reeves Posted October 24, 2006 Report Share Posted October 24, 2006 My wife and I filed Ch7 BK in Feb 2004. A couple weeks ago, our car was totalled in a freak accident so we were forced to go car shopping. I applied for a used car loan through Sovereign bank who had our loan before the car was totalled. We had a perfect pymt record with them but they denied us anyway. I called to follow up with them a few times but they aren't returning my phone calls so I crossed them off the list real quick.I then applied to Capital One Auto, who I thought approved pretty much everyone, and got turned down there as well. I think we may have listed them in our BK which might explain the denial. I then went over to ELoan and got approved within 15 minutes online. They called shortly thereafter to discuss the terms. The rate they quoted was 11.74% for 60 mos. Hey, its a start. When I was talking to the rep, I asked if that is the best they could do on the rate and he is having underwriting look into it. They should call back soon. I'm worried that I should have just taken the rate as is. Now they are reviewing so I' m getting nervous. If it goes through, the plan is to clean up some bad entries in both my and my wife's CRs and then refi with our CU in a few months. Link to comment Share on other sites More sharing options...
ybrew Posted October 24, 2006 Report Share Posted October 24, 2006 11.74% ain't too shabby, especially for a used vehicle.Good luck. next time though - don't ask them to review it again! Link to comment Share on other sites More sharing options...
PolarBearnCO Posted October 25, 2006 Report Share Posted October 25, 2006 What are you scores like? Link to comment Share on other sites More sharing options...
reeves Posted October 25, 2006 Author Report Share Posted October 25, 2006 What are you scores like?EQ from MyFICO is 614. Not sure on the others at the moment. I'll be getting them soon though. Link to comment Share on other sites More sharing options...
reeves Posted October 25, 2006 Author Report Share Posted October 25, 2006 11.74% ain't too shabby, especially for a used vehicle.Good luck. next time though - don't ask them to review it again!No kidding. Last time I do that. If I use the check for a new vehicle the rate would be 10.94%. That is for self-employed too. I forget what I listed for income but I'm sure it was in the ballpark. Link to comment Share on other sites More sharing options...
Recommended Posts