Car Leasing

[Canadian]

My spouse filed bankruptcy in canada, and was fully discharged 2 years ago. I never filed, but I have student loan debt still....so we don't often use me. Needless to say, we both have rotten credit.
We just got a Capital One Secured MasterCard which is great for rebuilding his credit! We also are in dire need of a new car....we haven;t bought one for 5 years now.
We went to our local GM dealer to look at the car we wanted. The salesman told us that we could wait and lease a brand new car from GMAC with only 6 active months of credit card payments. Is he blowing hot air, or does that sound reasonable?

[mark234]

Fellow Canadian

My spouse filed bankruptcy in canada, and was fully discharged 2 years ago. I never filed, but I have student loan debt still....so we don't often use me. Needless to say, we both have rotten credit.
We just got a Capital One Secured MasterCard which is great for rebuilding his credit! We also are in dire need of a new car....we haven;t bought one for 5 years now.
We went to our local GM dealer to look at the car we wanted. The salesman told us that we could wait and lease a brand new car from GMAC with only 6 active months of credit card payments. Is he blowing hot air, or does that sound reasonable?

It would make more sense to save money and build up some wealth before going for a lease on a new car. C'mon! 5 year old car is no big deal, you should wait another 2 years before going for something new. Also, when you do, don't be going overboard and buy something fancy to make your husband feel important. If I were in your shoes (which I'm glad I'm not) I would go for a civic, maybe even a 2 year old one.

[tinroofrusted]

My spouse filed bankruptcy in canada, and was fully discharged 2 years ago. I never filed, but I have student loan debt still....so we don't often use me. Needless to say, we both have rotten credit.
We just got a Capital One Secured MasterCard which is great for rebuilding his credit! We also are in dire need of a new car....we haven;t bought one for 5 years now.
We went to our local GM dealer to look at the car we wanted. The salesman told us that we could wait and lease a brand new car from GMAC with only 6 active months of credit card payments. Is he blowing hot air, or does that sound reasonable?

Actually, that sounds about right. I worked at a Ford dealership before, and was the lease manager there, and that was the policy we followed.

Of course, it always is up to whomever is loaning the money.... that's honestly the bottom line there!