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    Originally posted by Beachlover2 View Post
    How long after discharge could we finance a car. We are due to discharge on 10/18, can we do it the next day?
    If you finance a car right after discharge, you will not get good interest rates. Expect interest rates in the high teens or higher. If you get a rebuilder card and establish credit first and wait several months, you will get a better interest rate.
    You can't take a picture of this. It's already gone. ~~Nate, Six Feet Under

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      Date of Discharge: 10/25
      Date of Purchase: 10/30
      Interest Rate: 14%
      Credit Score: 567 (I was surprised it was this high actually)
      Down Payment $0

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        Originally posted by Beachlover2 View Post
        Date of Discharge: 10/25
        Date of Purchase: 10/30
        Interest Rate: 14%
        Credit Score: 567 (I was surprised it was this high actually)
        Down Payment $0
        who approved you??
        Filed 8/2009
        Discharged & Closed 11/2009
        Now the rebuilding begins....

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          Americredit Financial, I think they are part of Ally Bank. We had to get my husband something as our leasing company is going to be knocking on our door. I left two messages for them the other day to make arrangements to surrender it, I have not heard back from them. I'll keep calling them though. We want to move on with our life already.

          Before discharge we were quoted 18.95% with $500 down.

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            beach lover did u apply with americredit yourself? i am needing to get something, i put in an app with my credit union and am still waiting on their decision, im really hoping to get in there because they do payroll deduction. they are actually a credit union that services my job so im like as long as im working here and i've been at my job over 11 years, then u get paid! we are not in danger of losing our jobs and i'll be there for 11 more years as long as i dont do something stupid and get fired...which i wont be doing lol. wish me luck! but i would like to apply with americredit if i could do it directly.

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              We did it through the dealer we got the car from, they did the work for us and found the financing. It was actually just as easy to get this loan as it was 3 years ago when our scores where in the 700's. We know the owner of the dealer though. We called them Friday morning gave ss's, income, etc. Saturday morning went here, and drove a few vehicles, 12:30 p.m. drove away with the new vehicle. As I said I was surprised how easy it was especially with 0 down. I am not really crazy about the interest rate, but its better than 18.95% before discharge, and our credit was pretty crappy before filing, so I will be thankful of what we got and move forward to repairing our credit now.

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                AWESOME AND CONGRATS! thanks for responding. i hope i have the same luck as you!
                i agreed to retain and pay on my vehicle(did not sign any reaffirmation) but something is going on with the engine and i would like to get into something else. i have an app in with my credit union but still waiting to hear.....

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                  Date Discharged: 7/2009
                  Lender: Capital One
                  Date Applied For: 11/7/10
                  Approval Amount: $36,000
                  Interest Rate: 5.52%
                  Term: 60 Months

                  Just sent in my income verification today and I haven't gotten the check just *yet* but I'm sure it's coming. I applied online, approved in seconds for $30k (the amount I put in myself). Called like they asked and they said I'm approved up to $36k. So, still in the verification process and I'll let you know if it falls through or anything but if you don't hear from me I got my car!

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                    Originally posted by backtoschool View Post
                    Congrats pris72!! You have an affordable payment and you got a good deal. I picked up my Nissan Rogue last night and love it. Now, let's both start working on rebuilding our credit some more so that we can get houses.....
                    Hey backtoschool, how was your buying experience w/ the Cap One Blank Check?

                    The dealer that I *hope* has the exact car I want, or can get it, is on their preferred dealer list or whatever.

                    So, was it easy? I was reading the Loan to Value on the FAQ, but still don't quite understand that. Do the dealers like it when you have that? Did you have to wait for your car?

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                      Date of Discharge: 11/01/10
                      Lender: Capital One
                      Date Applied For: 11/10/10
                      Approval Amount: $14,400
                      Interest Rate: 10%
                      Term: 60 Months
                      Credit Score: 635
                      Down Payment: 0

                      Actually not going to use it all... Looking to loan only $10000. Looking for Honda Civic, Toyota Corolla or Scion XB.

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                        Originally posted by ewilson47 View Post
                        Date Discharged: 7/2009
                        Lender: Capital One
                        Date Applied For: 11/7/10
                        Approval Amount: $36,000
                        Interest Rate: 5.52%
                        Term: 60 Months

                        Just sent in my income verification today and I haven't gotten the check just *yet* but I'm sure it's coming. I applied online, approved in seconds for $30k (the amount I put in myself). Called like they asked and they said I'm approved up to $36k. So, still in the verification process and I'll let you know if it falls through or anything but if you don't hear from me I got my car!
                        still waiting for them to get back to me on my income verification. apparently since i'm self employed and have an LLC they dont like the fact that the bank statements I sent in say my company name rather than my name. i had to send in my personal bank statements but i dont use my personal account at all.

                        explained it in detail like three times. it's still in "verification" arrrgh

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                          Originally posted by ewilson47 View Post
                          still waiting for them to get back to me on my income verification. apparently since i'm self employed and have an LLC they dont like the fact that the bank statements I sent in say my company name rather than my name. i had to send in my personal bank statements but i dont use my personal account at all.

                          explained it in detail like three times. it's still in "verification" arrrgh
                          Thought an update would help someone.

                          I still hadnt heard back from Cap One but my car was ready today. I ran my credit scores the other day and they were: Expn 609 (wtf!), Equi 629 and TU 628.

                          Needless to say I was worried but I did hear about the "auto enhanced fico score". I kept my car loan through and after my bk so I guess that helped and only late a few times in 2008 and it was actually GMAC's fault. But never late since then and since my bk and had two prior paid off car loans that were never late.

                          Scores came back at the dealer and TU was 705 and Expn 675, they didnt run Equi I guess. So, told them to beat capital one's rate of 5.52 and they did. See below:

                          Date Discharged: 7/2009
                          Lender: Toyota Motor Corp
                          Date Applied For: 11/14/10 (7 days after I applied w/ Cap One)
                          Approval Amount: $29,430
                          Interest Rate: 4.99% (Cap One was 5.52%)
                          Term: 60 Months

                          Pleasantly surprised. Hang in there and pay your auto loans on time. Less than two years post bk and i'm getting one digit interest rates...low one digits...that's awesome.

                          Comment


                            Date of Discharge: 11/2010
                            Date Applied: 11/2010
                            Lender: RoadLoans / Santander Consumer USA
                            APR: 25%
                            Amount Approved For: $14k
                            Payment Amount: $383
                            Number of Payments: 72
                            Amount Down Requested: $2k
                            Credit Score: Unknown

                            This will be a last resort, as the interest rate is super high. But, I don't have a car right now and in order to make more $$$, I need a car. However, I did tell the lender that I filed BK for making unwise financial decisions and I'm not going to make another financial mistake by getting an auto loan at 25% interest. The dealer is working with me on other finance options so when I get those, I will update the board.
                            Filed Pro Se Ch. 7 on 7/7/10 341 Meeting 8/19/10
                            Last Day for Objections 10/18/10 Discharged to a Fresh New Start 11/1/10

                            Comment


                              Before we filed for BK my wife and I sold her car to Carmax for a nice profit and she went back to driving an old "third" car we paid off years ago. Then a few months after BK it takes a dump and the transmission goes out. Gonna cost $2500 to fix it and then it's still a 19-year old car with no Heat/AC, bad gas mileage, etc...

                              So we're desperately thinking what we're gonna do when I stumble upon this thread. I got turned down for a loan from my CU so I kinda gave up hope on being able to finance but I saw a lot of ppl had been getting approved through CapOne. So I applied and got approved in 60 seconds, with no proof of income or anything. Here are the stats:

                              Date of Discharge: 07/2010
                              Date of Loan App/Approval: 12/2010
                              Amount Requested Approved: $18,000
                              Interest Rate: 7.31%-11.71% (It's a sliding scale based on the age. 2010-2006/older)
                              Bank: Capital One

                              They're sending a blank check that I have to take to one of their approved dealers and I can just pick out a car and drive off. Pretty simple...

                              Some other info: We didn't reaffirm anything post-BK but we did keep our house and my car loan (which we have just been paying but not being reported, obviously).

                              Those two things cost us about $2500/Mo and I put down that I make $6100/Mo. I didn't include our home business income in that figure, just what I make at my 9-5 job. The operator told me it wouldn't have made a big difference in the interest rate just might be easier to get approval for a higher amount. I left it out in case they require full docs so I could just send a check stub.

                              Comment


                                We have no other debts such as rent etc as our rent and utilities are included in our employement salary, so a bigger monthly payment isn't a big deal. We did make sure to not get in too deep in case we have to change jobs and go back to paying rent & utilities. We also took out a Orchard CC & a Premier CC in July 2009 as a way to establish and rebuild credit. We have since changed to "better" CCs (2 of them) that we pay off in full every single month, NO exceptions.
                                Post BK Loan #4
                                Date Discharged: Sept 08
                                Lender: Boeing Credit Union
                                Date Applied For: Sept 2010
                                Approval Amount: $30,000 on a 2011 Kia Sorento
                                Interest Rate: 6.24%
                                Term: $472 for 78 months with $0 down. Starting in Feb. we will pay $725 per month on this loan since we won’t have 2 loans to pay on. We will also pay at least ¾ of our tax return each year toward this and plan to have it paid off in 2013.

                                Post BK Loan #3
                                Date Discharged: Sept 08
                                Lender: Local Credit Union (same as loan #2)
                                Date Applied For: August 2010
                                Approval Amount: $6500 secured by a 2001 F350
                                Interest Rate: 6.45%
                                Term: $252 for 36 months with $0 down.
                                Notes: We will be paying this loan off in Feb when we get our taxes back. We will then apply the $250 toward our 4th loan to pay it down faster.

                                Post BK Loan #2
                                Date Discharged: Sept 08
                                Lender: Local Credit Union (not Boeing, they denied our refi)
                                Date Applied For: June 10
                                Approval Amount: $10,100 secured by a 2001 F350
                                Interest Rate: 8.75%
                                Term: $321 for 36 months with $0 down
                                Notes: We sold the van in July & paid the loan down to $4500. We then borrowed $2500 for a big purchase & refinanced at the same local credit union in August.

                                Post BK Loan #1
                                Date Discharged: Sept 08
                                Lender: Boeing Credit Union
                                Date Applied For: Sept 09
                                Approval Amount: $11,500 on a 2004 Mazda MPV
                                Interest Rate: 12.9%
                                Term: $235 for 50 or 62 months (can't remember) with $0 down
                                Notes: Never late and paid at least $50 extra every month. Refinanced June 2010 (we took out a loan on a pickup we had paid off so we could release the lien on the van and sell it)
                                Discharged Ch 7 9/10/08
                                Livin' the GOOD life

                                Comment

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