Here is some background info.......Ch 7 was discharged in June of this year. I have a lease with Toyota that I reaffirmed mainly because I only had a few months left on the vehicle and then I wanted to purchase it. Now I am down to the last month and all along was planning to purchase at the end of my lease. It is very good & reliable car (for those who like details it's a 2010 Toyota corolla with 32,000 miles and buyout is $12,010.00---very affordable!), and we can afford the pymts easily even with a high interest rate.
I was planning to try capital 1, however they will NOT do a loan for buying out a lease of any kind. I even called them on this...basically they said they will not do a lease buyout, but you can buy that same car once you return it to the car lot and then they jack up the price a few grand!! Grrr, so frustrating!
SO now I am wondering who to apply to? I tried PNC since I have been banking with them for years and have had 2 mortgages through them (both homes sold) in the past 8 years but i was told that while I *could* fill out an application they usually don't approve anyone until their credit is at least 690 or above and 2 years post BK. I declined to fill the application (mainly because it will knock my credit when it sounds like they'll decline me) but I may go back and give it a try if all else fails.
I should mention that we recently pulled our credit for a new rental contract as we are moving and our experian score is 648, which I think is decent considering we were just discharged. Income is about $70,000 a year. We have NO other car payments or debt. My husband has a company car so we have no payment there, however I need something reliable as I'm thinking of going back to work and I haul the kids around to school and sports & the like....... With his income we could easily afford the 12k that is needed for lease buyout.
So, I tried First National bank, a local bank that helps Ch 13 BK, they won't help me since I was a 7. PNC suggested I try Huntington Bank, as they"re a little bit more leniant for credit, so I went there as well. Basically they said they won't even let me fill out an application until I'm 2 years post BK. WHAT?!?! I wasn't expecting a great rate or anything, in fact I expected it to be in the double digits, but for us to make 70k and they won't even talk to us, it's frustrating. I also called Toyota financial since that is who our lease is currently with, and they have not called me back, I doubt they will.
Does anyone have any suggestions? I've read the posts on here and I am leary of trying roadloans due to the negative comments. I'm now thinking I may just turn the car in since it was a lease and I'm under miles and it's in good condition. I don't know what else to do or who to try. Thoughts, suggestions?
I am also disappointed how these banks treated me, like i was LESS of a person for even inquiring about a loan after a bankruptcy. PNC was the nicest but that's probably because I bank there.
I was planning to try capital 1, however they will NOT do a loan for buying out a lease of any kind. I even called them on this...basically they said they will not do a lease buyout, but you can buy that same car once you return it to the car lot and then they jack up the price a few grand!! Grrr, so frustrating!
SO now I am wondering who to apply to? I tried PNC since I have been banking with them for years and have had 2 mortgages through them (both homes sold) in the past 8 years but i was told that while I *could* fill out an application they usually don't approve anyone until their credit is at least 690 or above and 2 years post BK. I declined to fill the application (mainly because it will knock my credit when it sounds like they'll decline me) but I may go back and give it a try if all else fails.
I should mention that we recently pulled our credit for a new rental contract as we are moving and our experian score is 648, which I think is decent considering we were just discharged. Income is about $70,000 a year. We have NO other car payments or debt. My husband has a company car so we have no payment there, however I need something reliable as I'm thinking of going back to work and I haul the kids around to school and sports & the like....... With his income we could easily afford the 12k that is needed for lease buyout.
So, I tried First National bank, a local bank that helps Ch 13 BK, they won't help me since I was a 7. PNC suggested I try Huntington Bank, as they"re a little bit more leniant for credit, so I went there as well. Basically they said they won't even let me fill out an application until I'm 2 years post BK. WHAT?!?! I wasn't expecting a great rate or anything, in fact I expected it to be in the double digits, but for us to make 70k and they won't even talk to us, it's frustrating. I also called Toyota financial since that is who our lease is currently with, and they have not called me back, I doubt they will.
Does anyone have any suggestions? I've read the posts on here and I am leary of trying roadloans due to the negative comments. I'm now thinking I may just turn the car in since it was a lease and I'm under miles and it's in good condition. I don't know what else to do or who to try. Thoughts, suggestions?
I am also disappointed how these banks treated me, like i was LESS of a person for even inquiring about a loan after a bankruptcy. PNC was the nicest but that's probably because I bank there.
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