Filed Chapter 7 12/07 need auto loan with 697 FICO

[CB6]

I have a lease that I reaffirmed during bankruptcy that is due in July 2009. I am less than two years from my file date of Dec 2007. I have always leased and would prefer to continue, but don't know if that is an option. I currently have a credit score of 697 (Transunion) and 673 (Equifax) which I think is pretty good considering I was discharged in May 2008. I had an 780 score when I filed, which was down from 820-830 months before filing -- I'm still pissed I had to file! There was another vehicle that I voluntarily returned which fell under bankruptcy (I got a newer car months before filing knowing I would have to file) Anyway, my questions are:

1. Can I lease with these scores or will I have to buy?
2. Even though my credit score isn't horrible, am I right to assume I will have a harder time than someone without the BK with the same credit score? Maybe a ridiculous demand for down payment?
3. If I have to buy, I've considered trying my credit union, but are there other options available - maybe online?
4. Would things be a lot easier for me after 2 years from my filing? (I can extend my lease up to 6 months - I just hate the car)

[Floridagail]

It is hard to get auto loan right now, My husband and I went shopping, he has 669, never filed bankruptcy,pays on time just lotes of cc debt 40,0000. He was told he could get loan, but interest at 18 %. Finally CU said 13%. He said forget it for now. He even was turned down Cap ONe Auto loans on line. SHocking to me , He has never been late on any bills on credit report.

[JRScott]

At this time it is harder to get credit than it used to be.

I'm not sure about leasing though, but you'd have to expect the loans to be high interest.

If possible you might be better off looking through the auto mag in your area and just buying an old used car if you can't find anything else.

How long do you have to let them know you want to extend it?

[EricaCallaha]

Honestly, a lot of lenders are not continuing their lease programs right now. They have too many cars to get rid of. In Utah, lease rates aren't even advertised anymore. I had a friend who wanted to go lease a car for 3 years and she couldn't even find a leasing program.

It would probably be easier to buy a car that you can afford (either cash or a loan payment you are comfortable with). You are probably going to have issues getting a loan because you have a bankruptcy on your report.

Good luck.

[CB6]

I just have to let them know within 2 weeks of my lease being up that I want to extend it. When it gets closer to the time to buy/lease I'll check with my credit union as well as a dealer finance manager to get his thoughts. My debt to income ratio is relatively low considering I filed chapter 7 like 20% (this includes a $700 lease payment). I was a borderline Chapter 7 case and was laid off weeks before I had my first meeting with the trustee which helped - i ended up landing a job making more money though. I was a victim of multiple bad real-estate investment property in Michigan and identity theft all around the same time.

I might just end up going through my parents to get the car -- sucks being in your 30s and having to do that, but they want to help -- I just don't want them to. Thanks for the feedback!