Okay, as some of you may know, we have a $400 per month car lease payment. When we were on umemployment, we were under $480, but with my husbands new job we are under $70. I was very conservative with my expenses because we truly were living like paupers and because I didn't want to be too far under so we couldn't keep the car. My husband will almost certainly get a raise in a few months (kind of a probation period right now), so our pay will go up some so we can get in better shape soon enough.
Now, I usually lease cars and have had no problems with them, however, we have moved twice long distances since we have had this lease and right now I have 8000 miles left to last me 11 months. I can probably do that, but I am kind of worried that I will go over. We have already called the car company and told them that we want to keep paying and they said they would send the form out.
Can I change my mind and surrender it, and should I?
We really need two cars, and my husband drives a 1988 Landcruiser, which does break down some and is a gas guzzler, plus it has no air or heat.
If I did decide to surrender it, when would I need to tell them, when would they come get it or would I have to turn it in, and when could we get a new car? I would love to have a $300 a month payment on a newer car with warranty. I have been reading info on keeping and surrendering cars that you have loans on, but not much info out there on leases.
Also, how much does coming out of Bankruptcy with an installment loan already established help your scores? Does it matter much? Does turning it in hurt my scores a ton?
Thanks for the help. I want to make sure we are doing the right thing with this. I originally thought it would be perfect to keep the car until the lease is up- November of 08, since we would be at least 6 months out of bk (last day for objections 01/18/08), but I also want to be financially smart right now.
Now, I usually lease cars and have had no problems with them, however, we have moved twice long distances since we have had this lease and right now I have 8000 miles left to last me 11 months. I can probably do that, but I am kind of worried that I will go over. We have already called the car company and told them that we want to keep paying and they said they would send the form out.
Can I change my mind and surrender it, and should I?
We really need two cars, and my husband drives a 1988 Landcruiser, which does break down some and is a gas guzzler, plus it has no air or heat.
If I did decide to surrender it, when would I need to tell them, when would they come get it or would I have to turn it in, and when could we get a new car? I would love to have a $300 a month payment on a newer car with warranty. I have been reading info on keeping and surrendering cars that you have loans on, but not much info out there on leases.
Also, how much does coming out of Bankruptcy with an installment loan already established help your scores? Does it matter much? Does turning it in hurt my scores a ton?
Thanks for the help. I want to make sure we are doing the right thing with this. I originally thought it would be perfect to keep the car until the lease is up- November of 08, since we would be at least 6 months out of bk (last day for objections 01/18/08), but I also want to be financially smart right now.