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Auto Financing: Time between CH7 Discharge and CRAs updating

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I know there is a bit of a lag, or at least the possibility of one, between the Discharge date and the all CRAs updating to reflect that and how all of the account IIB with the correct status/notations.  If one were to apply for auto financing - with more than sufficient POI and a reasonable down payment on a new car - before the CRAs update but with the official Discharge letter in hand, would that affect the possibility of getting auto financing approval from a non-fly by night company......i.e. a captive lender such as Honda Finance.  

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Moved this to a more appropriate thread - Auto Financing. 

Mods, please delete.  Thanks!

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I know there is a bit of a lag, or at least the possibility of one, between the Discharge date and the all CRAs updating to reflect that and how all of the account IIB with the correct status/notations.  If one were to apply for auto financing - with more than sufficient POI and a reasonable down payment on a new car - before the CRAs update but with the official Discharge letter in hand, would that affect the possibility of getting auto financing approval from a non-fly by night company......i.e. a captive lender such as Honda Finance.  

  • financing approval from a non-fly by night company......i.e. a captive lender such as Honda Finance.  

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First Q - was this a 7 or 13?

 

Having the discharge letter MAY help when you're dealing with a person at the dealership instead of a 800-number or an online application. Being just out of BK won't get you the best of terms with captives or with subprime "Acceptance" lenders.

 

If you have a sizeable down payment, what could you get for cash and drive if you need a replacement vehicle?

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If the BK does not show discharged on your credit file(s), or at least the credit file used by a potential lender, and they deem the application approvable, then they would just stipulate proof of discharge.   That can be a slow process by the time it winds thru the judicial system.   Any good finance person at a dealership will have access to Pacer and we can pull down the discharge letter way before you receive from the system.   

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