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Got approved for an auto lease 13 months out of Chapter 7!

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  • Got approved for an auto lease 13 months out of Chapter 7!

    I gave myself a 5% chance in my mind heading down to the dealership and was shocked when they approved me for a lease on a new Audi A4. My credit score with Experian, who they pulled, was 643.

    Since BK discharge in Jan 2010, I've applied for three credit cards, got accepted for two (Capital One and Orchard Bank) and have been putting small amounts on them and paying them monthly. Capital One started at $250, then went to $500 then $750. Orchard is at $500 and I've only had it a couple months.

  • #2
    WOW congrats! I wanted to lease as well but i never saw anyone get approve for it with bk in their report. U and i filed at the same time so now u sort of give me hope lol. Credit score is about the same as well. How much down and monthly payments?

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    • #3
      It's an expensive car so the payments are quite high...$560/month but it was $0 out of pocket, I literally drove out of there without every even taking my wallet out of my pocket. First payment is due 04/27.

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      • #4
        Congrats!

        I never understood why it was easier to get approval for financing than for leasing after BK. Under normal circumstances, the monthly payment under a lease should be lower - especially if you put something down. A downpayment on a lease - let's say $2K - has a much bigger impact on lowering your monthly payment compared to the impact on financing.
        Filed CH7 9/24/2010, 341 on 10/28/2010, Disch.&Closed: 1/6/2011. FICO EX: 9/2: 672.
        FICO EQ: pre-filing: 573, After BK Public Record: 568, 10/3: 673.
        FICO TU: pre-filing: 589, After BK Public Record: 563, 9/2: 706.

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        • #5
          Originally posted by PHXDWTN View Post
          It's an expensive car so the payments are quite high...$560/month but it was $0 out of pocket, I literally drove out of there without every even taking my wallet out of my pocket. First payment is due 04/27.
          I actually love audi's. I had one a year and a half ago and sold it bcause it was stick shift and i hated that. $560 is not bad considering u didnt put anyting down. I might try and lease. I have 6k for a downpayment. Not financing or leasing till memorial weekend when i get back from Vaca :-).....

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          • #6
            Nice car. And this is encouraging. One of the things I have been worried about is driving a clunker for the next 8 years. I am a lawyer and it's a bit embarrassing hoping out of my 10 year old minivan in front of my clients. But I gotta say, I like having no car payment. I bought the van from a dealer auction and it could last me a few years. That's about $5,000 a year in the bank, plus much lower insurance. We'll see.

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            • #7
              Wow! That's great news!! Like the previous poster mentioned, this is encouraging.

              Congrats!

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              • #8
                Not so fast guys...it would have been great if it was this easy and smooth but unfortunately this week has been one long, stressful and full of anxiety week.

                While the lease was approved by the finance manager, Audi Financial denied it the next day. I still have the car, 6 days and 500 miles later as the dealership has been trying to push the deal through, going up the ranks to multiple supervisors but it was ultimately denied yesterday. The dealership now says they are shopping different banks to see if they can get it approved.

                Do other banks even do leases? I thought it was only the manufacturer. They may be trying to do a regular financing deal (even though I didn't ask for one) and then call me and say "You can either do this or you have to bring the car back."
                They said they won't know anything until Monday as the banks are closed.

                I am thinking of applying for Cap One Auto myself but I don't want it to affect my chances on their end.

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                • #9
                  wow that sucks big time. I know u feel crushed. I would wait to see what they say today and go from there. Im sure they going to try and get u the best deal especially thinking they got rid of the car.

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                  • #10
                    At this point they kind of have to get me the exact same deal or they risk me taking the car back and walking away, which I would do. I love the car and I realize with my credit, I may have to overpay a bit vs someone with great credit, but I'm only willing to go so far. The car now has around 630 miles on it and I bought it with 55 miles so that isn't good for them if they try to resell it as a new car.

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                    • #11
                      Exactly. This might even work out for u better than the original plans. You never know. U did put miles on it and thats a sale they thought they had. Keep us posted

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                      • #12
                        Update:

                        It's now been 9 days since I've had the car and I've put 700+ miles on it and still no word on if it's mine or not. Audi Financial ended up denying it and the dealership said they would try other banks. Today I talked to them and now they are saying the General Manager of the dealership is calling Audi Financial's "bosses' bosses" to get this doen because "we have to get this deal done", as they put it.

                        They are saying I should know something on Friday, but I've been given "definite" dates before and here I am still waiting.

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                        • #13
                          This is ridiculous!

                          IMO, they should impose some kind of law that once you drive off the lot, it's a done deal.

                          BTW, did the finance company already get in touch with you or did you only get the info from the dealer? I'm wondering about the legal timeframe they have to cancel a deal in the first place?!

                          I guess if YOU wanted to return the car after 9 days, you couldn't, right??
                          Filed CH7 9/24/2010, 341 on 10/28/2010, Disch.&Closed: 1/6/2011. FICO EX: 9/2: 672.
                          FICO EQ: pre-filing: 573, After BK Public Record: 568, 10/3: 673.
                          FICO TU: pre-filing: 589, After BK Public Record: 563, 9/2: 706.

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                          • #14
                            Of course I couldn't return it after 9 days if the roles were reversed. And Im sure if they say to return it, they will say I have 24 hours to do so.

                            Honestly I've never had such anxiety in my life as I've had in the past 9 days. I'm naturally a very impatient person and this is just nuts for my system. I still have my old car which I was planning on have sold by now. I haven't called my insurance company yet with the car since I don't know if it's mine or not, it's basically a dealership loaner car at this point.

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                            • #15
                              Originally posted by PHXDWTN View Post
                              Of course I couldn't return it after 9 days if the roles were reversed. And Im sure if they say to return it, they will say I have 24 hours to do so.

                              Honestly I've never had such anxiety in my life as I've had in the past 9 days. I'm naturally a very impatient person and this is just nuts for my system. I still have my old car which I was planning on have sold by now. I haven't called my insurance company yet with the car since I don't know if it's mine or not, it's basically a dealership loaner car at this point.
                              As I said, if you didn't get any official, timely notice from Audi that the deal was cancelled and you want to keep the car, you might want to contact an attorney and ask what the legal basis is. You might be able to insist on the contract you signed.
                              Filed CH7 9/24/2010, 341 on 10/28/2010, Disch.&Closed: 1/6/2011. FICO EX: 9/2: 672.
                              FICO EQ: pre-filing: 573, After BK Public Record: 568, 10/3: 673.
                              FICO TU: pre-filing: 589, After BK Public Record: 563, 9/2: 706.

                              Comment

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