What a mess........

[whirlwind123]

Well I took my car to the dealership today as they advised, I was turning in my vehicle 1 year early it was a lease, they advised they would trade it in on a new vehicle with my mom cosigning., I talked and my mom talked to the saleman many times, he advised no problem whatsoever. I wanted to do this before I filed a chapter 13 so I would have good transportation for the next 5 years. As I travel with my job. Went to the dealer today.........1st thing the owner of the dealership said:
You should just have your mother buy this., I advised no as I don't want to have her carry the insurance and how do I get the trustee to let me make the payments? I then said we were told no problem., they then said after putting me thru waiting 3 hours letting me pick out the vehicle., etc., etc., and I asked the salesman many time before coming in are you sure this will be a done deal., he advised definately no problem.
Well they said my moms credit was excellent but the bank can see how I am not making payments and with the debt going up because of late payments, and now over the credit limit payments etc., etc., that the bank knows I will be filing bankrupcty and regardless they will not give me the loan.
I Know they knew this before I went in.........but they figured I would drive the car and talk my mom into it.......how terrible is that.
Well here I am ., I am going to be going to the attorney in two weeks to give him the monies to start the filing on a Thirteen.
My friend said I should just turn in the leased vehicle and walk away., and then Have my mom buy a car., naturally the loan and title in her name., but have me be the primary driver and carry the car on my insurance, and get a notarized statement that I am making the payments on the car., and the trustee will accept this.
I thought maybe I would just keep the car for the year and pay it like I have been on time, turn it in in a year and then have my mom purchase a car for me., and do the above.
Please all suggestions........

[justbroke]

My friend said I should just turn in the leased vehicle and walk away., and then Have my mom buy a car., naturally the loan and title in her name., but have me be the primary driver and carry the car on my insurance, and get a notarized statement that I am making the payments on the car., and the trustee will accept this.

Unless you have legal ownership and are on the title... the Trustee won't accept this. You would have no legal responsibility. This even happens, sometimes, with husband and wives who file as an individual and are not on title. (There are some variations based on which District you file in.)

You need to shop around. From what I've just read, you only went to one dealership. You should be able to get the loan. Yes, I would walk away from the lease... but timing will be everything.

[whirlwind123]

Justbroke

So, you think other banks that deal with other dealerships would let me have a co-signer? even though it show on my credit report 90 days past due., high balances? Well I certainly would give it a try., then I guess after I get a car if I get a car., I just drop off my leased vehicle? Then what will happen with that when I file my 13., and would the trustee make an issue that I just bought a car??
Thank you so much

[justbroke]

So, you think other banks that deal with other dealerships would let me have a co-signer? even though it show on my credit report 90 days past due., high balances? Well I certainly would give it a try., then I guess after I get a car if I get a car., I just drop off my leased vehicle? Then what will happen with that when I file my 13., and would the trustee make an issue that I just bought a car??

First, the Trustee wouldn't make an issue of a new car. Many many attorneys advise their clients to do this before entering a Chapter 13 anyhow!

As for co-signers and such... of course it's up to the people financing you. Your place of last resort may even be 722 Redemption (USBank), but I only mention that for worse case. You could possibly use 722 Redemption to purchase the leased car at "current market value". I highly suggest that you seek out an attorney this week by getting several consultations. They will be able to help guide you into the Chapter 13 decision.