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

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BK Friendly Auto Lenders & Sampe Interest Rates

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  • BK Friendly Auto Lenders & Sampe Interest Rates

    My '04 Mountaineer is nickle and diming me to death, it's time to find a decent used vehicle. Who have you guys gone through for auto financing that is friend for those who filed BK? Also, what are some sample interest rates you guys got?

    5/9/11 - Filed CH7 - No Asset
    7/1/11 - 341 Meeting
    9/1/11 - Discharged; 9/22/11 Case Closed

  • #2
    The best thing for anyone to do that is discharged from BK is to go through a car dealership/brand you may have had in the past where you completed all payments on time on a vehicle, i.e., Ford Credit, GMAC, etc. A past good record for a vehicle purchase really does help. Without that, one is going to run into higher interest rates and fees on vehicles no matter what just due to the BK so the best thing to do is shop around. The attorney who handled your BK is also a good source for that information as he/she has worked with others still in BK looking for financing.
    Filed 5 Year Chapter 13: April 2002
    Early Buy-Out: April 2006
    Discharge: August 2006

    "A credit card is a snake in your pocket"


    • #3
      Thanks for the reply. Unfortunately, I Bk'd the credit union that I successfully paid off my vehicle through. I'm going to have to shop around, it needs inspected in February. I wonder if anyone has any Huffy's for sale. LOL
      5/9/11 - Filed CH7 - No Asset
      7/1/11 - 341 Meeting
      9/1/11 - Discharged; 9/22/11 Case Closed


      • #4
        You may want to try Cap one's blank check program.
        My wife's car died in Aug. of 07. I got turned down by both a local CU and a bank I'd had an account with for eons. The AA letter I got said it was due to a recent bk. They required 2 years from filing to qualify for a loan and I was about 6 weeks short of that mark.
        I did the Cap one thing and was approved for a $12.5K loan {only used $10K} with a 8.20% rate for 48 months.


        • #5
          Capital one, 13.31% 1 month after discharge for around $14k
          Filed Chapter 7 (Minnesota): 5/23/11
          Discharged 8/30/11, Not yet closed...


          • #6
            When I was first discharged I bought a car directly from a ford dealership with Americredit as the financer. The rate was 19.9% I think? Mind you, I had no repossessions or anything bad listed on my credit except the bankruptcy and my IIB accounts. Six months later I refinanced the car loan with Apple FCU to 8.9%. After that I refinanced it to Navy Federal FCU at 4.9% ... then like 3 months ago I refinanced it again to Partners FCU at 3%.

            Your best interest rates are going to come from credit unions... in my opinion anyways... Capital One as mentioned is also friendly and sometimes gives good rates. I believe I tried with capital one before one of my credit union refinances and they were at like 6.9% or something. You could also get lucky at a dealership that really wants to sell you a car ... I have heard of some BK people getting the 0% financing that dealerships offer.

            What I typically do when buying a car is I go in with outside financing (some times I lie and say I have outside financing even if I don't). They ask you what the rate is and they do their best to try and beat the rate.
            BK Ch 7 Discharged 09/2009 | Anything I say can and should be used as friendly advice and sharing of experiences with an unbiased viewpoint.
            Scores: EQ 745 EX 704 TU 710 as of 08/15/2012


            • #7
              I applied to Apple FCU 3 months post discharge and was given 10.74% for up to 72 months which I thought was great and was about to go with that offer. I had a CU auto loan IIB as well as a Nissan Lease IIB, other than that I had 3 previously paid auto loans with no lates. Toyota Financial Services approved me for 0.9% up to 60 months or 0.0008 Money Factor on a lease. I chose the lease, even with two IIB auto accounts, and several student loans still showing IIB and only 2 CU secured cards and 2 CU secured loans post BK less than 3 months old. My TU scores were used for approvals. Dealer pulled 650 auto enhanced, Apple pulled 600 TU98 Fico. Toyota Motor Credit's final approval must have matched the dealers 650 when they themselves also pulled. I was approved within that same hour. Even with good credit it never came back so quick.
              Chapter 7 Filed 2/28/2012
              Discharged 7/24/2012
              Cased Closed 8/7/2012


              • #8
                hrguy..... well well... slummin I see? ;) Hehe.
                BK Ch 7 Discharged 09/2009 | Anything I say can and should be used as friendly advice and sharing of experiences with an unbiased viewpoint.
                Scores: EQ 745 EX 704 TU 710 as of 08/15/2012


                • #9
                  I knew that was you
                  Chapter 7 Filed 2/28/2012
                  Discharged 7/24/2012
                  Cased Closed 8/7/2012


                  • #10
                    Tee hee! I have been discovered!
                    BK Ch 7 Discharged 09/2009 | Anything I say can and should be used as friendly advice and sharing of experiences with an unbiased viewpoint.
                    Scores: EQ 745 EX 704 TU 710 as of 08/15/2012


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