In Chapter 13, you have the option to continue to pay for your car lease payment or you can opt out of your car lease payment. The trustee may not allow you to buyout a car lease if other outstanding secured debt needs to be paid.
Yes
generally, no. Most of the time are only required to disclose income from automobile sales if you sell several in that year.
It depends upon the value of the car and your likeihood of purchasing a new vehicle and the terms you'd incur, plus maybe whether you like your car. Find out the value of your car and whether you're comfortable with the value versus the buyout amount.
You can get a car lease immediately after filing for Chapter 7 bankruptcy. Since it would be a post-petition debt, there is no waiting period provided that you qualify income wise. Some lenders may require you to have a discharge, however, it is not required under the law to lease post-filing.
The reduction in the car's value while they're driving it
You will need permission from the trustee before doing anything financial while in chapter 13 bankruptcy. You will have already signed paperwork agreeing to full disclosure with your trustee when you filed.
A car lease is an individuals person lease for their car. A commercial car lease is the lease for a commercial vehicle which are used for businesses.
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In simple terms, an auto lease is a long-term rental. When you lease a car, the lease agreement you sign specifies how long you have the car and how many miles you can drive during this time period. A popular lease term is 36 months (3 years) and 12,000 miles/year (36,000 miles). You are not prevented from exceeding this mileage, but you will pay a per-mile penalty for every mile you are over (as defined in the lease agreement). Once the lease agreement expires, you must return the car to the lease company or purchase it from them at a pre-determined amount. The car also must be returned in good condition with only "normal wear and tear". A fee may be charged if the lease company feels the car's condition is worse than expected. Leases are often much cheaper than a traditional loan because the actual dollar value being financed is much lower. When you purchase and finance a car, the loan is for the total purchase price. For example, let's say the car you want has a purchase price of $25,000. With a traditional loan, the loan amount will be $25,000 (less any down payment), broken up into a monthly installments over the lengh of the loan. If you lease that same $25,000 car, the actual dollar amount financed may be less than half the retail price. A lease basically covers the value that you will use over the lease term, verses the actual cost of the car. The buyout option at the end of the lease would typically be the remaining amount not financed. One common misleading statement about leases is that you do not own the car. While this is true, you don't actually own the car while you finance it either. When you finance a car, you only truly own it after your loan is paid off and the finance company provides a copy of the title in your name. While you are paying the loan, the finance company owns the car. The same is true for a lease. The biggest difference here is that a financed car will be registered in your name, whereas a leased car will be registered in the lease companies name.
Yes, you can. When you lease a car you have the option of purchasing the vehicle at any time. When you go in to make a trade, the dealership will have to call the leasing company and get your payoff. Basically the dealership will pay the remaining balance of the lease and purchase the vehicle from the leasing company. It really depends on your situation, in a perfect world, the vehicle buyout would be the same as its trade in value but that is ususally not the case. If you have a closed end lease, you would be better off if you waited the lease out before purchasing a new vehicle. You may be fortunate enough to have vehicle that is worth more than the lease buy out amount. These days, there are a number of services which match people who are looking to lease cars with those who are looking to get out of a lease.
can a name be added to a car lease
One can compare car lease quotes at the website Lease Compare. Leases can also be compared at Car Lease Deals, Cars Below Invoice, Top Car Lease Deals and M oney Supermarket.