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Leasing a new car after chapter 7

New Visitor

Leasing a new car after chapter 7

I will reaffirming my current lease when I file Chapter 7.  I will have approximately a year and a half of payments left before leasing a new car.  I have never been late with my lease payments.   Wondering if anyone has an idea of how much trouble I will have getting a new lease or keeping the car that I currently have?    I saw that it will be very difficult unless my credit score is at least 620, but no idea how long it will take to achieve that.    Any insight would be great!   Thanks!

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New Member

Re: Leasing a new car after chapter 7

What are your credit scores now?

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Valued Contributor

Re: Leasing a new car after chapter 7


@maggie456 wrote:

I will reaffirming my current lease when I file Chapter 7.  I will have approximately a year and a half of payments left before leasing a new car.  I have never been late with my lease payments.   Wondering if anyone has an idea of how much trouble I will have getting a new lease or keeping the car that I currently have?    I saw that it will be very difficult unless my credit score is at least 620, but no idea how long it will take to achieve that.    Any insight would be great!   Thanks!


A year and a half is PLENTY of time to rebuild and if done properly, you will have no issue getting nearly top tier terms when it is time.

 

Visit the BK forum and plan your rebuild carefully. Slow and steady wins the race. Pay attention to the number of new accounts you get and keeping your inquiries and utilization low.

Ch 7 Discharge May 2015
Discover/Target/NFCU CLOC/NFCU Cash Rewards/PenFed Power Cash Rewards/PenFed Pathfinder AMEX - $60k total revolving
EQ/EX/TU: FICO 8's Oct 2018: 700/685/671, 1% utilization/AZEO, INQ's: 6/2/4
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