I got my inspiration for this post from one that was posted not too long ago...credit limits after bankruptcy. What I would like to know is for all of you that have filed bankruptcy, have been discharged and needed to get a new car: What kind of rates did you get? Where was your loan through? Was it for a new or used car? Anyone able to obtain a new car lease? How long ago was your discharge? What did your scores look like? My lease is up in December and I am just curious what I am going to be up against? By then my discharge will be 15 months behind me and hopefully my scores will be a little higher. I was recently told by someone who use to work for Ford that if you had a good standing paid off loan through Ford Motor Credit, they would finance you again at decent rates no matter when you filed. Something to think about...I financed through them in 1991.
Hi...good topic, I just bought a new (used) car today! My bankruptcy was discharged in May 2001. My credit has not improved much since, with scores ranging from 550-580. Everything post-bk has been on time, but there's not much to report at all. I included my car in the bk, but continued to make voluntary payments, so it wasn't really helping me. I figured a new loan would help boost my scores. I almost gave up on car shopping. I found the car I wanted but of course had difficult getting financing -- even turned down by Household Bank! Bank One approved me at 19% interest, but not for enough to cover the car I want. On a whim I applied to PeopleFirst.com, and could not beleive I got approved! At 14%. I know that's high to many, but I was expecting closer to 20, so it made me happy! They sent me a blank check that was good for up to $22,000. I could use it on a new or used car. I ended up buying the 1999 VW Cabrio I've had my heart set on, for $15,000. I'm so happy I took a chance on PeopleFirst! So, hopefully my credit scores will jump a bit. I'd like to break at least 600! Good luck with your car shopping!
First of all, congrats on the new car!!!! 14% doesnt seem too bad considering the other % rate you were offered. Seems Peopleschoice.com is the way to go if I cant get decent financing through a dealer.
Congratulations on the new car! I'm in the same situation and was curious to know which report(s) peoplefirst.com pulled. Thanks in advance. Mallemall
My Chp 7 bk was discharged in July 2001. Two weeks ago my Credit Union preapproved 6.5% for new car and 7.5% for used. Dealer tried KeyBank who denied, and WFS Financial who matched the CU rates. I got a 2002 Nissan Altima with 14,500 miles. It's beautiful! Equifax - 667 Experian - 655 Trans Union - 669
Hi... PeopleFirst pulled Experian. I didn't check the other two yet to see if they pulled more than one. My credit score on Experian is 580. I have an auto loan on there that's listed as "included in bk" and also under dispute because they are reporting a balance, so I don't know if that was taken into consideration at all. Good luck!
Hi We were able to get financed about 1-2 weeks after discharge of our BK7 for up to $22,000 with $1,000 down. Our rate is higher than everyone mentioned 18%, but considering how recent our BK is we took it. We were also turned down by Ford prior to this and we had had a loan with them in the past (1994.) Even before we were our of BK we received a flyer from "Auto-loan specialist" our of Bakersfield, CA. The flyer noted that they could help us with our loan even before discharge. We waited for discharge and then my husband's vehicle took a dive, so we applied. It was one of the best experiences I've had buying a car, if you can believe that one. I didn't have to deal with any salesperson and haggle with the price. I would highly recommend these people. Good luck! Missi
In my opinion Complete Auto Loans will help you in this case. They are unique provider of national car and auto loan financing. They provide auto loans and car loans for no credit, bad credit, and good credit customers.
