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  1. #1

    Default My Lease Is Up On My Vehicle, But I Filed Bankruptcy A Year Ago

    My question involves bankruptcy in the state of: Illinois

    I filed bankruptcy a year ago. My lease is up on my vehicle from General Motors. I checked my credit report and Fico scores and all are 650,650 and 675. I here that these scores are not good as far as bankruptcy is concerned. Anyway I need another car once this lease is up but can not find information on what to do once I have to turn it in.
    1. should I contact general motors myself and ask in advance if they will allow me to lease again?
    2. should I try and keep the car once the lease is up by financing the rest of the balance?
    3. should I try my credit union and ask if they will finance me?
    4. how does a leased vehicle work as a trade in for another vehicle or is that even possible?

  2. #2
    Join Date
    Apr 2007
    Location
    Southeastern Michigan
    Posts
    1,226

    Default Re: My Lease Is Up On My Vehicle, But I Filed Bankruptcy A Year Ago

    You need to speak with your bankruptcy attorney before you do anything. During bankruptcy, you are not allowed to incur additional debt over $1,000 so purchasing your lease vehicle is probably out of the question - unless the trustee/bankruptcy court approves the purchase of this or another vehicle.

    Your attorney will best advise you as to your options.

  3. #3

    Default Re: My Lease Is Up On My Vehicle, But I Filed Bankruptcy A Year Ago

    I filed pro se. I was closed and discharged a year ago. I was allowed through GM to continue making payments and I did and never missed a beat. Now I find that with a year left on the lease, they will be taking back their car and what will I drive? I work 6500 north and I live 3300 south. Believe me, its far away with no public transportation. This is just bad.

  4. #4
    Join Date
    Apr 2007
    Location
    Southeastern Michigan
    Posts
    1,226

    Default Re: My Lease Is Up On My Vehicle, But I Filed Bankruptcy A Year Ago

    If you're saying that your bankruptcy has been discharged, then you're free to do as you choose.

    If the dealership won't extend the lease, they will offer you the chance to purchase it outright. If you can't get a loan due to your credit scores, then you're pretty much out of luck.

    However, there are institutions (car dealerships especially) who may lend you the money, even with poor credit. Beware, however, of the interest rates - they'll kill you every time.

    Good Luck.

  5. #5
    Join Date
    Jun 2008
    Location
    Florida
    Posts
    8

    Default Re: My Lease Is Up On My Vehicle, But I Filed Bankruptcy A Year Ago

    My lease is up in 3 months, I also have a low credit score, even lower than your 650. I have been shopping around for other vehicles and with a score of 650, you should be able to finance another vehicle. What I did was I stopped paying the lease payments and saved that money, put it with the stimulis refund and just bought a 4k used car. Now no car payment cheaper insurance and cheaper gas. I gave the car back to the bank. Yes it is considered a voluntary repo, but my credit sux anyway. I will eventually pay this debt, but for now it got me out of the jam.

  6. #6
    Join Date
    Apr 2008
    Location
    Texas (Dallas area)
    Posts
    1,404

    Default Re: My Lease Is Up On My Vehicle, But I Filed Bankruptcy A Year Ago

    Quote Quoting mjswen
    View Post
    My lease is up in 3 months, I also have a low credit score, even lower than your 650. I have been shopping around for other vehicles and with a score of 650, you should be able to finance another vehicle. What I did was I stopped paying the lease payments and saved that money, put it with the stimulis refund and just bought a 4k used car. Now no car payment cheaper insurance and cheaper gas. I gave the car back to the bank. Yes it is considered a voluntary repo, but my credit sux anyway. I will eventually pay this debt, but for now it got me out of the jam.
    You should have started this as a new thread. But anyway,

    Who says a credit score of 650 is bad? it is on the low end of GOOD, by now having a repo your score will go down to the 400's.

    I wish you would have asked this BEFORE you took it on your own to think that your score was bad, it was anything but. With a 650 FICO score you can get a Visa, Mastercard or American Express as an unsecured card from any major bank. YES with a 650 score you can finance a new car with zero down.

    With a fico score in the 400's you cant get air.

    Here is a link to FICO, join the forums there and educate yourself. Better late then never

    http://www.myfico.com/

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