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Buying/Leasing a car after BK

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  • Buying/Leasing a car after BK

    Anyone have any experience with this? Is it hard to get approved? I've never leased or purchased a car - but I am really leaning towards leasing.
    my BK will not even be discharged when I begin searching for a lease. Any tips? I called one place and they tried to talk me into buying instead. It seems like there are so many different prices out there, and it's almost like you have to go to EVERY DEALER that deals in the car you want to get the best deal.
    ao any tips would be great! thanks

  • #2
    You typically need to have stellar credit to get approved for a Lease. But if you do get approved, right out of BK your money-factor will be insane! Most folks simply side with buying a used vehicle post BK.

    Good Luck!
    The information provided is not, and should not be considered legal advice. All information provided is only informational and should be verified by a law practioner whenever possible. When confronted with legal issues contact an experienced attorney in your state who specializes in the area of law most directly called into question by your particular situation.

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    • #3
      Yeah, it can be tough. The few people I have known who tried it, had to go to these seedy car dealers that would "lease" them a 6 year old used car at payments for which they could purchase the same car.

      The odds of leasing a new car will probably be slim, and leasing used cars usually doesn't make sense.

      Again, it all depends on what your credit looks like Post BK when you go the dealer. But as a general matter, for new cars, its harder to qualify for a lease than a purchase.

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      • #4
        Actually, I worked for a car dealership right after high school, and often times they could approve people for a lease, when they couldn't approve them for a loan.... That was just my experience, take it for what you will!
        BUSY running my own credit repair services! Sorry I don't stop in so often any more!

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        • #5
          How easilly you will get approved for a lease depends a lot upon who is doing the financing. Some auto companies are much more likely to approve a lease than others.

          Some words of adice, however - Leasing could be a big problem. In a nutshell, when you lease you are simply paying off the difference between what the car is expected to be worth at the end of the lease versus what they are charging for it up front. The reason it is cheaper is that usually after a couple of years, regular loan payments will add up to more than the depreciation. t the end of the lease term, you are likely to have nothing left if you aren't saving a little money, so the next time you go to get a car (which you will be forced to do - you can't just hang on to it) you are going to need to come up with more cash. And it is very diffcult to get out of a lease before it is up compared to refinincing a high rate auto loan.

          You might be better off looking for a used car instead. You can still go with a dealer - many of them have certified used which gives you a warranty and reliability.

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          • #6
            so what are the benefits then?

            I was mainly thinking of leasing because I would like to be able to get rid of the car after 36 months for a new one, and because I don't want to be stuck with repairs. I have always had used cars, and the repairs have been an endless financial drain for me. I figured that getting a new car on lease would be a good way to get around that.
            So if leases are a bad deal, then why do people do it? There must be some benefit.
            If it's harder to get approved for a lease than a loan then why would anyone lease? I just don't understand that at all..

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            • #7
              Hey brokeazz,
              I have leased all my cars! I have been leasing since I was 18 years old, and I love it! I like getting into a new car every 3 years and not worrying about repairs and such.I am currently in a lease that is up in January 2006. We filed our papers for Bk last Friday! So I am curious if leasing my next car in 2006 is going to be difficult. I have never been late on any of my leases. We lease through American Honda Finance and they have always been great to us, with no $$ down, short lease terms and a super monthly pmt. In my opinion leasing is great, well, at least it works for us !

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              • #8
                Originally posted by brokeazz
                I was mainly thinking of leasing because I would like to be able to get rid of the car after 36 months for a new one, and because I don't want to be stuck with repairs. I have always had used cars, and the repairs have been an endless financial drain for me. I figured that getting a new car on lease would be a good way to get around that.
                So if leases are a bad deal, then why do people do it? There must be some benefit.
                If it's harder to get approved for a lease than a loan then why would anyone lease? I just don't understand that at all..
                research the pros & cons of leasing thoroughly! leasing isnt right for everyone.

                Good Luck!
                The information provided is not, and should not be considered legal advice. All information provided is only informational and should be verified by a law practioner whenever possible. When confronted with legal issues contact an experienced attorney in your state who specializes in the area of law most directly called into question by your particular situation.

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                • #9
                  Auto Loan

                  What Are My Chances Of Getting A Car Loan After A Chapter 7
                  How Long Should I Wait And Around How Much Wld I Get Approved For

                  Comment


                  • #10
                    I wonder the same thing myself. We, hopefully, are about to be discharged 7/1 and need to buy our youngest son a truck. I have heard you need to wait 6 months but we really cant so I guess we will take the hit and buy it after the discharge(again, hopefully).

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                    • #11
                      My experience? No one is going to touch you, period.

                      I was treated like a dog when I went to see about getting a car loan. They'd pull my credit, send it to 50 different banks, and then never call me back to even tell me I'd been denied.

                      Only one gentleman was kind enough to tell me that there was no way they could help me, unless I had a huge down payment.

                      One dealership wanted me to pay $6000.00 and put $2500.00 down on a 1996 car that had 110,000 miles. I laughed in their faces.

                      I would wait about a year after attempting to rebuild before I would even try to get a car.

                      You can always go to one of those "buy here, pay here" lots.
                      BUSY running my own credit repair services! Sorry I don't stop in so often any more!

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                      • #12
                        tin is basically right.

                        If you can find anyone willing to finance you, it going to be on a very inexpensive car and you will have to put 40-50 percent down.

                        Comment


                        • #13
                          The majority of subprime lenders, like seeing a $5,000 down payment. In addition to this, they charge you a double digit interest rate for the first 1-2 years.
                          The information provided is not, and should not be considered legal advice. All information provided is only informational and should be verified by a law practioner whenever possible. When confronted with legal issues contact an experienced attorney in your state who specializes in the area of law most directly called into question by your particular situation.

                          Comment


                          • #14
                            Stop , Tin, Todd and MMM - There is hope

                            check my post http://www.bankruptcyforum.com/showthread.php?t=1604

                            There is hope and yes you will pay but when a dealer is treating you like crap that is the time to walk. BANKS MAKE GOOD MONEY LENDING TO SOMEONE AFTER BK.

                            I would suggest that you find a company that understands and wants to help you get into a newest car you can. The place i went was vey good and just wanted to get me into a car that worked. I even had a 3+ hour test drive with out anybody in the car with me. I just drove off the lot and came but almost 4 hours latter. Yes it was a used car but i need to look at the bright side.
                            Repoed or the one i gave back to the bank was 1998 with 102,000 miles and a payment of $350.00 trade value of about $3 to $4000 loan of about $12,000. Oh and a elec problem that i could not find. It would not start somedays.

                            New car is a 2001 with 13,000 miles and extended warnanty to 49K monthly payment of $305.00. Loan is $12,500. includeing warnenty and gap (did not want to end upside down again) trade value of $10 to $11,000.00.

                            So I gave back to the bank a problem waiting to happen and lowered my monthly by $45 and have a car with alomost 85,000 less miles and a warnenty till 49,000

                            Oh and on Lease vs buy it depends on alot of things but if you are happy with always having a car payment, don't drive over the agreed miles and keep your car like new then a lease might be better. This is one value you can also lease more car then you could buy. I dream of the day of no car payments have been there once only gas, insurance and a few repairs. I also drive close to 15,000+ per year and am hard on cars. A lease would sink me because of the miles and extra charges. By the way 3 your old leased cars are great buys because most are dealer worked on and low miles.
                            Last edited by BrokeCh7; 06-08-2005, 05:23 PM.

                            Comment


                            • #15
                              Well, I can tell you one thing. Toyota won't even pull your credit report if you tell them you have filed BK. My boyfriend went to get a new truck and they got on the subject of how I just got my discharge. The salesman told my boyfriend that Toyota won't even think of touching you for a new car if you have a BK on your record. Used cars may be a different story.

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