Forum Rules (Everyone Must Read!!!) (updated: 04/28/2015)

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Has Anyone Been Approved for a Lease Post BK Discharge?

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  • Has Anyone Been Approved for a Lease Post BK Discharge?

    I'm curious to see if anyone has had any luck getting a lease vehicle after being discharged. The treads I found on this site are old and nothing current so reason why I'm asking.
    I've had 8 leases since 97 and my last 2 were from Nissan. It would be interesting to see if Nissan would be willing to lease me another vehicle being that I was discharged on May 3rd.
    I checked my score thru CreditKarma and my Equifax jumped from 695 to 730. TransUnion is still showing at 692 so that one did not change.
    With all my lease vehicles, I have never been late not even 1 payment so I will check with my sales guy just to see if this is even an option.

    If anyone has had any experience, please let me know how it went or if I'm just dreaming and the best I would be able to do is get a Capital One Auto loan or something like that to buy a used vehicle.

    Thanks in advance!

  • #2
    Wanted to provide an update regarding my question. First off, I applied for Capital One on Thursday and got pre-approved for up to $40K at a decent rate. Friday, I spoke to my sales guy at Nissan. I took the plunge and he him run my credit. Boy was I in for a shock. My TransUnion which is what they use came back at 524. I knew there would be a difference from what Credit Karma was showing but not this much of a difference. Credit Karma was 695 (171 point difference). I was so disappointed and upset that I had him run all 3 reports. My Equifax came back at 620 (showing 730 on Credit Karma) and Experian at 642.
    They were willing to give me a lease but at Tier 6 approval and they wanted too much down payment ($3000 - $4000) in order to have under $200 payment.
    For now, I have decided to just keep my car and just focus on rebuilding my credit maybe thru an unsecured card.
    Has anyone seen this huge of a difference? I should have been smart and requested all 3 reports first before having anyone do a hard pull. I guess we live an learn.


    • #3
      The difference is that there are so many scoring models out there, that it is difficult to tell. Most major automobile finance companies and many banks will use the "auto enhanced score" based on the specific credit bureau. I look at MyFICO and there are 9 different scores that I'm provided and they are all ranging up to 100 points apart. You have to know which score a particular bank/creditor will use and see if you can obtain that "real" score. MyFICO has most of the scores and although I love my FICO 8 score, many lenders use the following;

      Equifax Beacon 5 FICO Score 5
      Trans Union VantageScore 3.0 FICO Score 4
      Experian Bankcard Score 8 FICO Score 2

      And just to add some more confusion the scores also have other names; Experian FICO Score 2 (also known as EX-98 or Risk Model v2), Transunion FICO Score 4 (also known as TU-04 or Transunion FICO Risk Score Classic 04), Equifax FICO Score 5 (also known as EQ-04 or Beacon 5). Credit Unions, from my experience, tend to use these common scores that are typically used for mortgage lending. Most larger lenders use the auto-enhanced scores. The auto-enhanced scores are usually favorable to a person even if they have high utilization, but will not tolerate ANY mishaps with automobile loans/leases.

      You should ask the dealer if they know which scoring model was used.
      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.


      • #4
        I do know which one since I received a copy of all 3 reports since this is someone I have purchased 8 cars from. It was Trans Union FICO Auto Score 8.


        • #5
          Originally posted by max2k10 View Post
          I do know which one since I received a copy of all 3 reports since this is someone I have purchased 8 cars from. It was the Trans Union FICO Auto Score 8.
          As you can see, it's the "auto-enhanced" FICO score. It will almost never match anything from Credit Karma, or even a "FICO Score 8" since it's a different scoring model.

          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.


          • #6
            I'd also say the only thing Credit Karma is good for is to get a rough idea of your progress in rebuilding. It makes sense to pay for your FICO scores when you are preparing to apply for credit to minimize surprises and unecessary hard pulls.


            • #7
              Hi kberly69, I totally agree. I actually requested all my 3 reports online last night. Paid a few bucks for the credit scores just to see how big of a difference.
              While dealing with these credit scores, I figured I had nothing to lose and took the plunge and applied for credit card. To my surprise, I got approved for a Capital One Quicksilver unsecured card with a $15K limit. No annual fee, 1.5 cash back and $100 bonus after $500. I can't complain. I will use this as a start to rebuilding my credit. Of course, I will charge what I currently pay in cash and pay it off monthly.


              • #8
                Hi. Maybe not the topic you want to discuss but maybe consider a new vehicle through Capital One. You are approved up to 40K but they have cars online that are much less and you could even get a used car. They've already approved you so you wouldn't have to run your credit with any of the dealers.
                Filed Chapter 13 - 07/20/12
                Discharged 8/2/16


                • #9
                  Hi Sophieanne, I have been thinking about that pre-approved Capital One auto loan but I'm going to hold off for now.
                  Just some history and what I was really trying to accomplish.
                  Back in 2014, I had to replace an end of lease vehicle. After much frustration car shopping (high APR offers), I settled on taking a 401K loan. We did some needed home repairs and I purchased a used Accord for $8500. The plan at the time was to pass this car on to my younger daughter who got her license this year. Unfortunately, the car is manual and she does not feel comfortable driving it.
                  So, I have been shopping for a used car for her to commute to college starting this fall. I thought I had a decent budget of @$6500 for it but many of the cars I have seen (Honda Civics and Toyota Corolla's) have very high miles. Some have been involved 1 to a few accidents accidents. I'm really afraid to buy something that would turn out to be a lemon. (Has happen to me in the past)
                  When we got discharged in early May, my wife suggested I could look into selling my Accord which I own but ( I pay $314 monthly for 401K loan). With the sell of my car and $2500 from the $6500 we have to purchase used car for daughter, I would pay off my 401K loan.
                  Then I would take the remainder $4000 and obtain 2 leases. I was hoping I could get an Altima for @$225 and a Sentra for my daughter for @$175 a month.
                  That would have put me $400 monthly for 2 brand new cars with no issues. This is what I wanted to accomplish.
                  So buying just 1 car with the Capital One loan would not work. Financing monthly payments would be more than what I want to spend plus I would not be able to pay my car off.
                  Now I'm back to shopping for used cars again for my daughter. Praying we get lucky soon since it's starting to stress me out.


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