Capital One question

[jaibe]

Hi all-- I am new to the forums and WOW great info. I am filing ch 7 pro se on Friday. A paralegal is preparing my doc's. Anyway, I've noticed Cap 1 is bk friendly especially with car loans. Well I intend on including a very old Cap 1 card in my bk. Dumb question, but will they loan me money after my bk is discharged.

Thanks in advance!!

[diychapter7]

What do you want the money for? A new car loan?

[jaibe]

Yes, from reading in the sub forums it appears Cap 1 is very friendly when it comes to car loans. I'm going to need a car as I am including my current car in my ch7. I owe more than the loan. I would like to apply with Cap 1 after my discharge just wanted to find out if they would even consider loaning to me. thanks for the response!

[diychapter7]

Maybe other people have more experience with Capital One than I do, so I'll wait to see what they say. Just to be clear though, are you planning to surrender the car in the bankruptcy? Do you want just get rid of it and find a new one? Depending on how long ago you bought it, you might be able to "redeem" it with a redemption loan.

[jaibe]

Yes I plan on surrendering the car in the bk. I may look into the 722 redemption. The car is really upside down and in need of massive repairs. So I am anxious to get a new car post discharge.

[daxtell]

i had a capital one credit card included in my bankruptcy chapter 7, around 2k discharged. and i was approved and got a loan with capital one auto soon after.

[keepmine]

i had a capital one credit card included in my bankruptcy chapter 7, around 2k discharged. and i was approved and got a loan with capital one auto soon after.

Me too. I used the Cap 1 blank check program in 07. I was about 6 weeks short of the 2 year anniversary of my filing date.
Since I'd been turned down twice by local lenders due to "recent bk" {found out later they both required 2 years from filing to meet their criteria} my wife cosigned. But, I'm the primary and we use my bank account to have the payments automatically drafted.

[majorbk]

Well, I guess it depends if your lucky. My husband bked capital one and then he was declined when he applied. I'm not sure how their process works but there are some people that get approved and some don't.

[kornellred]

My son got his Chapter 7 discharge a couple of months ago. For the past month, beginning just about a month after discharge, auto loan offers appear in the mail for him every few days. Some entity will provide a car loan to you. Since purchasing a vehicle (new or used) is a colossal rip-off to begin with, the finance charges are pretty much beside the point.

[Ann]

We bk'd a rather large personal loan and 2 credit cards with them. We were approved for a 7.23% blank check with them for a car we really needed to purchase. Now that we are back on track (somewhat) financially I can say I'm pretty grateful to Capital One for not only giving us a chance to help rebuild our credit (a small limit unsecured card) but that they gave us a pretty decent rate considering!

[sunshinepa]

I was discharged last week. Captial One actually called me and offered me a CC with a 3000.00 limit.......LOL. I didn't BK on them but used to have one of their cards. Can't believe they wanted me to get a new card! However, I am sure that if I wanted a car loan, it would not be a problem since they wanted to give me the card a week after discharge.

They might give you a loan but I think since you are BKing them, it will be kinda the "luck of the draw" if they give you the car loan. Good luck!

BTW - didn't take their offer, it's no more cards for me! Can't pay cash, ain't gonna have it.

[daxtell]

yes i am very grateful cap one auto gave me a chance at an auto loan. i was desperate with my 95 jeep and having to keep fixing it. plus it had no ac. it does make a difference though if you are discharged or not. i tried a few weeks before discharge with just the filing reported on my credit report and i was denied. i tried again 2 days after the discharge was reported and was approved instantly.