Hi Everyone - I am filing a chapter 7 hopefully sept. I have a lease that we are keeping and we are current on. My lease is done in Sept. 2009, Now my question is - DO I reaffirm my lease? Or should I roll it into a buy out and try to take a loan on it thru the same creditor that I have the lease with before we file? Another question is the Buy out at the end is about 12K-15K more then what the vehicle is worth. What is the right thing to do? I once tried to tell them that the residual value is way more then what the vechile is worth and they say basically tough you signed a contract. Its killing me with gas, but i need a vehicle. Should I contiue with the lease or buy it out right ? And is it true that whatever I signed for 3 years ago cannot be changed, as far as the residual value. Trucks are not worth what they were 3 years ago. I am over about 20K in mileage already.
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If I were you, I would read your question as if someone else wrote it, and see how you would answer it. Because in my opinion, based on what you said, I couldn't run away from that car fast enough. I would see about getting financed on a reasonable car now and de-lease yourself from the one you have now.
Good LuckDisclaimer: I am not an actor on TV, but I play a BK Paralegal in real life. Nothing I say should be construed as legal advice, or really anything but entertainment. Please seek out professional help. -
run fast don't pass goChapter 7 07/30/2008
341 09/17/2008
Discharge 11/21/2008Comment
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Get yourself a reliable, fuel efficient car now that will last you a long time and dump the lease. You will have no liability for any charges on the overage on the milage if you give it up in the bk. Get out of it while you can. Run from it and don't look back.
TSComment
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Ummm, enough saidOriginally posted by jessegirl View Post
RUN!
Filed: 01/23/08
341 Meeting: 02/29/08
Discharged: 04/30/08
Closed: 05/12/08Comment
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Good decision. As BKP says, reread your own words as if someone else wrote them and then you will see your own answer.
Think good used. You get a better deal with a nearly new car as you lose about 30% the minute you sign the papers. Then you too have a used car. Nobody drives new cars except the guy driving it off the assembly line. 'HubIf I knew it all, would I be here?? Hang in there = Retained attorney 8-06, Filed 12-28-07, Discharge 8-13-08, Finally CLOSED 11-3-09, 3-31-10 AP Dismissed, Informed by incompetent lawyer of CLOSED status, October 14, 2010.Comment
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Ok, I will do that. You guys are right! Thanks so muchComment
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