Any other BK friendly auto loan companies?

[Stilltheone]

We have been trying to trade in our SUV since August and have gotten nowhere. Everywhere we apply, we are either denied or we are approved for 10% over wholesale value.

We have tried Capital One Blank Check, Roadloans Blank Check, Wells Fargo, Ford Motor Credit and were approved finally through AmeriCredit.

Does anyone know of a bank that is obviously Bk friendly, but has a little bit "looser" restrictions when it comes to LTV? We have about $8K in negative equity that we'd like to roll in.


Any help with a bank would be greatly appreciated. Thanks!

[ansky0007]

Silly question but if you are so negative on the vehicle why did you not give it back when you filed? Did you re-affirm the current loan?

[Stilltheone]

Silly question but if you are so negative on the vehicle why did you not give it back when you filed? Did you re-affirm the current loan?

At the time we filed, we had about $4000 of equity in the vehicle. It was worth about $24K, now it's worth $10K. Being that it's an SUV, the market has now tanked on it, so now we are negative.

Yes, we reaffirmed it, unfortunately.

Again, just looking for any other BK friendly banks. Thanks!

[coloradomrg]

Hold out a little longer is my only advice... The market has flopped again, and now mid sized and compact cars are tanking, while the larger SUV's and trucks are coming back up. Auction houses don't have enough trucks or SUV's to accomodate the local dealerships that stock through the auctions. This means supply is down and demand is up. Trucks and SUV's are being re-priced UP, while small cars are being priced DOWN.

The LTV issue is probably the only thing holding you back. Banks have tightened up to the point that even people with great credit can't roll much negative equity, if any. The repo rate is something insane like 1 car in 3 or 4 is being repoed right now. Banks aren't willing to lend more than the car is worth, because it is a big chance that they are just going to lose it all anyways.

If you want to, PM me and I'll let you know what banks I know will work for Post BK Consumers, and I have a broker who has other banks. The rates aren't always pretty though , and the LTV is probably your biggest issue at this point sans a hefty downpayment to cover most of the negative equity.

[Stilltheone]

Hold out a little longer is my only advice... The market has flopped again, and now mid sized and compact cars are tanking, while the larger SUV's and trucks are coming back up. Auction houses don't have enough trucks or SUV's to accomodate the local dealerships that stock through the auctions. This means supply is down and demand is up. Trucks and SUV's are being re-priced UP, while small cars are being priced DOWN.

The LTV issue is probably the only thing holding you back. Banks have tightened up to the point that even people with great credit can't roll much negative equity, if any. The repo rate is something insane like 1 car in 3 or 4 is being repoed right now. Banks aren't willing to lend more than the car is worth, because it is a big chance that they are just going to lose it all anyways.

If you want to, PM me and I'll let you know what banks I know will work for Post BK Consumers, and I have a broker who has other banks. The rates aren't always pretty though , and the LTV is probably your biggest issue at this point sans a hefty downpayment to cover most of the negative equity.

Our main issue is not having a downpayment. I find that most banks will finance me, but want $6K-$9K down (my neg. equity). If I HAD the money to pay down on my neg. equity, wouldn't I just PAY it off on my loan that has only a 9.84%?

[Walnut]

With the credit squeeze going on - that's way too much upside down to roll into a new loan. You could have a score of 800 and they'll still say no. Your best bet - pay it down to $1500-2000 upside down, work on your scores, and try again. You get to take a bunch of inquiries as one for shopping around, but stretching that out over weeks defeats that purpose. Americredit, Citifinancial, Triad, Wells Fargo are some that are BK friendly. But, the upside down of $8000 is a deal buster - UNLESS... you find a new car with a hefty rebate (maybe even a dealer match). You may then find what happened to me: hitting a loan ceiling. Even with a hefty income, I can only qualify for $30,000. Now, I have no idea what you intend to buy, but a vehicle with enough rebate to cover it, is going to have an MSRP over $30,000. So - you'll still need money down. Get financed first - then go to the dealership and don't let them run you through their finance department. Those guys always tack a point or two of interest on your loan and get it kicked back from the bank. Find the car with the rebate, work out a price, then spring the trade on them. Tell them you are only financed for so much and stick to your guns. A good salesperson can sense desperation. Also, try Lending Tree and see what you get. But use Edmunds.com to find what vehicles have incentives and start from there. Check each month as the incentives come and go. Soon, dealers wil start pushing their 2008's out the door, so get ready for that and check the local ads for dealer rebate matches. Good luck!

[Stilltheone]

With the credit squeeze going on - that's way too much upside down to roll into a new loan. You could have a score of 800 and they'll still say no. Your best bet - pay it down to $1500-2000 upside down, work on your scores, and try again. You get to take a bunch of inquiries as one for shopping around, but stretching that out over weeks defeats that purpose. Americredit, Citifinancial, Triad, Wells Fargo are some that are BK friendly. But, the upside down of $8000 is a deal buster - UNLESS... you find a new car with a hefty rebate (maybe even a dealer match). You may then find what happened to me: hitting a loan ceiling. Even with a hefty income, I can only qualify for $30,000. Now, I have no idea what you intend to buy, but a vehicle with enough rebate to cover it, is going to have an MSRP over $30,000. So - you'll still need money down. Get financed first - then go to the dealership and don't let them run you through their finance department. Those guys always tack a point or two of interest on your loan and get it kicked back from the bank. Find the car with the rebate, work out a price, then spring the trade on them. Tell them you are only financed for so much and stick to your guns. A good salesperson can sense desperation. Also, try Lending Tree and see what you get. But use Edmunds.com to find what vehicles have incentives and start from there. Check each month as the incentives come and go. Soon, dealers wil start pushing their 2008's out the door, so get ready for that and check the local ads for dealer rebate matches. Good luck!

Yeah, we know it's a lot to try and bury....and the vehicle I want? A 2004 Chevy Venture. (Yes, call me a dork)

The problem is I want to get rid of my SUV to downsize. BUT, what I want to downsize to can't support the negative equity. What will support it is a brand new car...and I don't want that type of payment. It's a catch 22.

For now, the Escalade is hear to stay..(for the moment)

[Never_Again]

The banks stopped rolling negative equity, or certainly slowed down considerably on it, six or seven months ago... this is nothing that just happened last month.

Your best bet will be to keep the vehicle that you have now, pay the payments, pay extra, and just pay it off! Then, drive it for two or three years while putting the payment amount away, and go out and pay cash for a reasonable vehicle.

Your financial health will thank you!

[Stilltheone]

The banks stopped rolling negative equity, or certainly slowed down considerably on it, six or seven months ago... this is nothing that just happened last month.

Your best bet will be to keep the vehicle that you have now, pay the payments, pay extra, and just pay it off! Then, drive it for two or three years while putting the payment amount away, and go out and pay cash for a reasonable vehicle.

Your financial health will thank you!

Yup, that's what we'll have to do. We have 4 years left and I'm hoping to double the payments and knock it down to 2.