We have 2 cars, and the Honda is more expensive payment at $467 so we have decided not to reaffirm or keep that car with filing our ch 7 bankrupcty. We already had our 341 hearing and our discharge should be next month (late June). Our other is is a 2010 Toyota corolla lease. Our payment is only $230 a month (very affordable, and good on gas). I am at the end of my 36 month lease, the lease officially ends in October of this year. I am under my miles and it's clean, and our buyout is around 12k in October. My question is, if i reaffirm this car and finish out my lease, what are the odds they will sell it to us at the end of the lease? Or will the laugh in our faces with bk discharge only being 3 to 4 months earlier? I was told by my attorney that with my husbands solid job history and income, we *could* get a car day one after discharge, as long as we didn't mind higher interest rates. I'm hoping if we reaffirm the toyota and by then our discharge will be 4 months away, why wouldn't they want us to buy a a used 2010 corolla?? I even guestimated our monthly payment financing 12k, for 48 months, with 9% is about $315 which is still very affordable for us...(especially compared to what we're paying now for both cars ( $700 a month---hence getting rid of our more expensive Honda)
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Doublecheck with your attorney - but I believe reaffirmation is ONLY for car loans. You either assume or reject the lease. If you assume, you continue the lease under your original terms. If you reject, then you give the car back/make arrangements for them to pick it up.
I think your question is whether or not you can get financing to buy the car once the lease ends, either from Toyota or elsewhere. Good points are its low on mileage, and I believe the Toyota Corolla tends to maintain a decent value. You probably will be able to get financing. As soon as you're discharged, make sure things are accurately reporting on your credit report and perhaps open 1 secured card to start some new/positive history. But there is no guarantee that you'll get a single digit interest rate.~Staci
Not an attorney, and never played one on tv. My responses are based on my own experiences & personal opinions.) -
Yes, my question is whether I will get someone to finance us a few months after discharge. We do have a steady job and decent income so I'm hoping it won't be too difficult.
I will def get either a secured or unsecured right after our discharge, use it for small purchases and pay off immediately to build some credit.Comment
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