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I'm scheduled to have my BK7 discharged at the end of the month. From what I read, that will provide a 10 or so point jump in credit scores (which should bring me into the 620s or so - we had a few lates prior to filing BK). I've got a good income (BK caused by bad decisions and excess spending rather than lack of income), and I am looking to lease a new car. Does anyone have any suggestions on auto lease companies that are BK-friendly (or at least BK-tolerant)? I am comfortable with a pretty good-sized down payment (deposit or cap cost reduction or whatever they call it) and I understand that the rate will be higher (although I don't want to get totally hosed, if possible).
Thanks.
@Anonymous wrote:I'm scheduled to have my BK7 discharged at the end of the month. From what I read, that will provide a 10 or so point jump in credit scores (which should bring me into the 620s or so - we had a few lates prior to filing BK). I've got a good income (BK caused by bad decisions and excess spending rather than lack of income), and I am looking to lease a new car. Does anyone have any suggestions on auto lease companies that are BK-friendly (or at least BK-tolerant)? I am comfortable with a pretty good-sized down payment (deposit or cap cost reduction or whatever they call it) and I understand that the rate will be higher (although I don't want to get totally hosed, if possible).
Thanks.
Ford Motor Credit used to always be very very BK friendly and they have always been pretty reliable. They gave me a loan at Tier 1 with great interest about 6 months after my BK back in 2001. However, given the current market, I am not sure. I assume since they are the only ones not asking for bailout money, they might still be willing, worth a shot and maybe you can ask them.
Hello:
Can you tell me how you made out? I am in the same boat. Except I will not have a lot of cash to dish out.
@Anonymous wrote:Hello:
Can you tell me how you made out? I am in the same boat. Except I will not have a lot of cash to dish out.
After looking at the cars I was interested in, I was universally turned away (not even turned down - they didnt even want to bother with my application). Granted, these were relatively upscale foreign cars, and it seems that the domestic dealers are much more desperate forgiving at the present time (I just couldnt find one that Iiked). I ended up taking my down payment and just buying a used car for cash (which probably makes more sense in the long run even though it's not what I originally wanted).
Sorry for the discouraging news.
I know they aren't a favorite around here but my auto loan is with Cap 1 @ 9.9% however, I bought my car about 10 months after my bk7 was discharged.