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Honda Finance

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  • Honda Finance

    Has anyone had any sucess with Honda Finance out of BK? We were discharged in November and need a new car. I had a loan with them in the past and paid it off (pre-BK). I've seen posts about Toyota finance being BK friendly but haven't seen anything about Honda (we want a new Civic). My score is in the mid 600's and hubbys is mid yo high 600's.
    Filed Chapter 13 - 7/10/07 - 5 year plan with 2 cars and 10% unsecured payback,
    Last Payment 7/12, DISCHARGED 11/26/12 CLOSED 12/18/12

  • #2
    From what I can tell they are not BK Friendly. When I went to buy a new car back in April 2012, Honda denied me due to bankruptcy (it was the reason listed). For the record, my Auto Enhanced FICO was 690 at the time. I was almost 2 years out from bankruptcy, so that may have made a difference (not being over the 2 year mark).
    Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
    Status: (Auto) Discharged and Closed! 5/10
    Visit My BKForum Blog: justbroke's Blog


    I am not an attorney. Any advice provided is not legal advice.

    Comment


    • #3
      I am wondering the same thing too Katz. I have good paid experience with them in the past before BK7, and I wonder if they take that into account. I would say the best thing would be to go to the biggest dealer in your area that does high-volume sales, and they can get it done with Honda Finance. I didn't want to risk it, so fresh out of BK 7 months ago I just went with Toyota, and they gave me a Top Tier Lease or offered 0% for 5 years because I was a 650 or higher.
      Chapter 7 Filed 2/28/2012
      Discharged 7/24/2012
      Cased Closed 8/7/2012

      Comment


      • #4
        Originally posted by justbroke View Post
        From what I can tell they are not BK Friendly. When I went to buy a new car back in April 2012, Honda denied me due to bankruptcy (it was the reason listed). For the record, my Auto Enhanced FICO was 690 at the time. I was almost 2 years out from bankruptcy, so that may have made a difference (not being over the 2 year mark).
        That 2 year mark is important with some lenders. I was about 22 months post filing when my wifes car died. I applied at a midsized regional bank and a local cu where we had banked for years. Neither was involved with our bk and in the adverse action letter, they both stated "recent bk" as the reason. I found out later they both required 2 years of perfect credit post bk befoe they'd fund a loan.
        Since it was an emergency, we applied for and were accepted by the Cap1 Blank Ckeck program at pretty reasonable terms.

        Comment


        • #5
          We applied for Cap. 1 and were approved for 23,400 on a new car (we asked for 19,500) at 2.94% interest! We will be buying a new civic in a few weeks so I'll let you know if honda can beat that! (not that we care now!). Our income is 72,000 and credit score is 649 so we were surprized at the rate we got.
          Filed Chapter 13 - 7/10/07 - 5 year plan with 2 cars and 10% unsecured payback,
          Last Payment 7/12, DISCHARGED 11/26/12 CLOSED 12/18/12

          Comment


          • #6
            Originally posted by katztoo View Post
            We applied for Cap. 1 and were approved for 23,400 on a new car (we asked for 19,500) at 2.94% interest! We will be buying a new civic in a few weeks so I'll let you know if honda can beat that! (not that we care now!). Our income is 72,000 and credit score is 649 so we were surprized at the rate we got.
            We bought a car today and used our blank check from Cap. One. Honda insisted on trying to beat our rate and offered us $500 more off the car if approved and we gave it a try. They said they could not finance us - reason:"no established credit after BK". Also they require a score of 750. No problem, we were happy with our 2.94% from Cap. One. The finance guy was surprised they gave us that rate.
            Filed Chapter 13 - 7/10/07 - 5 year plan with 2 cars and 10% unsecured payback,
            Last Payment 7/12, DISCHARGED 11/26/12 CLOSED 12/18/12

            Comment


            • #7
              I've applied to Honda before and from what I have been told...you must have excellent credit for them. I was denied prior to BK and my score was like 590 at the time but with $5000 down and great income and employment history they refused to even work with me or show me any other cars. We were treated really badly so I am avoiding them now.

              Comment

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