Questions about my vehicle.

[whirlwind123]

I am leasing my vehicle I have another year on it., a couple of people have mentioned to me since I will be filing bankruptcy I should turn the lease in early for another lease or purchase a car? What have others done., they said once I file bankruptcy the chances of getting another lease is slim.

[shabam]

If you currently have good credit score, it may be worth your while doing so and purchasing an almost new car.

[debtmonster]

You will be upside down and adding money on top of the loan on the new car.

My brother-in-law just did that with his lease and they added almost $3,000 on top of the new car loan.

[shabam]

They definitely would. Might be worth their while buying a car from a different company and different lender, and simply handing in the existing lease once they file. Because you're right. If they go to the same dealer and lender, they going to add the costs to any new deal. I wouldn't mix the two up.

[mom2three09]

I agree, if your credit is good I would just go through a different finance co. to get something that you will be able to afford after your BK... keep the leased vehicle until you file and then just turn it back in, otherwise they will take the amount you still owe on the lease and add it to the price of the current vehicle. Definitely a good idea to get something else to drive before you file BK tho because obviously your interest rates after BK aren't going to be favorable at all.

[whirlwind123]

I am going on 60 days past due majority 30 days past due on my debts.
Should I just go buy a car and then once purchased just turn my lease vehicle in? won't they go after me for the money? what would the trustee say about this?

[AngelinaCatHub]

What is wrong with a good used car. I never could understand leasing. You pay as much, usually are penalized when turning it in, a nick here, a scratch there and too many miles, etc. You never get a clear Title. There are multitudes of used vehicles out there. Hit Craigs list or just drive around the neighborhood. Keep the car a low priority and save money. Nothing made me appreciate my car more than the last payment. Now I own it, not a leasing company. Just my opinion. 'Hub

[AngelinaCatHub]

I am going on 60 days past due majority 30 days past due on my debts.
Should I just go buy a car and then once purchased just turn my lease vehicle in? won't they go after me for the money? what would the trustee say about this?

Once you turn the car in, the lease in an unsecured debt and will be discharged in your bk. 'Hub

[pcn]

Right now it almost makes more sense to go new, with all the incentives, and lower interest rates on new vs. used. Plus, used car values have gone up so much recently there is sometimes very little difference in new vs. used pricing. Add in a warranty that lasts through your bk and new looks even more favorable. This all assumes, of course, that you have good enough credit to get new right now.

[mom2three09]

I am going on 60 days past due majority 30 days past due on my debts.
Should I just go buy a car and then once purchased just turn my lease vehicle in? won't they go after me for the money? what would the trustee say about this?

We turned in our leased SUV right before filing (had 1 yr left on lease). Then we bought a vehicle that was only 1 yr older then our leased vehicle (financed it thru a used car dealer). Chrysler sent us a bill that showed the amount we owed on the remainder of the lease and we included that amount in our BK. Trustee never questioned us about it.