How long after bankruptcy discharge do I have to wait to lease a car?

[CHAD5770]

Our lease is up in 3 weeks and we were late on 1 payment, sp we lost our pre approval for another lease. The dealer tried everything to get us set up, but we need to wait until the bankruptcy is dicharged before we can do anything, so we do not add it to the file, it makes sense. ------

[Buddy]

Bankruptcy sits on your record for seven years. I could be wrong but you may find that you can not get the car financed anywhere. ------

[nowayout]

It's up to the credit agencies to take it off their records. It can sometimes take months before they get around to it. You should contact them after the discharge and request immediate removal. You should not assume that it will be removed on the day of the discharge, or even immediately after your request. ------

[insidebuy]

Right now it shows up as an open BK. Nobody will finance you on anything because you can always add them into the BK and take them down. Once it's discharged, it stays on your record for 7 to 10 years. During that time you still wont be able to finance anything at all. You'll have to wait until it's off your history before you can start to rebuild your credit.And that will begin with a credit card or a small personal loan or some type of revolving credit. You need to keep the payments current for at least a year to show you're responsible once again. And another thing you'll have to do is re-establish your car loan credit. That means buying a car from a new and used car dealer that will be financed through a secondary lender. Yes, that means paying an outrageous APR for 4 to 5 years. But it's what you have to do to get back into the good graces of the major lenders.Also, keep in mind you need to find a very affordable car so that you will be on time with every payment. One late charge will kill your credit history since you're trying to prove you're credit worthy again. This can be done about two years after the discharge, as long as you don't have any more credit problems in between.With the on time payments of the car and other credit after the discharge is off your record, you should be able to sign for a lease on your own once again.Keep in mind there is a credit crises right now. House foreclosures and auto repos are at their highest levels since the Great Depression. So getting approved is even more difficult today than just a year ago. And leases have always taken even stronger credit to get approved over a purchase.The one good thing in your favor is that you continued to pay on your auto loan. You haven't taken the lender down. If you have a great reporte'with the dealer, he may be able to give the lessor a U.G., unconditional guarantee. That will get you into a car, but it won't be an expensive one. And the money factor will be high. ------

[wndsrfr96]

Many car dealerships are having clients who failed the credit check file bankruptcy. Once the bankruptcy has been granted they approve the lease or loan because they know the client cannot file again for 8 years. Most lease or loans are paid up before 8 years. ------