Another car lease question.

[itcaughtup]

Hi Guys/Ladies- I'm due to be discharged any day and have been paying my car lease on time all the way through my bk, my lease is up in 9 or so months but if i want to surrender my car now even though I've been paying it all along, should that be a problem? Also since that debt was included in my bk would i be responsible for any lease charges or any penalties for turning it in early? Thanks again, I have more questions after the hard part is over!!

[gophermn]

I was in the same situation. Kept my lease loan during the BK process and was unsure if they would take the car or not. In a nutshell and the way the economy is, if you are making pymts nobody will bother you (period).

I would call your lease company (mine is Toyota finl), or even call a dealership and talk with them. I know some lease companies will work with you and break you out of a lease if you are 6 months or so from the date, but I think that all depends if you are buying within.

Keep me updated and let me know what you find out.

[itcaughtup]

ok I will, thanks for the input. I'm curious about the debt, wouldn't this be included in the discharged debt?

[laurannm]

When you filled your paperwork (I forget the form, might be statement of intentions), you had to either reject or assume the lease. if you rejected it, then I believe you can turn it in without any obligation. if you assumed, then I believe you are still held to the lease (similar to reaffirming a reg. car loan)

[itcaughtup]

I don't recall filing a statement of intentions in regards to my lease. My lawyer told me if i wanted to keep my car then i should keep making payments but I'm fairly certain I didn't sign anything.