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Prestige Gives Auto Loans to More People

As of June 1st, Prestige Financial Services is once again lending for people that have discharged bankruptcies and even for select applicants that have no bankruptcy at all. A few months ago, Prestige had to cease loan originations for all applicants that were not in an open bankruptcy due to the financial market. Now, luckily, they are considering a more diverse pool of applications and consumers will benefit greatly.

There is a catch, of course. For the open bankruptcy customers, Prestige is allowing up to 15% payment-to-income ratios. For non-bankruptcy customers, and those applicants with discharged bankruptcies, Prestige is only allowing a 10% payment-to-income ratio. There are still advantages to getting an auto loan before discharge, like being able to buy more car.

If someone making $3000 per month is approved with Prestige, the maximum car loan payment allowed would only be $300 for people not currently in a bankruptcy, but could be as high as $450 for someone in a chapter 7 or chapter 13 bankruptcy. The difference in payment represents a huge difference in vehicles that would work for the loan. Of course, Prestige looks at more than just PTI ratios when figuring our a maximum payment so the actual payments they approve could be less and they do turn some people down as well.

Does this signal a turn around in the lending industry? Let’s hope so. If a few more lenders start relaxing their guidelines, the auto industry will recover in the later part of 2009.

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