The Lease Vehicle Question Still Remains Unanswered

[6ftladycop]

Hello all you good people. It has been almost a year since filing, discharge and closing of my chapter 7 case. I found and got so much valuable information from this website that I still can not express my gratitude for all the help received. But I still have questions now that I am about to rebuild credit. There was no need a year ago once I filed because I had no intention of doing anything until I saved for a year. This may have been bad or good, but its what I did.

Now I am ready to rebuild and the question about my leased vehicle that would have been up in two years when I filed, but now is up in one year since it has been that long has yet to be answered here. I am not upset, but with all the knowledge that everybody has here, nobody has been able to answer the question of "what happens to the people who have leased vehicles"? Other folks have asked and received the same response "not sure, but check with others here who might have an answer", but there still is no answer.

What should one do?

[HHM]

What was the original question?

[CindyLou]

Do you mean what happens when your lease is up?

Basically nothing different happens than with anyone else that is in a lease. You will turn the vehicle in, pay any fees, and then either have to lease or buy another one.

I think it will be harder to lease, but then other's on here have said they have sucessfully leased after bk.

Can you please ask your specific question again so that we are sure what you are wanting to know.

Thanks
Cindy

[Flamingo]

I agree with Cindylynn. Also, with leasing or purchasing vehicles, things are different for everyone and nothing is cookie cutter depending on many factors. Do you have paperwork on hand from the lessor when you leased your vehicle as to what is required during the term of the lease? If that doesn't answer your question(s), please post them again on here and I am sure someone can help you.

[6ftladycop]

Since posting this question, I have found a large amount of postings on the subject of leasing vs. buying, but the one answer I still have not found is this....who on this forum has leased a car and during the lease, filed a chapter 7 bankruptcy, had their case discharged and closed and after working on credit scores, once scores increased was able to lease another car(which is exactly what I want to do)? I also want to get it through General Motors as before if possible.

[HHM]

If your question is simply...is it possible...sure, anything is possible.

How soon after your discharge will your current lease expire?

From a financial perspective, you really should reconsider getting into a new lease once your current lease expires.

I only recall one person on this forum, a while back, who was able to lease after their BK. Their situation (at least what I can remember) was similar to yours, they had a lease through xyz company, never missed a payment, and they were able to lease from that same company again.

But, I wouldn't pin your hopes on it, leasing cars generally requires very good credit and from a financial perspective, leasing is not really a good choice in the first place.

[6ftladycop]

Well I sure appreciate you responding. It really did help me understand a little better. I guess I understand why some folks feel that leasing really isn,t a good thing, but buying was not a good thing for me either. I work very far from my home. I have been driving back and fourth from the same job for over 20yrs and believe me, I wish I could have bought some of those cars but after the warranty runs out and all the miles on the car and the driving back and fourth, the cars were not worth that much in a trade in and after so many years of this and then last couple of years being upside down, the lease thing seem the best route to take. I had a-1 credit all those years and because of medical issues had to file a year ago and here I am. I know we have no idea whats going to happen in our lives from one minute to the next, but seem like a good idea at the time.