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10.4% one week post discharge!!

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  • 10.4% one week post discharge!!

    Just wanted to let everyone know there is a possibility that you can get decent auto financing after BK. Today we purchased a car from Carmax financed through Capital One at 10.4%. The total price of the car was 25,900 with extended warranty, tax, license, etc. We put 2000 down.

    Do not apply to Cap One if you BK'd them. Originally we had wanted to finance under both of our names to build credit...forgot that I had a Cap One card included in BK. Applied another day with different dealer (Carmax) and only put it under DH...approved!

    Before filing for BK we only had a 30 and maybe some 60-day lates on our credit reports that were immediately before filing. My understanding is that if you had good credit before and had minimal lates before filing you have a better chance at getting a good rate.

  • #2
    Originally posted by jespencer View Post
    Just wanted to let everyone know there is a possibility that you can get decent auto financing after BK. Today we purchased a car from Carmax financed through Capital One at 10.4%. The total price of the car was 25,900 with extended warranty, tax, license, etc. We put 2000 down.

    Do not apply to Cap One if you BK'd them. Originally we had wanted to finance under both of our names to build credit...forgot that I had a Cap One card included in BK. Applied another day with different dealer (Carmax) and only put it under DH...approved!

    Before filing for BK we only had a 30 and maybe some 60-day lates on our credit reports that were immediately before filing. My understanding is that if you had good credit before and had minimal lates before filing you have a better chance at getting a good rate.
    That's great news!! Congratulations!!
    Filed: 5/22/07; 341 Hearing: 6/27/07;
    Confirmed: 8/13/07; DISCHARGED 4/17/2012

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    • #3
      Fantastic, I'm also shopping to replace a car that will soon be handed back to FORD Credit. I hope I have the same luck! Did you have to show them a court order showing debts discharged or did your credit report reflect this?

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      • #4
        Your credit report will show it. Our BK discharge showed up within a few days on our credit report.

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        • #5
          Congrats! That sounds great. I co-signed for a vehicle for a family member that I am surrending my interest in (with Capital One) so I will keep in mind that only DH should apply for the loan. We plan to go through Carmax too for a vehicle to replace DH's current SUV. Can you share your experience with them? Did you find a vehicle at your local lot or did you have to pay to have the vehicle you wanted transferred? Did you get approved first or wait until you went to the dealership? Any other experiences with Carmax you would like to share would be appreciated!
          Filed: 8-19-09
          341: 9-21-09
          Notice of Discharge: 11-28-09

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          • #6
            Our personal experience at Carmax was great. My husband was very particular on what car he wanted so we had it shipped to our local Carmax. If you have a vehicle shipped you do have to pay for that ahead of time and it is not included in your loan. He had looked locally for the same vehicle, but no luck. When he called our local Carmax he got preapproved within about 15 to 20 minutes and we were told what our interest rate was and how much the payment would be. Communication with Carmax was great while we were having it shipped out and they called us when it was ready to come pick up. When we got there the salesman had everything pulled up and offered an extended warranty and how much that would cost, etc. I think from the time we got there until we left was about an hour. They rewashed the car and put a full tank of gas in it while he was signing papers. This was so much easier than the BS you have to go through with most dealerships.

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            • #7
              I would not recommend buying from CarMax only due to their high prices. It's no big deal to get you a lower rate on financing because they sometimes have $4,000 to $5,000 markups on their cars. Give me an example of any make and model car you're looking to buy at CarMax and I can find the same kind of car at a whole bunch of other places for much cheaper.

              I would rather buy a $12,000 dollar car at 18% interest from some other dealer than a $17,000 dollar car at 10% sold at CarMax.

              I know when I checked with CarMax in the past and have brought cars to trade in with them, every car they checked were $5,000 less than the same exact ones they had on the lot. My cars needed NOTHING. They were in showroom condition. They would have not had to do anything short of a wash, wax and detail and put them right on the showroom floor.

              CarMax has a beautiful selection of used cars, but you will pay a premium for the privilege of buying from them.

              Tip:
              When buying a used car, it maybe a good idea to buy a PAINT METER. This will help you know if the used car you are buying ever had any paint or body work. Dealers often use one of these when checking in on trade-in's and when they buy cars at auctions.
              For more info see: http://www.fendersplendor.com/

              I plan on ordering one of these right before it's time to go car shopping again.

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              • #8
                This may be the same with some vehicles, but WE did our homework and knew we were getting a good deal on the car. We would not have purchased it otherwise! True, you may be able to get a better deal through a private party, but the financing was not available to us at this time for that. Trust me, my husband spent HOURS on the computer researching his car and we paid a lot less than other dealers were asking and even less than some private parties. No matter where you buy your vehicle it is important to do the research!!!

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                • #9
                  CarMax has good, clean quality used cars. I just find it very hard to believe that you can get a good deal with them. Show me ANY car on their lot and I will show you other places you could buy the same car for much cheaper.

                  The thing is, if you need CarMax to get you the financing, then that's different.

                  If you want a nice car and don't mind paying several thousand above what was given to the previous owner, then CarMax is the way to go. I just can't see giving away thousands of dollars for free. I am too broke for that.

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                  • #10
                    ALL dealers charge more than what they gave the previous owner for the car...that is how they make MONEY!! Since you are not discharged yet and have not attempted to get financing post discharge, you will eventually find that these great deals that are out there private party are not easy to get when you need financing. There are not a lot of credit unions that will lend post BK so most of us are limited as to where we can purchase a car. Places like Capital One and Roadloans only lend to particular dealerships...not private party. The best thing to do if you need or want to purchase a vehicle post BK and need financing is to find the best deal out there, which we did.

                    After you are actually able to purchase a vehicle maybe then you can come back here and let us all know what a great deal you got. Until then, stop passing judgment on those of us who have actually done what you just talk about doing. Until you actually have the vehicle in your possession and financing is a done deal it's all just talk. And unlike you...we actually have the income right now to support a new vehicle....we're not waiting on future income to pay for it.

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                    • #11
                      jespencer - Thanks so much for sharing your experience. We will definitely need the financing and Carmax sounds like a good way to go. We have been researching the vehicle we want to death and Carmax seems to offer comparable prices as ones we can find through dealers in our local area. We live several hours drive from one of their locations so it's not a hardship getting there. Appreciate knowing that DH can get approved over the phone and know what our payment and interest rate will be. Did you purchase the extended warranty? If so, how much was it, if you don't mind me asking?
                      Filed: 8-19-09
                      341: 9-21-09
                      Notice of Discharge: 11-28-09

                      Comment


                      • #12
                        We did purchase the extended warranty and I believe it was around 2100. I had done some research ahead of time by purchasing it separtely from the dealership and Carmax actually gave a better price with a better warranty than what I found. I'm sure if you spent a lot of time you might be able to find one cheaper, but in the time I had to look it was a good deal. I believe we purchased their best warranty, so not sure how much it would be for a cheaper one. I believe the warranty is 5 years/75,000 miles. Not positive on the years, but I know it is for 75,000 miles. I know not everyone agrees with extended warranty, but it was piece of mind for us.

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                        • #13
                          Oh, we are definite extended warranty people. I would for sure want one on a used vehicle. We are interested in a Honda Pilot or Toyota Highlander. I am disappointed that some of them have very high miles for vehicles that are 2-3 years old but it will give me some peace of mind knowing we have the extended warranty. One more question (and sorry to be a pain) do you have to return the vehicle to their dealership for repairs with the extended warranty or can you use a local dealer's repair shop? Thanks for your help!
                          Filed: 8-19-09
                          341: 9-21-09
                          Notice of Discharge: 11-28-09

                          Comment


                          • #14
                            You can go to any dealership that takes the warranty (which I think is just about everyone) or any car repair shop that will take it. They usually just call and verify what is covered and what is not.

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                            • #15
                              I feel better about the car buying process from Carmax just from your experience and I have done some googling on the net as well. Thanks again!
                              Filed: 8-19-09
                              341: 9-21-09
                              Notice of Discharge: 11-28-09

                              Comment

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