Approved, zero percent. Two months after discharge

[anewday]

Ok, let me start by saying I did not believe the dealer when he told me so I called Nissan Motor Credit Corp myself. Yup, approved, tier one ZERO percent for 60 months with 2K down (I put 5k down). I was discharged October 16th, 2009. I am still in shock.

My BK was caused by personally guaranteed business debt. I have no collections, chargeoff's or judgments on my report so maybe this is what made the difference. I did have to explain to Nissan Motor Credit the reasons for my BK and they were totally understanding.

I am lucky I walked out of one dealer and went to another. The first dealer said i was approved for 9.9 through Nissan. They were obviously trying to make a huge profit on the loan.

So for all those out there, you can get a decent deal.

[Chuck]

I was discharged in September.

Bought a Brand new Toyota today at 0% for 60 with $500 down plus a paid off $1000 trade in.

The secret is TMCC onlu uses Experian credit files. My Experian was 667, while my equifax and Transunion were both in the 560 range.

I was a in the car business for 12 years.

I am glad I knew about this, my truck was giving me lots of trouble and I have to have a vehicle for work.

[Flamingo]

A major part of getting car loans after BK is having car loans prior to filing that were paid in good standing and never late, especially if you apply to purchase a vehicle through which dealership you had the prior loan (i.e., Ford, GMAC...). We were approved for 0% financing prior to our Chapter 13 discharge through GMAC and we were advised it was due to our good credit prior to filing and how we handled ourselves through our Chapter 13 (no late paymentson anything). We had a good trade in also and took the 0% financing for 4 years. We could have gone 5.

Everyone must realize this will not happen to everyone. Just cause a few folks on here are able to get good financing on a vehicle does not mean it will happen for you as many, many posters have come on here and so advised. Nothing is guaranteed with a BK on your records for the next 7 to 10 years.

[aces67]

Congrats! That's a great deal!

[joek]

wouldnt that be 7 to 10 years form the filing date? or after discharge?

[oldhack]

Damn -- and to think I was happy with 7.94% from GMAC, which I BK'd (Chapter 13, so only the cram-down, of which they got 80%, anyway)!
Okay -- actually I AM happy with 7.94% from GMAC: my trade-in was 5+ years old, I didn't need additional, cash down-payment, and I bought a 2yo, used vehicle.
Still, you can't do better than 0.0%! Good play!

[jdiggs]

I wish I understood how you guys are getting such great deals the best I've been offered is 18.5% on a used 21k car. And the worst was a New Toyota at 21% ROFLMAO. And I'm post BK for over a year now with 4 nice credit cards. Its not even my first auto loan I've had 3 auto loans Honda for 18k lease , Infiniti for 32k and Mercedes benz for 84k and my Last one I defaulted on by BMW for 51k right before my BK so Its not like I had the WORST car credit ever.

Theres no way I'm paying over 12% and even thats pretty high I'd literally rather be carless.

[HRx]

Don't focus on getting yourself buried with credit debt right after BK. Focus on saving money and paying yourself for the next few years.

[mikemike]

How is gmac in approving post discharge?

[pa308]

Damn -- and to think I was happy with 7.94% from GMAC, which I BK'd (Chapter 13, so only the cram-down, of which they got 80%, anyway)!
Okay -- actually I AM happy with 7.94% from GMAC: my trade-in was 5+ years old, I didn't need additional, cash down-payment, and I bought a 2yo, used vehicle.
Still, you can't do better than 0.0%! Good play!

So GMAC finances used vehicles? I thought they only did new