Hope for car buyers post CH 7

[ryanr623]

Sort of a success story. I had my chapter 7 discharged a year ago. I want to buy a new/or used car, and have heard that capitol one has good rates for people who underwent a ch 7. I applied under their blank check program, where you can lock in rates up to 45 days. I got approved instantly! Heres the details:

Approval Amount: $19,800 (new or used)
Down Payment: Zero
Terms: up to 72 months
Rate: 10.21 % (not spectacular, but roadloans is typically high teens, low 20's)

I will allow the dealers to try and get a better rate, but at least im guaranteed this for 45 days!

My FICO is a 638, and haven't missed a payment since BK. Just thought I'd share my story!

[LetsClose]

Ryanr623,

I went through the same program and got 72 months at 7.49%. Filed Ch7 in Dec 2009, discharged March 2010.

[ryanr623]

What was your FICO? 10% isnt too bad, but i think the dealers may be able to do better. We shall see.

[LetsClose]

My FICO was ~ 610, wife also in BK filing, and on car loan. Her FICO ~ 650.
Most dealers tried to do better, but could only come close, which means they may be able to beat your 10+% !

[ryanr623]

Yeah we will see, but you probably got a better rate because both of you were on it, and she has a decent score.... thanks for the heads up! Any housing stories to share? After 2 years im gonna go FHA.... any experience with that?

[LetsClose]

I'm still in the middle of trying to work out something with my current lender.
Good luck with new mortgage app! Do you have assets for down payment target?