New Car Now or Wait

[Anonymous]

Good Morning:

I am not new here. You all helped me many years ago to recover from some bad financial outcomes due to being laid off 3 times in 4 years.

Since then, I have purchased a new home and could not be happier.

I am in desperate need of a new car.  These are my scores on this site as of April 7, 2018

Fico - Eq=723, TU =706, Exp=671

Auto 5,4,2 - Eq=691, TU=738, Exp=748

Auto 8 - Eq=749, TU=731, Exp=694

Auto 9 - Eq=767, TU=75, Exp=714

I am going to lease and am looking at Honda, Audi, and Volvo.

My Chapter 7 Bankruptcy is due to fall off at the end of July.  

My Question:  Is their any advantage to me waiting until this negative is deleted from my credit reports, or am I good enough to go ahead now with my lease?

Thanks!!

[Anonymous]

I think you'd have no trouble getting approved w/ good terms now, but any approval is going to be easier when the BK drops off. 

Sidenote: have you checked into early exclusion? Some of the bureaus will drop a BK 6 months early, and you'd be inside that window. Do some research on it here.

If you can stretch it until Fall when the 2019s come out, you may find some great deals on 2018 closeouts. That could be your best reason to wait.

[Anonymous]

I have sent requests for them to remove it early. Will see how that goes!
I don’t think I can make it until Fall.
Thank you for the reply.

[Loquat]

I don't think you'll have any issues with those scores as long as your DTI is in tact.  You can wait for your BK to call off but it *may* not make any different as it's about to age off anyway.  

My BK13 is alive and well on my reports and will be for at least another 2 years and I've qualified for low interest rates with the latest being a little over 2 months ago when I purchase my new Charger R/T Scat Pack. 

[Anonymous]

To be on the safer side, wait for it to fall off before applying.  You have waited all this while so a little more shouldn't hurt.  Once you apply, you should be approved easily based on your current file.