American Honda Finance or GMAC... B/K Friendly?

ilovemycaitybug · 06-03-2007, 01:01 PM

We don't plan on surrendering our vehicles, but do want to trade sometime before September. How are American Honda Finance and GMAC on B/Ks? We're wanting to buy a new Honda Civic or Pontiac Vibe or Saturn Ion. Nothing too fancy or expensive but need to get it financed. Is there a chance? I've seen it happen for both in whogavemecredit.com, but just wondered if anyone in here had luck with either of them? And if not them, who?

Thanks!

FilingOnMyOwn · 06-03-2007, 02:46 PM

It is my understanding that pretty much all auto lenders are at least somewhat bk friendly. They dont' want to lose auto sales just because you have bad credit. Only difference is you will pay a higher interest rate, so I would shop around. But be careful, some dealers will try running your report to all kinds of different lenders, resulting in dozens of inquiries on your reports. I would be extremely cautious when applying and let it be known you do not want this to happen.

ilovemycaitybug · 06-03-2007, 02:59 PM

Quote:

Originally Posted by FilingOnMyOwn

It is my understanding that pretty much all auto lenders are at least somewhat bk friendly. They dont' want to lose auto sales just because you have bad credit. Only difference is you will pay a higher interest rate, so I would shop around. But be careful, some dealers will try running your report to all kinds of different lenders, resulting in dozens of inquiries on your reports. I would be extremely cautious when applying and let it be known you do not want this to happen.

Thanks! But, I thought that when shopping for auto or home loans the inquiries accumulated within a certain time frame only counted as one. Is this incorrect?

FilingOnMyOwn · 06-03-2007, 03:02 PM

Quote:

Originally Posted by ilovemycaitybug

Thanks! But, I thought that when shopping for auto or home loans the inquiries accumulated within a certain time frame only counted as one. Is this incorrect?

In the fico score calculations, yes. But cumulatively, each inquiry still exists, so even though your fico score only reflects the hit of one inquiry, lenders may still decline you credit due to excessive inquiries.

ilovemycaitybug · 06-03-2007, 03:15 PM

Ah... I see. Thanks for clarifying! I'm glad I didn't just go hog-wild applying everywhere with the belief it would only count as one inquiry!

Thanks again!

SinkingFast · 06-03-2007, 04:41 PM

Beware of Dealers too.

We just went thru the car shopping thing. Ford was supposed to be so BK friendly I called our local Ford Dealer to see what they could do for us.

A PHONE CALL. No signed application.

That one contact resulted in 6,.......... SIX,.......... Credit Pulls. The Dealership pulled us. Ford Motor Credit pulled. Americredit pulled. And 3 others I don't recall right now off the top of my head.

After we found out about what the Dealership did from updating our Credit Reports at True Credit, we didn't deal with any more Dealerships to assist us with auto financing.

We applied on our own at CapOne first and then Road Loans. Road Loans offered the best interest rate so that's the one we took.

gacreditguy · 06-08-2007, 03:29 PM

If they pulled without your signature that is to your advantage. They can be held ($$$$) responsible for that.

Quote:

Originally Posted by SinkingFast

Beware of Dealers too.

We just went thru the car shopping thing. Ford was supposed to be so BK friendly I called our local Ford Dealer to see what they could do for us.

A PHONE CALL. No signed application.

That one contact resulted in 6,.......... SIX,.......... Credit Pulls. The Dealership pulled us. Ford Motor Credit pulled. Americredit pulled. And 3 others I don't recall right now off the top of my head.

After we found out about what the Dealership did from updating our Credit Reports at True Credit, we didn't deal with any more Dealerships to assist us with auto financing.

We applied on our own at CapOne first and then Road Loans. Road Loans offered the best interest rate so that's the one we took.

06-03-2007, 01:01 PM	#1
ilovemycaitybug Registered User B/F Newbie Join Date: Jul 2006 Posts: 234	American Honda Finance or GMAC... B/K Friendly? We don't plan on surrendering our vehicles, but do want to trade sometime before September. How are American Honda Finance and GMAC on B/Ks? We're wanting to buy a new Honda Civic or Pontiac Vibe or Saturn Ion. Nothing too fancy or expensive but need to get it financed. Is there a chance? I've seen it happen for both in whogavemecredit.com, but just wondered if anyone in here had luck with either of them? And if not them, who? Thanks!
	3/27/07: Chapter 7 Filed - Pre-filing true FICO (hers/his) 450/477 5/10/07: 341 Meeting DONE! Trustee's Report of No Distribution Filed 7/04/07: FICOs going up! Credit report cleanup (hers/his) 540/536 7/10/07: DISCHARGED! 8/27/07: CLOSED!

06-03-2007, 03:15 PM	#5
ilovemycaitybug Registered User B/F Newbie Join Date: Jul 2006 Posts: 234	Ah... I see. Thanks for clarifying! I'm glad I didn't just go hog-wild applying everywhere with the belief it would only count as one inquiry! Thanks again!
	3/27/07: Chapter 7 Filed - Pre-filing true FICO (hers/his) 450/477 5/10/07: 341 Meeting DONE! Trustee's Report of No Distribution Filed 7/04/07: FICOs going up! Credit report cleanup (hers/his) 540/536 7/10/07: DISCHARGED! 8/27/07: CLOSED!

06-03-2007, 04:41 PM	#6
SinkingFast Registered User B/F Guru Join Date: Jan 2006 Posts: 6,857	Beware of Dealers too. We just went thru the car shopping thing. Ford was supposed to be so BK friendly I called our local Ford Dealer to see what they could do for us. A PHONE CALL. No signed application. That one contact resulted in 6,.......... SIX,.......... Credit Pulls. The Dealership pulled us. Ford Motor Credit pulled. Americredit pulled. And 3 others I don't recall right now off the top of my head. After we found out about what the Dealership did from updating our Credit Reports at True Credit, we didn't deal with any more Dealerships to assist us with auto financing. We applied on our own at CapOne first and then Road Loans. Road Loans offered the best interest rate so that's the one we took.
	Filed Ch 7 - 09/06 Discharged - 12/2006 Officially Declared No Asset - 03/2007 Closed - 04/2007 I am not an attorney. My comments are based on personal experience and research. Always consult an attorney in your area to address concerns related to your particular situation. Another good thing about being poor is that when you are seventy your children will not have declared you legally insane in order to gain control of your estate. - Woody Allen...

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06-03-2007, 02:46 PM	#2
FilingOnMyOwn Registered User B/F Guru Join Date: Oct 2005 Posts: 1,793	It is my understanding that pretty much all auto lenders are at least somewhat bk friendly. They dont' want to lose auto sales just because you have bad credit. Only difference is you will pay a higher interest rate, so I would shop around. But be careful, some dealers will try running your report to all kinds of different lenders, resulting in dozens of inquiries on your reports. I would be extremely cautious when applying and let it be known you do not want this to happen.