topic Leasing Auto Post ch7 Bk in Bankruptcy

Leasing Auto Post ch7 Bk

JcNyC1111 — Fri, 06 Mar 2020 13:44:58 GMT

Can we start a forum where everyone can post leasing experience post ch7 bk. Not Financing there is already forums for that.

I've read a few post about getting approved for leases either after discharge or a year to 11 months out of bk.

Re: Leasing Auto Post ch7 Bk

Anonymous — Fri, 06 Mar 2020 16:46:55 GMT

Yes would be interested in that. I'm in middle of auto lease now. It's up Oct '21. I plan to keep the lease thru Ch7 which will hopefully be filed in a week or two. With any luck, my discharge could be end of this Summer and then I would more less have a year after that to stabilize things and figure out what my options are when my lease ends. It's not always easy to get specific answers to questions like this.

Re: Leasing Auto Post ch7 Bk

sarux3 — Sat, 07 Mar 2020 02:37:08 GMT

I'll be watching this thread, too. I have an Acura lease that will be at end of term right around my 2-year post-DC anniversary in Spring 2021, and I'm hopeful that I'll be able to get into a new lease without too much difficulty.

Re: Leasing Auto Post ch7 Bk

JcNyC1111 — Tue, 09 Jun 2020 14:22:26 GMT

Haven't seen anyone post anything about leasing post bk. I'm getting ready to pull the trigger possibly this month my equifax is sitting at 705 @ 1.6 mo post bk

Others are 681 and 690.

Re: Leasing Auto Post ch7 Bk

Anonymous — Tue, 09 Jun 2020 14:30:34 GMT

I am also in the same boat. Waiting for our discharge which is being held up from COVID. Was supposed to have it around May 15th and courts have just extended it for the 4th time to June 19th now. We have two leases, my husband's is up June 2021 and mine is up May 2022. Not sure what we are going to do at the end of them. Would love other's stories, successes, failures, etc.

Re: Leasing Auto Post ch7 Bk

JcNyC1111 — Tue, 09 Jun 2020 14:39:40 GMT

My recommendation buy a used car for 3k. After bk is the time to stack away as much cash in the bank as possible before taking on new debts. Give your self close to 1 year to get a new lease. Im at 1.6 months just hit 700 mark on 1 score not all that helps but not enough.

You don't want the low tiers and pay too much when that difference can be banked.

Covid delaying everything is probably giving you more time to come up with a game plan if your leases are iib gives you more time with them as well. Good luck

Re: Leasing Auto Post ch7 Bk

Anonymous — Tue, 09 Jun 2020 14:50:16 GMT

If your score is at/around 700 you should definitely be able to find a decent lease. There shouldn't be any problem with that at all.

My discharge is on track for Aug 1. That will give me 13-14 months before my vehicle lease is up. I'm estimating my FICO score on day of discharge will be around 600. I firmly believe that if I follow the advice of this forum I can get my score up to 650-675 in 13-14 months. I think that'll get me a fairly decent lease deal. Will it be as good as when I had my 720 score at the time of signing my existing lease? No.... but I think I'll be able to live with it. I'm a Mazda fan and so I play around a lot with their website payment calculator (for financing/leasing). I can put in different credit scores and see how that impacts the estimated final payment. And so that's where I'm getting this from.

Buying a used vehicle for $3,000 sounds interesting but trust me you won't get much for that. My girlfriend's mom recently got her 16 year old a vehicle and was adamant she only spend $2,500 to $3,000 for him. I spent a lot of time poring through used car listings. There isn't a lot for that amount in my area. In the end, she got a 2002 Ford Taurus for that. She also had to put new tires and brakes on it..... and a battery. My view is that she'll be paying a lot more on various maintenace items in the months/years to come for that car. So, in the end it will have a 'monthly payment' so to speak. It'll just be for maintenance. I guess it comes down to whatever works best for each person though. There's no right/wrong answer except only to say what's right for a person's own given situation.

Re: Leasing Auto Post ch7 Bk

JcNyC1111 — Tue, 09 Jun 2020 16:26:26 GMT

Yea exactly. Its a hit or miss on a used car. You have to go with intuition on that. But also logic when looking. I have an 08 altima bought it after discharge before my bmw was returned. Bought it for 4100 90k ml After 1 year it was ready for tires,breaks, rotors. And I put on struts shocks. Figure when I sell it il list the new parts i put in. Total cost was close to 2k in total for all of it. So I look at im loosing 2k in losses and 4k in savings when I sell the car. I have up to 110k on it now. Body is in good condition.

The key was I had lowered my expenses dramatically. Then started a new job after filing bk then saved as much money as I can for the 1.5 years. Where I'm at now is way better than before bk

Even thoe my job went under in the past made me realise live below your means until the time is right to celebrate.

By 2 year anniversary il be looking at mortgages next il start a forum for that.

Bk is temporary and whoever says your ruined after doesnt know anything.

My scores after filling went to 590 all across the board. After dischsrge then iib they jumped up to 601-620

Just keep in mine if you are keeping your lease they will not report positive payment history. So essentially your holding onto debt that can be wiped out. You have till after discharge to decide either to wipe it out or not dealership will ask you usually what your going to do. If its a high payment dump it is probably better. If its a good rate keep it. Have 1 new car 1 used.

Re: Leasing Auto Post ch7 Bk

Anonymous — Tue, 09 Jun 2020 16:32:16 GMT

My lease will still be reported to my credit report by the bank that the lease is with and I did not have to reaffirm. My attorney said some will report others will not. I guess I am lucky

Re: Leasing Auto Post ch7 Bk

Anonymous — Tue, 09 Jun 2020 17:13:55 GMT

Yes, I was also under the impression that a reaffirmed vehicle loan/lease will report after discharge to the credit bureaus until the final amount due is paid off. I was certainly counting on that. My lease is with Chase. They've closed my account for now (during awaiting discharge period going on right now) but I sent them the paperwork announcing the reaffirmation agreement and so I hope I see that account back on my credit report later. It's a valuable installation loan arrangement and with that and a few credit cards I'll have the correct credit mix I need to rebuild.

Re: Leasing Auto Post ch7 Bk

JcNyC1111 — Tue, 09 Jun 2020 17:16:37 GMT

Thats cool maybe each state has different rules im sure. If that's the case keep it worth the rebuild.

That is very lucky count the blessings. A look forward to the future its a temporary set back now but a powerful recovery if you make the right choices !! Good luck 👍

Re: Leasing Auto Post ch7 Bk

Anonymous — Tue, 09 Jun 2020 17:16:52 GMT

Exactly. I did not have to sign a reaffirmation agreement. I spoke to them and they just told me at the end of this month they will start reporting on my husband and my credit reports again since we are current and have never missed a payment and always paid on time.

Re: Leasing Auto Post ch7 Bk

JcNyC1111 — Tue, 09 Jun 2020 17:20:13 GMT

thats good news each creditor varies im sure. I had bmw and wasn't late. They called me telling me they received discharge papers and asked me if I was returning the car or continuing to pay i told them I'd speak to my lawyer kept them waiting for 2 months and then asked them if I make the payment are they going to report positive payment history the answer was no so told them to pick it up lol. Yours keep it will help your score recover after discharge and reports update

Re: Leasing Auto Post ch7 Bk

Scupra — Tue, 09 Jun 2020 20:14:56 GMT

In 2015 I was able to qualify for tier 1 with Nissan and in 2017 I was able to qualify for tier 1 with INFINITI. For what it's worth, most auto lenders are score driven when it comes to approving. Usually it is something set in stone like, "680+ for tier 1, 660-679 tier 2 etc..."

Re: Leasing Auto Post ch7 Bk

JcNyC1111 — Fri, 19 Jun 2020 02:52:23 GMT

When to the infinti dealership to check out a qx50. Found a dealership after searching with a good price on it. Im 1yr 6mo from DC bk7 my highest score is eq 707 others not as high. You think infiniti will approve me going to pull the trigger on the 26th. Maybe even tier 2 would be good if its not a crazy jump in price.

@Scupra wrote:
In 2015 I was able to qualify for tier 1 with Nissan and in 2017 I was able to qualify for tier 1 with INFINITI. For what it's worth, most auto lenders are score driven when it comes to approving. Usually it is something set in stone like, "680+ for tier 1, 660-679 tier 2 etc..."

Re: Leasing Auto Post ch7 Bk

Scupra — Fri, 19 Jun 2020 17:50:52 GMT

@JcNyC1111 wrote:
When to the infinti dealership to check out a qx50. Found a dealership after searching with a good price on it. Im 1yr 6mo from DC bk7 my highest score is eq 707 others not as high. You think infiniti will approve me going to pull the trigger on the 26th. Maybe even tier 2 would be good if its not a crazy jump in price.
@Scupra wrote:
In 2015 I was able to qualify for tier 1 with Nissan and in 2017 I was able to qualify for tier 1 with INFINITI. For what it's worth, most auto lenders are score driven when it comes to approving. Usually it is something set in stone like, "680+ for tier 1, 660-679 tier 2 etc..."

My lease is up 9/10 and I have been looking around, started at INFINITI since that is what I have now.. Deals are horrible right now and I honestly wouldn't lease an INFINITI unless it was the qx60. The brand as a whole isn't leasing well right now, may be worth looking around. I don't remember what score they pulled when I applied but it was an auto enhanced version if that helps. Do you have a higher auto enhanced FICO maybe?

Re: Leasing Auto Post ch7 Bk

JcNyC1111 — Fri, 19 Jun 2020 18:03:12 GMT

Do they use auto 8 or auto 9. Im looking at the Qx50 380 mo 10k 750 down from a dealer with vpp and 0 down from a broker. More is 43,500 so 380 is not bad

Then eq 707 is auto 8 score wondwr if they use auto 9 and which bureau.

Re: Leasing Auto Post ch7 Bk

Scupra — Sat, 20 Jun 2020 04:57:14 GMT

That’s a good deal, dealers here won’t go much past 5% and the MF is meh, so I’m looking at Volvo lmao! Unfortunately I don’t remember what auto score it was but IFS is known to be a bit easier to get T1 with. Good luck, absolutely love the qx50 body style

Re: Leasing Auto Post ch7 Bk

JcNyC1111 — Sat, 20 Jun 2020 06:16:12 GMT

check out leasehackr forum. Make sure you put in the search what your looking for. You'll see the trends if the best deals going on.

https://forum.leasehackr.com/

Re: Leasing Auto Post ch7 Bk

Scupra — Sun, 21 Jun 2020 22:04:09 GMT

@JcNyC1111 wrote:
check out leasehackr forum. Make sure you put in the search what your looking for. You'll see the trends if the best deals going on.

https://forum.leasehackr.com/

Already a member haha. I was also a desk manager and understand the game a bit more. Best of luck man!