Approved by Capital One Auto

[indeep59]

Any one ever included Capital One in their BK and after your discharge got an approval from them?????

Yes I have,credit card,over 25k in July'10.
Got approved for a car loan, at 11.9% last month, 25k.

[Nufsayd]

Yes I have,credit card,over 25k in July'10.
Got approved for a car loan, at 11.9% last month, 25k.

How long after discharge were you able to obtain the cc and auto loan?

And you bankrupted a cc & auto loan too?

[indeep59]

How long after discharge were you able to obtain the cc and auto loan?

And you bankrupted a cc & auto loan too?

16 months after discharge of Cap one credit card and Citizens Financial auto loan. Surrendered the vehicle 4 weeks after bk (Jul 10)

[indeep59]

How long after discharge were you able to obtain the cc and auto loan?

And you bankrupted a cc & auto loan too?

Just to add, was able to qualify and get a 1.9%@72 months auto loan last week from Ally Financial from Dodge on a new car.

[Nufsayd]

Ok thanks :-)

[CCsAreEvil]

Was happy to be approved by CapOne with 6.5%. Unfortunately, their used car program only works with dealers on their "list". However, upon hitting up a local dealer, they were able to get me under 3% through Toyota financing. I probably didn't haggle enough on price like I should have but still happy to get less than 3%. Discharged 2 years ago, however (I waited to get a used car loan). FICO scores currently around 685.

[mountanddo]

Update,

Found a Certified Pre-Owned with 10k miles on a 2010 SL AWD Nissan Rogue for 21800 at a dealer. It had all the options my wife and I wanted, sunroof, roofrack, bluetooth, etc.....Talked down the numbers a few hundred. Out the door at $22500 with no down payment. LTV blank check is 110% came to $550( easily afford) a month with 9.3 interest for 4 years...Will re-fi in a year. Drove away happy Knowing I didn't have to put down payment.

I am going to preface this question by saying please don't take this the wrong way or be offended. I'm just curious because I am going to need to buy a car eventually. When you first posted you said you were looking for a car at 12k-15k. What you ended up buying was over 22k. Is there a reason why you doubled what you were initially planning on purchasing? I'm curious because I read another post sometime back that they were looking at cars and they ended up spending double what they first thought they would spend. Is 22k really what the going rates for cars are now? 22k just seems like a lot of money for a car but seeing I only spent 7k on my car that had 7,000 miles on it 15 years ago I am not sure if that is reasonable or not. I'm afraid to think what I might have to pay in 3 years when I'm ready to start looking.

[nceguyfromne]

Mountanddo, unfortunately I think you're in for a rude awakening on your next car purchase. A used vehicle with only 7,000 miles would be almost unheard of nowadays and would sell for practically the same amount as the new model. In that situation you might be better off just buying one fresh off the lot and knowing exactly where it's been. If these folks are anything like me, they are spending double what they'd hoped to spend because they can't afford to continue having unreliable used vehicles that are constantly in the shop, sucking up every dime of their savings and decided to go with a new vehicle instead. The majority of used vehicles I looked at during my most recent search had unbelievably high mileage and thanks to under-funded highway budgets and the horrible road conditions that result from them, those miles are increasingly stressful on a vehicle. "Highway miles" used to mean something but nowadays it's almost worse. Anyone who's ever driven on I-93 near Boston could attest to this!

And it's not just your Fords or Chevys either! My wife and I bought a used, late-model (but high-mileage) Mercedes-Benz several years back and it lasted less than 4 years, during which it had constant problems. In fact we still owed about $3K to the bank when it died and since I had reaffirmed the loan in my Chapter 7 (dumbest mistake ever, btw) we had no choice but to pay it. We used our entire income tax return (and then some) to replace it with an older Saab, figuring we could get at least a couple years out of it. I mean, it's a Saab, right? I guess we should have realized we said the same thing when we bought our Mercedes because 9 months, 4 dramatic breakdowns and $1,500 in repairs later, I had to take it off the road because I could no longer trust my family's life to it.

I know some/many people think new vehicles are a bad investment because of depreciation, but the only vehicle I have ever owned that was not a complete money pit with countless major problems was the one I bought brand new off the lot 5 years ago and recently paid off. I had hoped to not get into a new auto loan having just paid off the one I just mentioned but when the choice is between a $350/month car payment or having no car payment but potentially dropping $1,000-2000 every 6 months to keep a used vehicle on the road and have to constantly worry about whether it's going to get you where you need to go, it starts to make more sense, at least to me, to go with the new vehicle or something very close to it.

Just my two cents.

[IBroke]

Well, we also had an old vehicle (2000 Mercury Sable, more than 130K miles). Although it was paid off in the end, we simply weren't willing to pay one repair after another. When we were quoted $2000 to bring it back to an acceptable condition, we traded it in for a 2009 Lincoln MKZ - certified pre-owned. Sure, we have a monthly payment again but a reliable car with a warranty. We feel much better now.

[jcal]

I am going to preface this question by saying please don't take this the wrong way or be offended. I'm just curious because I am going to need to buy a car eventually. When you first posted you said you were looking for a car at 12k-15k. What you ended up buying was over 22k. Is there a reason why you doubled what you were initially planning on purchasing? I'm curious because I read another post sometime back that they were looking at cars and they ended up spending double what they first thought they would spend. Is 22k really what the going rates for cars are now? 22k just seems like a lot of money for a car but seeing I only spent 7k on my car that had 7,000 miles on it 15 years ago I am not sure if that is reasonable or not. I'm afraid to think what I might have to pay in 3 years when I'm ready to start looking.

Hi Mountanddo,

Sorry for late reply, not offended at all. Yes, I did state initially to use only 12-15k of the loan. My wife and I couldn't find a suitable/reliable used vehicle under 70k miles in the range of 12-15k. After doing another calculation on what we can afford, we were able to actually use up to 25k. First calculation is the minimal and it didn't work, so we use the max, which we still can afford to make payments.
I try to use that rule of thumb when purchasing with an approved auto loan.
FYI, My BK was a result of a divorce. I can easily afford a 35k car then and I still can.

[Deon213]

was you in a chapter 13 or chapter 7 that was approvewd for an auto loan. i am in a chapter 13 and wondering if I can get approved. My car is not running well

[jus1975]

thats great to hear that I will be able to get a car. I havent filed yet but my attorney has all the paperwork. would it be better to try and get a car now or after. My car now is a POS and wont last long. Ive found the car I want. Its 10K. not much and I can afford that easily. My credit score now is in the 500 range. But I need to act soon if I should go after that car. I dont think it will last long on the lot.

[JackBondLove]

Update,

Found a Certified Pre-Owned with 10k miles on a 2010 SL AWD Nissan Rogue for 21800 at a dealer. It had all the options my wife and I wanted, sunroof, roofrack, bluetooth, etc.....Talked down the numbers a few hundred. Out the door at $22500 with no down payment. LTV blank check is 110% came to $550( easily afford) a month with 9.3 interest for 4 years...Will re-fi in a year. Drove away happy Knowing I didn't have to put down payment.

$550/mo? As sports betting hosts would say about a betting line, "that's a lot of lumber!" Is the loan simple interest? If not (i.e., rule of "78's"), you could be on the hook for interest even if you refinance.

[JackBondLove]

... I only spent 7k on my car that had 7,000 miles on it 15 years ago I am not sure if that is reasonable or not. I'm afraid to think what I might have to pay in 3 years when I'm ready to start looking.

Wow, is it a Yugo? That car could not have had an MSRP of even $10K to be sold that cheaply with so few miles. My VW has 145K (in 8 years( and it has a retail value of $5K!

[ironpirate]

Got approved a month ago and bought a new Camry. Was approved up to 30k at 7.74%. Not bad for just a year out of BK.