.

[Kuya]

Thank you for the information . . .

Do you know which bureau Ally/Americredit pulled?

Do you mind if I ask what your rate was? You mentioned that Americredit is Ally's subprime . . so I am assuming your interest was over 8% ??

[DesdemonaB]

So the break down is:
AmeriCredit – a division of GMAC
Rate: 10.49%
60 Months
1,000 cash down after suppler discount & incentives
19K – the MSRP was 23K
2011 Chevy Cruze


Please keep in mind that I was discharged 3.9.2011 and I purchased the car on 3.17.2011.

I pulled all three and I was avg'ing 602 - but the dealer showed me that they pulled TransUnion and the score used was 574.

Hope this helps - but keep in mind I had a history with GMAC and I can say with my owner loyal cash, suppler discount this is do'able for me.

Here in the MotorCity we have a 1 degree of seperation between us and a Detroit3 so keep in mind employee and suppler discount are transferable, do you know anyone in the automotive field?

(Can't help it.. must do it... fingers have a mind of their own... "This is the MotorCity and this is how we do it")

[Kuya]

Thanks for the info!

I pulled my TransFico and it is 703. Although, like you my discharge was just a few days ago . . so I could fall anywhere.

I don't know anyone "in the field" BUT . . I was chatting on a Cadillac forum and there was a supplier who mentioned getting me the discount, but I had no idea what that meant . . and was skeptical . . so I did not yet inquire on it. Maybe I should.

[DesdemonaB]

Hi Kuya

The website is gmsupplierdiscount dot com.

There you can see what the total discount would be an any new GM vehicle under build your vehicle as it is based on the total MSRP. Good luck.

[Kuya]

Thanks for the link!!!

I did a build, and it turns out the Supplier price was the same as the dealer invoice price. And since my local dealer was selling to me at invoice, then I won't save any by doing the supplier discount. . . as it is based on MSRP.

That is ok . .because at the last minute, I found a 2010 Premium Loaded model for much much much less than brand new. I made them a low ball offer and they took it. So, I will find out in a day or two what type of financing I am offered . . . if any. It wont be ALLY as this is a used car at a non GM dealership.

They had mentioned that they had pretty good luck with Wells Fargo . . . and getting good rates post bk. If I get under 10% I am taking it . . . as my credit union says I qualify for refinancing at 4.5% in 12 months. They can't touch me until I have 12 months out of Discharge. But according to score (which is their only standard) I already qualify for 4.5%. So I can hang in there for a year at 9% ish . . . but HOPE they can get me around 6%.

Thanks for all the great info! Hopefully I am in a car by the end of the week. I have been without since late November

[DesdemonaB]

Kuya

Great to hear you found a car - and good luck finding financing let me know what happens.

[Kuya]

Ugghhh. . . dealer called me today. Had to fax discharge papers, license, pay stub, utility bill . . . and then the bank came back with 13% . . gosh!

So at lunch I ran back over to my credit union (which I had tried before, and they had turned me down saying I need 12 months out of discharge) . I pleaded for them to help me, because this other bank was gonna rob me blind. Showed them pay stubs, MyFico of 703 . .

They called me an hour later . . . said they can get the job done at 5.9% . . . Thank god for local credit unions. . . who see you as a person not just a number.

I bring my car home Thursday.

[DesdemonaB]

Super congrats on the car - and even better on the rate. Goes to show that stigma of having a BK is not as deep as it's made out to be.

Enjoy the new ride.