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Financing a vehicle after Chapter 7 Bankruptcy

The last post in this topic was posted 2653 days ago. 

 

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I am quite curious on the best route to take when financing another car. I had to file chapter 7 bankruptcy after an unexpected job loss, my 2010 Dodge Journey was repossessed as a result of that action. I am about to recieve discharge and my score from transunion is a terrble 480. I took a very large Credit Union and Ally Auto Fianance down in the bankruptcy, so I know Ally is out of the question. I found a vehicle I really like (2011 Chevrolet Equinox 2LT AWD with almost every option.) The Finance Manager in the office said Santander and Capital One might be my best option, but in the same sentence he said that Ally would almost certainly approve that loan. After that statement I seriously doubt his judgement. I have $3000 to put down and the vehicle is $21000.

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As a post-BK borrower, your application would be going through a different approval system with entirely different criteria than someone without BK. Few creditors have absolute blacklists because they've been IIB. It's just business, and they know that the post BK person is not the worst risk, as he or she is free of most other debts now and not allowed to file BK again.

Edited by mk_378

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Contact 321rebuild.com. A friend of mine just filed and got her discharge score jumped to 680 from 419 immediately after her discharge. She contacted them & got a brand new car with a 4%. I called them yesterday to see how they work and they have relationships with dealers in your area that they refer you to and they help negotiate a deal for you. I've filed BK twice and never heard of that kind of rate or jump in score but I guess if you are already low, you have no where else to go but up! When I did my consultation with a BK attorney he told me my score should go up right away to 650-700. But you know how BK attorney's can be when they really want your money!

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My Chapter 7 was discharged July '09. I just got a 2013 Toyota 4Runner fully financed through Chase at 3.5%. Not the best deal they offer, but I'm pretty happy.

 

FICO scores: 690 (EQ), 686 (EX) and 730 (TU)

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    • By NewbietoFinance
      I will use this as my running thread for my home buying attempt.
       
       
      My BK7 will be 2 years old on 1/22/15. I am attempting to get a pre-approval now. let us see what happens!



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