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Car Lease Advice

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  • Car Lease Advice

    Thanks everyone for all the info on here. I recently filed Ch7 and I have a leased vehicle with 2 years remaining on the lease. Because of life circumstances I have moved and commute 180 miles total each day so I will be way over my mileage allowance at lease end. I'll basically have to buy the car in two years for the residual which will be about $9,000. I was originally going to assume the lease and just deal with the $9,000 when I get to that point, but the more I think about it the more I think that may be a stupid decision. I'm currently thinking of not assuming the lease, but continuing to make my payments and see how long they let me keep the car. I figure the worst case scenario is that they want the car back and then I need to borrow one for a bit (which I can do) until I can buy something new/new-used. My attorney said that they don't want my car, they want money and as long as I pay they are very unlikely to repo the car and that I'll probably just turn it in as I would have had I assumed the lease except I won't be liable for the damages or over-mileage fees. Any thoughts or recommendations?
    Filed: 4-29-2010
    431: 6-11-2010
    Last Day to Object: 8-10-2010
    Discharged: 8-13-2010

  • #2
    That's exactly what I intend to do too. Let us know how it works out for you.
    Filed Chapter 7 July 2010
    Attended 341 September 2010
    Discharged November 2010 Closed November 2010

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    • #3
      If you keep the car, you'll have to pay the over mileage charges when you give it back. If you let it go in the bankruptcy, you won't.

      Comment


      • #4
        Originally posted by jadams View Post
        If you keep the car, you'll have to pay the over mileage charges when you give it back. If you let it go in the bankruptcy, you won't.
        I was under the impression that when you have a lease when you file, you are no longer responsible for the mileage charges when you return it (whether you keep it to lease end or surrender it early). Are you sure of your information?
        Filed Chapter 13 on 2-28-10. 341 completed 4/14/10. Confirmed 5/14/10. Lien strip granted 2/2/11
        0% payback to unsecured creditors, 56 payments down, 4 to go....

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        • #5
          he's right. Your mileage is covered up to the date of filing. If you're over when you file then you're not responsible.

          If you keep the vehicle after your filing and continue to pay on it, then you will be responsible for any excess mileage.

          If you don't pay anymore and wait for them to repo then you wouldn't be
          responsible for any excess.

          You bankruptcy covers you up to the filing date, not after.
          It would be the equivalant of renting a house, you'd be responsible for anything that happens to the rental after your filing date.

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          • #6
            Is it possible to reaffirm the lease with a lower payment?

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            • #7
              Originally posted by sworks2 View Post
              he's right. Your mileage is covered up to the date of filing. If you're over when you file then you're not responsible.

              If you keep the vehicle after your filing and continue to pay on it, then you will be responsible for any excess mileage.

              If you don't pay anymore and wait for them to repo then you wouldn't be
              responsible for any excess.

              You bankruptcy covers you up to the filing date, not after.
              It would be the equivalant of renting a house, you'd be responsible for anything that happens to the rental after your filing date.
              Thanks for clarifying, that makes sense.
              Filed Chapter 13 on 2-28-10. 341 completed 4/14/10. Confirmed 5/14/10. Lien strip granted 2/2/11
              0% payback to unsecured creditors, 56 payments down, 4 to go....

              Comment


              • #8
                If one did not reaffirm but is current, must the leasing company allow you to buy the vehicle should you want to at the end of the lease?

                Comment


                • #9
                  No, I'm pretty sure they are not obligated to do anything if you do not reaffirm (or assume as they call it for a lease). By not assuming the lease you are no longer bound by your lease agreement, but neither is the leasing company. The fact of the matter is that they do not want the car back, they just want money, but by not assuming the lease you are rolling the dice.
                  Filed: 4-29-2010
                  431: 6-11-2010
                  Last Day to Object: 8-10-2010
                  Discharged: 8-13-2010

                  Comment

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