Bk friendly car leases ch13

Anonymous · ‎07-26-2021

In the third year of our chapter 13. Our old lease is due back in a month and we got permission to shop for a new car lease from the trustee..scores are all around in the 620's fico. We wanted to see other people's experiences and approvals

Horseshoez · ‎07-26-2021

@Anonymous, I think a lot depends upon any financial constraints your Trustee put on you. I have also heard some Trustee's keep a list of dealership finance departments in their area which are Chapter 13 friendly; I would definitely ask about that.

Chapter 13:

Burned: AMEX, Chase, Citi, Wells Fargo, and South County Bank (now Bank of Southern California)
Filed: 26-Feb-2015
MoC: 01-Mar-2015
1st Payment (posted): 23-Mar-2015
Last Payment (posted): 07-Feb-2020
Discharged: 04-Mar-2020
Closed: 23-Jun-2020

I categorically refuse to do AZEO!

In the proverbial sock drawer:

Anonymous · ‎07-26-2021

She gave us 39 months @$565 per month...nothing above that

Anonymous · ‎07-26-2021

I cant see you getting approved for any lease let alone a loan for less than 10% interest. Leases are notoriously harder to get approved for than loans. You will be very lucky to get an approval at all on a lease with an open 13 even with the trustee letter. Dont kill your credit trying either. Penfed will approve you for an auto loan in a open 13 if you are good otherwise. Low DTI and decent credit otherwise aside from the BK. I would forget the lease. You are going to pick up a ton of inqs while shopping around trying to find a dealer captive lender that will lease.

Anonymous · ‎07-26-2021

Ok thank you for that info, I was completely thinking the opposite

@Anonymous wrote:
I cant see you getting approved for any lease let alone a loan for less than 10% interest. Leases are notoriously harder to get approved for than loans. You will be very lucky to get an approval at all on a lease with an open 13 even with the trustee letter. Dont kill your credit trying either. Penfed will approve you for an auto loan in a open 13 if you are good otherwise. Low DTI and decent credit otherwise aside from the BK. I would forget the lease. You are going to pick up a ton of inqs while shopping around trying to find a dealer captive lender that will lease.

Anonymous · ‎07-26-2021

What about carvana?

incognitony · ‎07-26-2021

With car prices so ridiculous , you might want to buy your car If you still like it. Also, Carvana would likely be higher interest rates and I'm not sure about their bk policy.

coreyb80 · ‎07-27-2021

@Anonymous wrote:
What about carvana?

Nope they won't touch you with an open 13.

I was able to get a new car loan with Penfed a couple of months ago @ 6%. Very easy process! I'm currently in 13 with 2 more payments left.

Anonymous · ‎07-27-2021

Carvana absolutely will "touch you" in an open 13, but they require a trustee letter. I was preapproved with them with my open 13. The rate was 8.75-11.75 depending on the car.

coreyb80 · ‎07-28-2021

@Anonymous wrote:
Carvana absolutely will "touch you" in an open 13, but they require a trustee letter. I was preapproved with them with my open 13. The rate was 8.75-11.75 depending on the car.

I tried and was denied because of my open 13. They didn't even ask for a letter. I guess it's a YMMV with them.