Who were approved through post BK and some details...

[HoldOnBStrg]

I am actually shocked! I was discharged in August 2010.My credit score is 598 and I just got financed for 60 months at 2.9% on a 2011 Chevy Cruze with a $1000 down. I am elated since my car is pretty well my office.Dealership got me approved thru ALLY, which used to be GMAC.

Congratulations..You made a smart choice with the Cruze ,with gas prices an arm and a leg the Cruze should serve you well.

[Kuya]

Congratulations !!!!

You give me hope. I am going to be trying to purchase a cadillac and they also use Ally. I did not think I had much of a chance . . but now I have an ounce of hope . OF course, I BK'd GMAC so if they are truly the same company, I may have burned my bridge on this one.

I am actually shocked! I was discharged in August 2010.My credit score is 598 and I just got financed for 60 months at 2.9% on a 2011 Chevy Cruze with a $1000 down. I am elated since my car is pretty well my office.Dealership got me approved thru ALLY, which used to be GMAC.

[braincramp]

I am actually shocked! I was discharged in August 2010.My credit score is 598 and I just got financed for 60 months at 2.9% on a 2011 Chevy Cruze with a $1000 down. I am elated since my car is pretty well my office.Dealership got me approved thru ALLY, which used to be GMAC.

[IBroke]

Quick Question about Capital One:

I see many people here have been approved for $36,000 to $40,000 and I am just curious about something, regarding that. I read on their website that the maximum loan amount for used is $30,000. Has anyone used a Cap1 loan for over $30,000 on a used car?

Reason I am asking is because I am looking at a used 2011 vehicle, which is a bit over $30,000. It has 12,000 miles on it so I am not sure if they will consider it used or new . . .

YES, I know it is technically used . but their rates for new cars apply to 2010 & 2011 vehicles.

Anyone purchase a used car with Cap1 for over $30,000 ??

Although I don't have an answer to that, you always have the option to use the downpayment to cover the difference between $30,00 and the sales-price. Might work since you said it's "just" over $30K.

[Kuya]

Quick Question about Capital One:

I see many people here have been approved for $36,000 to $40,000 and I am just curious about something, regarding that. I read on their website that the maximum loan amount for used is $30,000. Has anyone used a Cap1 loan for over $30,000 on a used car?

Reason I am asking is because I am looking at a used 2011 vehicle, which is a bit over $30,000. It has 12,000 miles on it so I am not sure if they will consider it used or new . . .

YES, I know it is technically used . but their rates for new cars apply to 2010 & 2011 vehicles.

Anyone purchase a used car with Cap1 for over $30,000 ??

[HoldOnBStrg]

Date Discharged: Feb 2010
Lender: Chase Financial
Date Applied For: 04/21/2011
Approval Amount: Dont Know the Max At least $19,000
Annual Percentage Rate (APR) 5.44%
Equifax Credit Score 685

Initially approved for 5.65% for a 2011 Vehicle through Capital One Blank Check. Emailed the dealer and told him if he could beat that rate and drop the price slightly on a used 2010 Camry i was interested in I would be Ready to buy ASAP. Called back an hour Later and said I was Approved at 5.44% through Chase Financial. BUT GET THIS .....I bK'ed on A Chase Credit Card a ton of money...Too embarrassed to say but it was well over 5 figures...WTF????? I'm totally grateful for my second chance . Who would have thought a year ago I swore I would be driving beaters for the next 5 to seven years . Put $2500 down, payments are a very reasonable $285 a month ....2010 Toyota Camry 22,000 miles.

To every one who just filed.... There is life and hope after BK!!!!!!!!! Keep your head up ! I'm still in shock its like my Bk didn't even matter. I'm not proud of the BK but we are all human and all are fallible ..Hopefully i learned my lesson and will be more responsible financially in the future

Thank you to all the helpful people on the board ..this site has been a treasure trove of information .

[MD69107]

Update.......Dealer called me back today and got my interest rate down to 10.9%......Going thru Cap One instead of Toyota.

Thanks to all who have been providing such great information throughout this thread. I hope squeezing a couple of questions in here won't annoy anyone, but I have a lot of catching up to do and there are some BK vets that could probably give some much needed help in this area.

Background info: I'm at the very tail end of a Ch 13 BK (100%), which began in Feb 2007, and owe ~$2,000. It will be paid off by July which would be 6 months early, maybe a little sooner if I can swing it. I'm 11 years into my mortgage and have kept that current throughout, don't know if that helps much but it's something. I'm currently driving a 2004 Sonata I purchased with cash about 1.5 years ago, works well enough for now but has 160k miles on it - less than 15k from me as I have a short commute. I haven't become wealthy in the last few years but am financially stable.

I realize that I will need to have the discharge in hand before buying. Could anyone shed some light on whether or not the above factors will benefit me post-discharge? I will do my best to keep the car running in the meantime, but I'm hoping the fact that I'll have paid every cent of my debt off and kept a mortgage healthy will help my cause. I'm not sure if they even matter, any experiences would help. I'm going to need a car and I don't think it will last long enough for me to fully rebuild my credit first.

Hopefully with a couple of pointers you'll see a car purchase post later in the year from me. Right now I don't have an plan or really know what to expect.

Thank you

EDIT: And I don't think Capitol One likes me very much, given our history.

[Kuya]

I'm not sure what my FICO score is but the agency scores are 599, 563, 524. Other considerations may include - I've been with my current employer more than 2 years, am a home owner, and did not have delinquencies reporting on my credit until about 30 days before filing. I also did not have a cap one account prior. I actually still have a few open credit card accounts that had zero balances prior to filing. I'm not sure if any of this matters, but wanted to give you the full picture. good luck!

Thanks for providing more details. It helps me get a feel for what to expect . . I will be trying Cap1 mid-May. It will be just a few days out of discharge, as I have no choice, with no car. My current fico is 672, and my agency scores are around the same 661 - 674. I don't have a mortgage, which would probably help out a lot . . but I do have a secured bank loan, as well as two Chase credit cards still open with no bad history (which helped me walk out of BK with a higher credit score than anticipated)

Also important . . . you are the FIRST person I know posted here - that has gotten a Cap1 auto loan with no prior Cap1 history. That gives me much hope. I have never had a Cap1 card EVER. And it seemed to be a steady pattern of those who got accepted for Cap1 auto loans, that they had some sort of prior Cap1 history . . even if it was included in BK . . .

You have given me a glimmer of hope!!

thanks!

[bellisimaj]

If you don't mind, can you share what your credit score is? I will be in a similar position - in that I need to get a car almost immediately after discharge. My car has already died and I am juggling friends, family . . . etc to get to work. I discharge next month and will be applying to CAP1 too. My current FICO is 672

I'm not sure what my FICO score is but the agency scores are 599, 563, 524. Other considerations may include - I've been with my current employer more than 2 years, am a home owner, and did not have delinquencies reporting on my credit until about 30 days before filing. I also did not have a cap one account prior. I actually still have a few open credit card accounts that had zero balances prior to filing. I'm not sure if any of this matters, but wanted to give you the full picture. good luck!

[bellisimaj]

I'm not sure what my FICO score is but the agency scores are 599, 563, 524. Other considerations may include - I've been with my current employer more than 2 years, am a home owner, and did not have delinquencies reporting on my credit until about 30 days before filing. I also did not have a cap one account prior. I actually still have a few open credit card accounts that had zero balances prior to filing. I'm not sure if any of this matters, but wanted to give you the full picture. good luck!

[MD69107]

Date Discharged: 07/2010
Lender: Toyota Credit
Date Applied For: 04/2011
Approval Amount: 18k
Interest Rate: 17%
Term: 72 months

Put 2000 down on a new Corolla. Payment will be around 350 per month. That includes Gap Ins, 2 yr sch maintainance and 6 yr - 100,000 warrenty.
I figure I can refinance in a year or 2 hopefully.

[Kuya]

If you don't mind, can you share what your credit score is? I will be in a similar position - in that I need to get a car almost immediately after discharge. My car has already died and I am juggling friends, family . . . etc to get to work. I discharge next month and will be applying to CAP1 too. My current FICO is 672

I just applied today with Capital One and was approved.

Discharge Date: 04/14/11
Date Applied: 04/16/11
Approved Amount: $18,000
Interest Rate: based on a 48 or 60 month loan, a 2011 is 9.75%, a 2010 is 10.76%, a 2008-2009 is 11.51%, and a 2004-2007 is 12.76.

I applied for 15,000 but the results came back with the approval for 18,000. I wouldn't consider applying for credit, but I'm upside down in a 2011 Camry purchased last June (before our financial disaster) and would like to turn that car in as I'm currently on a ride through. My goal is to get a clean used car with low miles to commute in.

Thanks to all of you who make this forum possible! It has been a tremendous resource during this difficult process.

[bellisimaj]

I just applied today with Capital One and was approved.

Discharge Date: 04/14/11
Date Applied: 04/16/11
Approved Amount: $18,000
Interest Rate: based on a 48 or 60 month loan, a 2011 is 9.75%, a 2010 is 10.76%, a 2008-2009 is 11.51%, and a 2004-2007 is 12.76.

I applied for 15,000 but the results came back with the approval for 18,000. I wouldn't consider applying for credit, but I'm upside down in a 2011 Camry purchased last June (before our financial disaster) and would like to turn that car in as I'm currently on a ride through. My goal is to get a clean used car with low miles to commute in.

Thanks to all of you who make this forum possible! It has been a tremendous resource during this difficult process.

[scorpion35]

my 2005 F-150 will be paid off in 5 months.it only has 28000 miles on it
will keep for 3-4 more years and then i want to get the car of my dreams
a shinning new CORVETTE