Car after chapter 7

[Anonymous]

I'm just curious what some of you guyses Experience or stories are regarding getting a lease or financing a car after chapter 7.

is a lease easier to get for a new car ?

[Anonymous]

I was able to get a car loan 3-months post-discharge. Most places don't seem to mind recent Ch 7 if you have adequate income and steady job because they know you cannot file again within the terms of all but the longest auto loans. The APR was a lot cheaper to buy new than used (4%+ difference), but you pay for that double with depreciation. 

I have never leased a car so cannot provide specific input on that following a Ch 7. 

[sccredit]

A lease is more difficult to get in most any circumstance, mainly because they are normally subvented rates for money factors.  I was only able to lease a car about 5 months post discharge because DW has 820+ credit and we had an excellent pay history with Infiniti FS.  On my own I was getting quoted 12%-16% through Carvana for a purchase.  

[Anonymous]

I was shocked when I opened up the mailbox the other day and found along with the court notice of my Ch7 initial filing a whole bunch of car financing offers. I would imagine it's just the tip of the iceberg too as far as what's coming.

But as we all know every offer won't be equal (in fact many may be downright predatory) and also I think it probably helps if you get some credit rebuilding going first before you apply for any credit product. 

From what I've read 620 is about as low as you probably want to go in order to get a remotely decent rate on leasing. Obviously 680+ would be the best but likely nobody has anywhere near a 680 anytime soon out of bankruptcy of course. 

I've been wondering about this a lot myself because my vehicle lease will be up 12-14 months from my (hopeful) discharge. I'm hoping I can bust through 620 if I'm super aggressive for those 12-14 months. I may try to buyout my lease... I don't know.... I just want options.

[Mjhall85]

I am awaiting discharge and I have about 15 letters from car dealerships offering all kinds of deals due to my soon to be discharge.I need a new car but I will be waiting a few months after discharge in hopes of having a decent bump in score so I get a decent rate. My friend who was discharged just over a year ago got a new car with 6.9% with mid 600 scores but everyones case is different.

[Anonymous]

You aren't kidding I have about 4-5 in my mailbox everytime I check my mail it's annoying.

[Anonymous]

Thanks guys, great feedback