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Leasing Auto Post ch7 Bk

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JcNyC1111
Valued Member

Leasing Auto Post ch7 Bk

Can we start a forum where everyone can post leasing experience post ch7 bk. Not Financing there is already forums for that. 

 

I've read a few post about getting approved for leases either after discharge or a year to 11 months out of bk.

 

Message 1 of 25
24 REPLIES 24
Anonymous
Not applicable

Re: Leasing Auto Post ch7 Bk

Yes would be interested in that. I'm in middle of auto lease now. It's up Oct '21. I plan to keep the lease thru Ch7 which will hopefully be filed in a week or two. With any luck, my discharge could be end of this Summer and then I would more less have a year after that to stabilize things and figure out what my options are when my lease ends. It's not always easy to get specific answers to questions like this.

Message 2 of 25
sarux3
Frequent Contributor

Re: Leasing Auto Post ch7 Bk

I'll be watching this thread, too.  I have an Acura lease that will be at end of term right around my 2-year post-DC anniversary in Spring 2021, and I'm hopeful that I'll be able to get into a new lease without too much difficulty.

CH7 Filed Dec 31, 2018; DC Apr 9, 2019
FICO 8 at DC (Apr 15, 2019):
FICO 8 current (June 29, 2022):
Total revolving credit limit: $149,150 Utilization: 9% Inquiries:

Who I've burnt: Amex / Discover / Chase / Wells Fargo / CapOne / Barclays / Citi / DSNB / US Bank / NASA FCU / Apple FCU / Synch / Comenity
Who let me back in: CapOne / Citi (Retail) / DSNB / Synchrony / Comenity
Message 3 of 25
JcNyC1111
Valued Member

Re: Leasing Auto Post ch7 Bk

Haven't seen anyone post anything about leasing post bk. I'm getting ready to pull the trigger possibly this month my equifax is sitting at 705 @ 1.6 mo post bk

Others are 681 and 690. 

 

Message 4 of 25
Anonymous
Not applicable

Re: Leasing Auto Post ch7 Bk

I am also in the same boat.  Waiting for our discharge which is being held up from COVID.  Was supposed to have it around May 15th and courts have just extended it for the 4th time to June 19th now.  We have two leases, my husband's is up June 2021 and mine is up May 2022.  Not sure what we are going to do at the end of them. Would love other's stories, successes, failures, etc.

Message 5 of 25
JcNyC1111
Valued Member

Re: Leasing Auto Post ch7 Bk

My recommendation buy a used car for 3k. After bk is the time to stack away as much cash in the bank as possible before taking on new debts. Give your self close to 1 year to get a new lease. Im at 1.6 months just hit 700 mark on 1 score not all that helps but not enough. 

 

You don't want the low tiers and pay too much when that difference can be banked. 

Covid delaying everything is probably giving you more time to come up with a game plan if your leases are iib gives you more time with them as well. Good luck

Message 6 of 25
Anonymous
Not applicable

Re: Leasing Auto Post ch7 Bk

If your score is at/around 700 you should definitely be able to find a decent lease. There shouldn't be any problem with that at all.

 

My discharge is on track for Aug 1. That will give me 13-14 months before my vehicle lease is up. I'm estimating my FICO score on day of discharge will be around 600. I firmly believe that if I follow the advice of this forum I can get my score up to 650-675 in 13-14 months. I think that'll get me a fairly decent lease deal. Will it be as good as when I had my 720 score at the time of signing my existing lease? No.... but I think I'll be able to live with it. I'm a Mazda fan and so I play around a lot with their website payment calculator (for financing/leasing). I can put in different credit scores and see how that impacts the estimated final payment. And so that's where I'm getting this from.

 

Buying a used vehicle for $3,000 sounds interesting but trust me you won't get much for that. My girlfriend's mom recently got her 16 year old a vehicle and was adamant she only spend $2,500 to $3,000 for him. I spent a lot of time poring through used car listings. There isn't a lot for that amount in my area. In the end, she got a 2002 Ford Taurus for that. She also had to put new tires and brakes on it..... and a battery. My view is that she'll be paying a lot more on various maintenace items in the months/years to come for that car. So, in the end it will have a 'monthly payment' so to speak. It'll just be for maintenance. I guess it comes down to whatever works best for each person though. There's no right/wrong answer except only to say what's right for a person's own given situation.

Message 7 of 25
JcNyC1111
Valued Member

Re: Leasing Auto Post ch7 Bk

Yea exactly. Its a hit or miss on a used car. You have to go with intuition on that. But also logic when looking. I have an 08 altima bought it after discharge before my bmw was returned.  Bought it for 4100 90k ml After 1 year it was ready for tires,breaks, rotors. And I put on struts shocks. Figure when I sell it il list the new parts i put in.  Total cost was close to 2k in total for all of it. So I look at im loosing 2k in losses and 4k in savings when I sell the car. I have up to 110k on it now. Body is in good condition.

 

The key was I had lowered my expenses dramatically. Then started a new job after filing bk then saved as much money as I can for the 1.5 years. Where I'm at now is way better than before bk

 

Even thoe my job went under in the past made me realise live below your means until the time is right to celebrate. 

 

By 2 year anniversary il be looking at mortgages next il start a forum for that. 

 

Bk is temporary and whoever says your ruined after doesnt know anything. 

 

My scores after filling went to 590 all across the board. After dischsrge then iib they jumped up to 601-620

 

Just keep in mine if you are keeping your lease they will not report positive payment history. So essentially your holding onto debt that can be wiped out. You have till after discharge to decide either to wipe it out or not dealership will ask you usually what your going to do. If its a high payment dump it is probably better. If its a good rate keep it. Have 1 new car 1 used. 

 

 

 

 

 

Message 8 of 25
Anonymous
Not applicable

Re: Leasing Auto Post ch7 Bk

My lease will still be reported to my credit report by the bank that the lease is with and I did not have to reaffirm.  My attorney said some will report others will not.  I guess I am lucky

Message 9 of 25
Anonymous
Not applicable

Re: Leasing Auto Post ch7 Bk

Yes, I was also under the impression that a reaffirmed vehicle loan/lease will report after discharge to the credit bureaus until the final amount due is paid off. I was certainly counting on that. My lease is with Chase. They've closed my account for now (during awaiting discharge period going on right now) but I sent them the paperwork announcing the reaffirmation agreement and so I hope I see that account back on my credit report later. It's a valuable installation loan arrangement and with that and a few credit cards I'll have the correct credit mix I need to rebuild.

Message 10 of 25
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