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lease a car while I am in a consumer proposal

I filed a consumer proposal May 2005 and my term is until May 2007. Will it be almost impossible for me to lease a car now that I have on record that I filed a consumer proposal? I filled out a credit application at a car dealership with the intent of having a strong co-signer and I’ve been told that the leasing company “won’t even touch me.” Am I destined to have an “X” on my credit record for several years? How do I explain that a consumer proposal is not the same as a bankruptcy…or am I mistaken?

One Response to “lease a car while I am in a consumer proposal”

A licensed trustee said...

It is not impossible to lease a car while you are in a consumer proposal, but it is more difficult.

In our practice we recommend that you investigate a replacement car before filing the consumer proposal, so you know your options.

I suggest you contact the administrator of your consumer proposal for specific advice; they are probably aware of local car dealers that will finance or lease a car to you, provided you have a sufficient security deposit and perhaps a co-signer.