Capital One approved

[Cali]

Once you are discharged, how long does it take to show up as discharged on your cr? (does it even show up?) I am desperately needing a car soon and even though I was approved through one of those buy here pay here places I know if I can hold out for a couple of months I will be much better off. I hate taking on a payment, but now that I have found a job I should be okay. My mom has told me the free rides to work stop at the end of the month! lol

Does anyone know if it is possible to refi if you finance through a buyhere pay here dealer?

I would think the buy/pay here place has some high interest rates. I would look for other places to get a car before I buy one there.

[stephanie4686]

They do, they quoted me 18% but I don't think I can do any better. I am expecting a discharge by the end of this month, and then it will take additional time to fix my credit reports. I was hoping that maybe I could get a car from one of those buy here pay here dealers and then refi? I am not really sure what to do at this point. I've only been at my current job for 2 months.

[HRx]

Is it neccescary for you to purchase now? Can you wait a year before buying? This will give you more time to establish credit to qualify for a lower interest rate. High interest rates are a major factor in auto loan defaults/reposessions.

[stephanie4686]

I wish! My mom has been driving me to work and she says the free rides stop at the end of the month. I've never had a car loan before. I paid cash for my last car but it was totaled in my accident last year.

[HRx]

Well then...just do the math to determine how much car you can comfortable afford. I would suggest getting a reliable used car do to the high interest you have. Capital One also doesn't refinance existing car loans like many other subprime autoloan programs. Consider the likes of Toyota, Honda, Nissan, Scion, etc. Also, look for a car that still has some bumper to bumper warranty left on it; and purchase an extended warranty for the vehicle before the factory B2B warranty expires. If you want some peace of mind from buying a used car. More importantly, remember to negotiate the price of the car, and not the price of your payments! The following link can help you drill down a very price monthly payment based on the car's sale price, & interest rates. Remember to factor in sales tax, and TT&F into the total price first. I would also suggest getting a car that only needs regular unleaded fuel, and one that is very fuel efficient.

[NOMOREBADCREDIT]

Interesting... we discharged in june 2007 and just got denied from Capital One 5 minutes ago. Hmm. I wonder what happened? My scores are 532, 556 and 630. I don't know who they use to check credit scores, though.

i just got denied. and have capital one cc. and high 600 scores.

[BK2008]

Just curious...

If you surrender your car prior to filing BK, is that supposed to show as 'IIB with a zero balance too??

Or is 'voluntary repo' with a $$ balance accurate??

I turned in the car prior to filing, altho Honda was included in BK for the balance owed.

[Frogge]

i just got denied. and have capital one cc. and high 600 scores.

Hmm.. I'm really wondering why Cap One declined you, and Cali Girl and approved others with similar scores etc. We have a Cap One CC we've been paying down for a year, and have had several auto loans, one that's current and we were thinking of letting this vehicle go .. did you have any auto loans/CC's with Cap One PRIOR to filing that you included in BK? I wonder if you did, and that's why you were declined. Do you have favorable terms on your CC? Just trying to figure out these creditors..