Hi all,
I searched before posting and alot of the posts/responses on this were years ago and not recent. I'm curious about any recent success stories (this year) of leasing a car and with whom after successful Ch 13 discharge, but with BK still listed on a credit report.
Backstory: Filed Ch 13 April 2, 2018, successfully paid and discharged May 2023, current scores are 718 (EQ), 736 (TU), 738 (EX), credit card debt currently less than ~$200 across 4 cards (have Apple Card with $1700 CL, AMEX Platinum, AMEX Blue -$1k CL, and Capital One Savor $500 CL, Chime but phasing that out) and soon to be zero when recent payments hit. I also had a Student Loan forgiveness that hasn't updated on my credit report, which will likely drop the scores. From said forgiveness, I received a considerable refund of payments and interest as they listed the forgiveness/paid in full as of 12/31/20. So all payments and interest from that point seemingly resulted into the nice and fairly sizable refund check from the Treasury department.
Based on interest rates and pending updates to credit reports, I want to lock in something for a new car as I kind of need one at the moment, but do not want to expend all of the refund on a down payment to only get a payment that's still too high for a car based on the current economic environment. A lease is a little better as less down and still high but easier to swallow monthly payments. So far a few of the dealers I've been looking at that have "instant" or fast approval apps online all have the "Have you filed bankruptcy in the past" which I have to answer yes (even after it falls off my CR I feel too honest and would think to answer yes there but won't lol). Once you hit that Yes there it's 100% the "we cant process this online call or visit the dealer". I dont want to have to go in and frankly feel embarassed and take the hard inquiry to only find out that they wont do leases for BK folks.
Does having a co-applicant improve lease chances? Any tips beyond that?
I leased a vehicle 3 yrs post ch7 with a score of 640. You are correct that leasing is a bit easier to get versus a straight loan but in my case the bank was still hesitant and required at least $1500 down for approval. Your overall picture looks much better then mine did back then so personally I dont see a problem for you.
