Keep leased car or no? Advice solicited.

[bl5k]

I have a leased 2008 Honda Civic. Payments are $226/mo and I am current on those payments. Honda Financial sent a request that I reaffirm but on the advice of my attorney I am not going to do that. My lease is up in December.

My question is whether I should let the car go or keep it. I don't have any cash on hand to buy a different car or make a down payment. I am not interested in getting into a high car payment after discharge.

One thought is to let the car go, and buy a cheap econobox "get out of debt car" for the near term. Or, keep current on the lease then see what terms they give me to buy that car, or finance another at that time.


I've gone round and round on this in my head and need to reach a decision soon. I filed Chapter 7 and had my 341 meeting a week ago. My attorney says I have until discharge to make up my mind. I do need to transport kids around and therefore whatever I get into needs to be dependable and safe.

Any thoughts/advice would be greatly appreciated.

[newbie2]

I have a leased 2008 Honda Civic. Payments are $226/mo and I am current on those payments. Honda Financial sent a request that I reaffirm but on the advice of my attorney I am not going to do that. My lease is up in December.

My question is whether I should let the car go or keep it. I don't have any cash on hand to buy a different car or make a down payment. I am not interested in getting into a high car payment after discharge.

One thought is to let the car go, and buy a cheap econobox "get out of debt car" for the near term. Or, keep current on the lease then see what terms they give me to buy that car, or finance another at that time.


I've gone round and round on this in my head and need to reach a decision soon. I filed Chapter 7 and had my 341 meeting a week ago. My attorney says I have until discharge to make up my mind. I do need to transport kids around and therefore whatever I get into needs to be dependable and safe.

Any thoughts/advice would be greatly appreciated.

I could be wrong, but I didn't think you could reaffirm a lease. Regardless, I wouldn't reaffirm even if it is only until December. Just keep paying and they shouldn't take it back. Take your time to plan for your next vehicle instead of rushing in to anything now. Good luck to you.

[bl5k]

You are right, you can't reaffirm a release. My attorney says despite this, they send reaffirmation paperwork all the time. On his advice I did not sign.

The downside of keeping the car will be dealing with the end of lease fees-excess mileage, etc.