Forum Rules (Everyone Must Read!!!) (updated: 04/28/2015)

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having trouble getting a lender......

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  • having trouble getting a lender......

    Here is some background info.......Ch 7 was discharged in June of this year. I have a lease with Toyota that I reaffirmed mainly because I only had a few months left on the vehicle and then I wanted to purchase it. Now I am down to the last month and all along was planning to purchase at the end of my lease. It is very good & reliable car (for those who like details it's a 2010 Toyota corolla with 32,000 miles and buyout is $12,010.00---very affordable!), and we can afford the pymts easily even with a high interest rate.

    I was planning to try capital 1, however they will NOT do a loan for buying out a lease of any kind. I even called them on this...basically they said they will not do a lease buyout, but you can buy that same car once you return it to the car lot and then they jack up the price a few grand!! Grrr, so frustrating!

    SO now I am wondering who to apply to? I tried PNC since I have been banking with them for years and have had 2 mortgages through them (both homes sold) in the past 8 years but i was told that while I *could* fill out an application they usually don't approve anyone until their credit is at least 690 or above and 2 years post BK. I declined to fill the application (mainly because it will knock my credit when it sounds like they'll decline me) but I may go back and give it a try if all else fails.

    I should mention that we recently pulled our credit for a new rental contract as we are moving and our experian score is 648, which I think is decent considering we were just discharged. Income is about $70,000 a year. We have NO other car payments or debt. My husband has a company car so we have no payment there, however I need something reliable as I'm thinking of going back to work and I haul the kids around to school and sports & the like....... With his income we could easily afford the 12k that is needed for lease buyout.

    So, I tried First National bank, a local bank that helps Ch 13 BK, they won't help me since I was a 7. PNC suggested I try Huntington Bank, as they"re a little bit more leniant for credit, so I went there as well. Basically they said they won't even let me fill out an application until I'm 2 years post BK. WHAT?!?! I wasn't expecting a great rate or anything, in fact I expected it to be in the double digits, but for us to make 70k and they won't even talk to us, it's frustrating. I also called Toyota financial since that is who our lease is currently with, and they have not called me back, I doubt they will.

    Does anyone have any suggestions? I've read the posts on here and I am leary of trying roadloans due to the negative comments. I'm now thinking I may just turn the car in since it was a lease and I'm under miles and it's in good condition. I don't know what else to do or who to try. Thoughts, suggestions?

    I am also disappointed how these banks treated me, like i was LESS of a person for even inquiring about a loan after a bankruptcy. PNC was the nicest but that's probably because I bank there.

  • #2
    Your options for lenders are limited this soon after bankruptcy. An Experian score of 648 is subprime according to my quick research. Many lenders won't lend to subprime borrowers at all.

    If you can't find a lender who will finance the lease buy out, let the leased car go and buy another car using a Cap One loan. You can get a reliable used car for $12K. In fact, you don't even need to spend that much. You may not get want you want, but you'll get what you need and you can upgrade in a couple of years after your credit score has recovered a little.
    LadyInTheRed is in the black!
    Filed Chap 13 April 2010. Discharged May 2015.
    $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!


    • #3
      US Bank does 722 redemption loans for people IN BK - I wonder if they do them afterwards?

      Did you ask the dealership's finance manager for any recommendations as to who he might try to finance you through? Maybe they could add like $500 to $1k to the lease buy-out price in order to sell it to you through Cap1's Blank Check program?

      I hope Toyota Financial gives you a call back. They have the Corolla leases for $179/month right now. Maybe you could just "lease-hop" this once to get some time away from your BK?

      Gosh, I am so sorry. Let us know what you find out. Good luck!
      ~~ Filed Over Median Income Chapter 7: 12/17/2010 ~~ 341 Held: 1/12/2011 ~~ Discharged: 03/16/2011 ~~
      Not an attorney - just an opinionated woman.


      • #4
        Ally Bank. They financed us 6 months out of bankruptcy.
        My kids better not put my FICO score on my headstone~ (quote by dspii)


        • #5
          Originally posted by dneil View Post
          Ally Bank. They financed us 6 months out of bankruptcy.
          I totally forgot about Ally!!!
          ~~ Filed Over Median Income Chapter 7: 12/17/2010 ~~ 341 Held: 1/12/2011 ~~ Discharged: 03/16/2011 ~~
          Not an attorney - just an opinionated woman.


          • #6
            I just looked at Ally financial online and it says if I apply then I have to go to a GM or Chrysler dealer??? That won't work (if I'm reading it right) as my lease end is through toyota.

            I also spoke with our local credit union and although he said I could apply for the loan, he told me it was highly unlikely so soon after discharge. It's crazy that they really DON'T want to talk to me. They don't care about our income, they don't care that we have positive open things on our credit, they don't care about anything other than the BK!

            At this point I really am leaning towards turning the lease in...but I am concerned that they will hit me with extra charges......I have a small chip in the windshield and my tires are not the best.
            Last edited by hmsmith; 08-10-2012, 10:03 AM.


            • #7
              Talk to the finance manager at the dealership. They're your best option.
              Not an attorney, and never played one on tv. My responses are based on my own experiences & personal opinions.)


              • #8
                i would also think the dealership may be the place to try as cars are not flying off the shelves and the last thing they most likely need is another used car to sell. so maybe they will work with you?
                8/4/2008 MAKE SURE AND VISIT Tobee's Blogs! and all are welcome to bk forum's Florida State Questions and Answers on BK


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