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Did not reaffirm Honda lease, now coming to end of lease.....

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  • Did not reaffirm Honda lease, now coming to end of lease.....

    Filed BK7 Dec 2010, did not reaffirm Honda lease ending Oct 2012, just been making payments and riding through. I'm over on miles and expect to just turn the car in when the lease is up and from what I've read, they can't charge me for the overages. Now comes my next dilemma, should I make the final payment or two? I'd like to pay, but if there aren't any consequences then I'd rather put that limited money towards a down payment on a new car.

    Suggestions?

  • #2
    The lease obligation was discharged in the BK. They can't come after you for the payments. Just the car.

    Comment


    • #3
      Came across this back when I first considered filing in October. Based on what I read it sounds like because you die no reaffirm the lease you would be off the hook for the mileage average and any excess wear & tear.


      Over Mileage Vehicle Leases in Chapter 7 and Chapter 13


      *************************/over-mileage-vehicle-leases-in-chapter-7-and-chapter-13/
      Last edited by KAM465; 04-29-2012, 08:19 PM.
      Filed: 10/29/2011 Chapter 7
      341: Scheduled for December 19, 2011

      Comment


      • #4
        So if my lease end date is 10/1/12 and my last payment due is 9/1/12, maybe I'll just skip that payment and put the $300 towards the new car.

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        • #5
          My BK was discharged 4/2011 and I had a current lease with Honda that I did not reaffirm but continued to pay. My lease was coming to an end in October so I curiously stopped by the dealer Saturday because the model year end clearance deals end next weekend. Earlier this week, I applied for the Capital One blank check and asked for $18k but was given $21.6k that I would use as a backup or to actually buy a used car instead of leasing. Long story short, I was approved for top tier Honda financing for a 36 month 2012 Accord SE lease and rolled my negative equity (15k miles over & bald tires) into the new car and still dropped my payments $40 a month. My Equifax was 634 and average income

          Comment


          • #6
            Originally posted by hrs1980 View Post
            My BK was discharged 4/2011 and I had a current lease with Honda that I did not reaffirm but continued to pay. My lease was coming to an end in October so I curiously stopped by the dealer Saturday because the model year end clearance deals end next weekend. Earlier this week, I applied for the Capital One blank check and asked for $18k but was given $21.6k that I would use as a backup or to actually buy a used car instead of leasing. Long story short, I was approved for top tier Honda financing for a 36 month 2012 Accord SE lease and rolled my negative equity (15k miles over & bald tires) into the new car and still dropped my payments $40 a month. My Equifax was 634 and average income
            Great deal! Although, why did you have to roll over negative equity if you didn't reaffirm???

            Comment


            • #7
              Yes, you shouldn't need to roll the negative equity since the liability to pay was discharged. To me, it reads as a technical violation of the permanent discharge injunction. I guess it made the transaction more smooth, being a Honda dealership an getting another Honda. However, I don't see where HFS should have or could have charged you for the negative equity (shortfall). It shouldn't have been a "trade" at all. Should have just taken the off-lease vehicle, and then sold you the new Honda.

              Strange.
              Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
              Status: (Auto) Discharged and Closed! 5/10
              Visit My BKForum Blog: justbroke's Blog


              I am not an attorney. Any advice provided is not legal advice.

              Comment


              • #8
                That's what I thought too, but if I wanted to be financed by Honda ever again, this was their protocol. It was just treated like a trade in that was worth less than the payoff, so they didn't really charge for the miles. Regardless, I lowered my payment so I'm happy

                Comment


                • #9
                  Originally posted by hrs1980 View Post
                  That's what I thought too, but if I wanted to be financed by Honda ever again, this was their protocol. It was just treated like a trade in that was worth less than the payoff, so they didn't really charge for the miles. Regardless, I lowered my payment so I'm happy
                  Thanks for letting me know. I was just a little confused.

                  Lynn

                  Comment


                  • #10
                    Wow! The ex (reason for BK..grrr) just went to Honda today on my suggestion and was also approved for the same car and saved her $80 a month on her lease.

                    Comment

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