My question involves bankruptcy in the state of: Illinois
I filed bankruptcy 2yrs ago. I filed Chapter 7 and it was discharged and closed as NOASSET. Since that time, I have not had any credit what so ever and nobody has run my credit with my permission since that time either until now. I leased a vehicle in 2005 from GM and I had good credit at the time. Because of medical bills stacking up, I had to file BK and since that time, the only thing I allowed myself to keep was my car. I paid the notes on time and was never behind in 2yrs. Since the vehicle was leased and the lease is up in a few months, I decided to see what I could do for myself.
GM would not allow me to lease another vehicle. They flat out said they could not take the chance and had taken a large financial hit on vehicles leased from consumers in this economy who had lost jobs and such. Anyway, they did offer me something after not hearing from them for a week and I had to put it to you guys on this forum before I make a move.
I have a 2005 Cadillac CTS with 39,000 miles on it. The lease closing amount on miles is 48,000 or 4 years whichever comes first. The dealer told me that after careful consideration, the only amount that I could comfortabley afford to purchase in a vehicle was 25,000 dollars with no money down which I did not have. They told me that there was a demo at their dealership I might be interested in. It is a 2006 used to drive customers around and it has 8,235 miles on it. Its blackberry red and fully loaded. I.m just wondering if I should consider this since in 5 months I have no idea how the economy will be, yet I do not want to get taken to the cleaners either as I.m now buying this vehicle instead of leasing it. What to do....what to do?