DH and I have been discharged for exactly 1 year now. (July 1st, 2010 was our discharge date from a non-consumer Ch. 7 bk) We needed a car shortly after we filed and before discharge, and were able to get a loan from a small bank where my father has had a long-standing relationship. My father co-signed on the car loan for us and our loan was for $7000 with a 9% interest rate in an active bk.
We owe $5000 on the first car loan. We needed another car as dh has been driving his elderly mother's '94 toyota and it was time to get something else. DH found a nice 10 year old car from a private seller for $6300. I called the bank where we had the first loan to see what they can do and they gave us a rate of 8.25% for the loan without my father as a co-signer. Our credit scores are 668 and 628. I'm sure we could've gotten a better rate somewhere else, but we wanted to continue and increase our banking relationship with this particular bank.
After we had all the paperwork signed for the car loan, the banker asked us what our plans are for a mortgage! We reminded him that we also had a foreclosure (house included in bk, the foreclosure started after the bk was filed). He said that he would like to have the mortgage loan guy touch base with us in the next month or two to talk about what kinds of options we may have in the future! Also to give us any tips/suggestions on what we might do to be looked at more favorably during the underwriting process. I was very impressed that he brought it up to us - we know that we have to wait 3 years after the foreclosure is complete to be eligible for a loan - but it was nice to know that this bank is willing to discuss things with us at this point in time.
Just thought I would share this little story with all of you as we were pleasantly surprised
We owe $5000 on the first car loan. We needed another car as dh has been driving his elderly mother's '94 toyota and it was time to get something else. DH found a nice 10 year old car from a private seller for $6300. I called the bank where we had the first loan to see what they can do and they gave us a rate of 8.25% for the loan without my father as a co-signer. Our credit scores are 668 and 628. I'm sure we could've gotten a better rate somewhere else, but we wanted to continue and increase our banking relationship with this particular bank.
After we had all the paperwork signed for the car loan, the banker asked us what our plans are for a mortgage! We reminded him that we also had a foreclosure (house included in bk, the foreclosure started after the bk was filed). He said that he would like to have the mortgage loan guy touch base with us in the next month or two to talk about what kinds of options we may have in the future! Also to give us any tips/suggestions on what we might do to be looked at more favorably during the underwriting process. I was very impressed that he brought it up to us - we know that we have to wait 3 years after the foreclosure is complete to be eligible for a loan - but it was nice to know that this bank is willing to discuss things with us at this point in time.
Just thought I would share this little story with all of you as we were pleasantly surprised
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