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Auto lease after BK...


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Here's the short version. BK 7 in March 2004...gave up one leased car, kept another. Paid through the term of the lease...November 2004. Tried to refinance, but without a job, no one would touch me. Called bank holding lease. They said "...lease can be extended for awhile...". I said, "how long is awhile". They said "3-6 months".

Okay...so here it is a year later and I'm still making payments and I still have the car. I assume they won't let this go on forever...if by some miracle, I get a job soon, I'd still like to keep the car. (Its in good condition with very low miles for being 4 years old).

So...I know they'll give me a purchase price...the question is will they adjust it for the extra year's payments? What leverage do I have?

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How much longer is in the lease, or should I say when do you either have to give up the car or buy it outright?

You over miles on it?

Before I say my standard "leasing sucks" statement, from my readings on auto leases one has to have very good credit to get one. So though you have this one, you likely won't get one again for a long time.

Is this the same lending institution that turned you down for the outright purchase of the vehicle?

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Lease was up a year ago. I've been paying month to month....so the question is, any idea how much longer they'll let this go on?

Way...way...under miles, which is why I'd like to keep the car. It runs good and has no major problems I'm aware of.

And...yes...the lease holder turned me down to buy outright. Two reasons, I suppose...a.) I turned another leased car back to them early in the BK, and b.) I'm unemployed.

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  • 3 weeks later...

Bump again.

I'm still trying to figure out what to do about this.

I may...big may...have a way to buy this, but on the other hand I might not. I need to contact the bank to get a buy out, but unless I'm feeling pretty good that I'll get a deal, I'd rather not let them know where I am. I don't have the money for a payment this month, and they'll need to find me to repo it...I'm guessing I probably have a few months of non-payment before they come looking, but I don't want to make it easy on them.

Just another item on the long list of problems I don't have solutions for...

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well, if you can't make your payment with them this month, that pretty much rules them out for financing your car. Are you still unemployed, if so it's going to be hard to get a loan like you mentioned earlier. I'd make sure I have a deal in place that's secure before contacting them. Try posting on creditboards dot com in the automotive forum.

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  • 3 months later...

So, here it is 4 months later, and I still have the car. Haven't made a payment since November. But...license tags expire this month, so I called the bank holding the lease this morning. The leasing department said they couldn't talk to me because I was 4 payments behind...she said, talk to the BK department. So, I talked to the BK dept. She, at first, said because it was IIB, and we didn't reaffirm, she couldn't talk to me...I should have my lawyer call. I said, I just want to buy the car...how much do you want for it. After some wrangling, she gave me the payoff. Hmmm...

So...my question is...is it possible that because I didn't reaffirm but they just let me keep the car anyway, that they really can't touch it? I know I have no liability (that was IIB) but what recourse do they have?

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