Purchasing a car after chapter 7

[amieric]

Greetings my friends!

So, I made the plunge and had to file for bankruptcy after a job loss as I described in another post. Good news is I'm gainfully employed again - bad news is I'm bankrupt and my credit is busted now. :-)

So question - I currently have a lease with Lexus (I am assuming the lease in the BK and continuing to make current monthly payments) and soon I want to trade in and get a bigger car, I need one now. I was told when purchasing it that Lexus financial is very forgiving towards damaged credit IF you don't burn them or anything. How true is this statement? I would like to trade up within a year or so and I don't want to waste my time if it's a crapshoot.

[Anonymous]

You can definitely get a car after a BK7. My wife and I got one with decent terms about 6mos post discharge. I would think that leasing would not be an option though unless you have agressively worked to rebuild. We used Capital One and were preapproved for up to $35,000. Good luck.

[Pway]

I agree, leasing after bk is a tough cookie. I tried with GM and it was a no go. However, I was approved for financing but I did not take it because the note was higher and I was in no rush to get another car. Leasing terms are not as easy as they used to be according to the finance guy I spoke with. However each lender is different.