Leasing a new vehicle after discharge from bankruptcy
January 2nd, 2009 by Questions
When my husband and I declared bankruptcy and were discharged a year ago, we owned our own vehicle though it wasn`t worth much so we were able to keep it. We would really like to get a second vehicle and feel that leasing would be best for us but are worried about getting approved by dealerships. Is it even an option for us to lease? And should we be up front with the sales people at the dealership about our situation? We don`t want people to think we are a bunch of deadbeats… Please help. Thanks.
Posted from: Ontario
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January 03, 2009 at 12:45 pm, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:
In the last year leases have become increasingly more difficult to get simply due to the changes in the financial markets globally and we have found that some companies have done away with leasing as an option entirely.
Having said that there are still leases availble, but may be more difficult to find and qualify for than they have in the past.
The best thing to do once you have found a dealership who still offers leasing as and option is to be upfront. If you don’t let them know the situation right away they will assume you are trying to withhold or hide information from them. In terms of whether they will accept you or not, while it is technically up to the lender, if you have been making an effort to re-establish your credit since you were discharged from bankruptcy you should have a reasonable chance of being accepted.