Leasing a vehicle?

[morganfofo]

How long after discharge should I wait to start looking to lease, in your opinion?

[morganfofo]

My ex and I had a loan through Wells Fargo Dealer Services that was opened in 2011 that has always been current. We split up in 2013 and he kept the vehicle and kept making the payments so my attorney thought it best to take my name off of it through my bankruptcy. It has been removed from my cr.

[0REDSOX7]

Did you have any other loans for a vehicle that are showing on your CR (that would have been closed and paid as agreed)?

I ask because without any prior vehicle payment history on your CR, if the dealer use the Auto Enhanced FICO score - it may be harder. 

[morganfofo]

That's the only vehicle that would be on my cr, unfortunately. I plan to wait two years for applying for a car anything, and plan to follow soul master's plan in the meantime so maybe that will help. In general, is it harder to be approved for a loan or a lease?

[TryingtoRebuild2]

My husband and I let two cars go to repossession before we actually filed BK7, so our auto enhanced scores are horrendous. We were still able to purchase a month out of discharge. We put down 30% of the cost of the vehicle and ended up with a Cap One loan at 7% (pretty descent, I thought). He actually works at the dealership, so they didn't try to take advantage of us. As far as leasing versus purchasing goes, it shouldn't make much of a difference. You would have the best luck if you did the credit builder loan first, so you would have some installment loan showing Paid in Full as agreed. If you absolutely NEED a car (we did, mine needed about 6k in repairs) you can get one sooner, just plan on a high rate, or having a large down payment. My husband regularly sees people get financed in the low 500's for credit scores, as always YMMV

[morganfofo]

Thank you! That gives me some hope. I don't really need a car. I have one that I paid $1000 for when I split with the ex. Gets me from point a to point b. I couldn't afford a car payment for 2 years anyway as I have to pay $300/month for daycare. My daughter will start school in two years so I guess the timing is right in line with soul master's plan. Credit karma shows my score as 601 right now after the bk. just waiting on my dc so I enroll in the score watch thing and get going!

[TryingtoRebuild2]

I totally understand that! Even though he works at the dealership, he drives a $1000 beater 75 miles each way to work!!! If it works, it works! We were in a rock and a hard place with our other car, and were afraid that if we didn't sell it as is at that moment that it would go from 6k in repairs to 10k!! (It was only worth 10k in mint condition) Good luck with the rebuild.

[morganfofo]

Wowwww what a commute! And yep, I named her Meredith and try to take good care of her. Haha! Sounds like you guys are doing great! Thank you, I'll definitely need it.

[Shooting-For-800]

My understanding is that it is much harder to lease a car than buy one with poor credit.