I am a person who is starting all over financially. I had some trouble a while back and it almost destroyed me. I am now in the process of rebuilding my credit. Most of what I need to do has been addressed, however in 2005 I leased a Caddy and I still have 1 year to go on the lease. For some reason I am unable to get some type of answers to my questions. Maybe you guys can help me.

Q. After a bankruptcy, when I get ready to return the vehicle to GM in 2009, will they allow me to lease again? If not, what happens to the leased vehicle when I get ready to turn it back in? Is my only option buying another vehicle with a down payment from a reputable dealer or will I have to worry about getting takin advantage of? Has anybody here ever been in this predicament?:shakehead :shakehead :headshake

Maybe the best person to answer your question may be a financing officer at a dealership or if you belong to a bank or credit union that offers leases, one of their lending associates. I've seen ads in my area from some dealers that claim to be able to offer you a vehicle in as little as 18 months post bankruptcy, so it's worth a shot to ask.

Not sure if this helps or not, but try a local credit counseling service through like a church or something. Don't pay for this as there are several free ones around. They might be the best resource as a bank or car dealer will tell you anything to get your business.

Also, check into a Dave Ramsey financial peace course, I took it and plan on paying cash for my next car purchase. Great resource too!

Who is Dave Ramsey?

I appreciate your response. I must say that a lot of people have said its best to buy a car cash when its time, however in my new financial status, even a year from now, I may be able to save a little money but not enough to purchase a good running car. This may not be an option for me.

Q. After a bankruptcy, when I get ready to return the vehicle to GM in 2009, will they allow me to lease again? If not, what happens to the leased vehicle when I get ready to turn it back in? Is my only option buying another vehicle with a down payment from a reputable dealer or will I have to worry about getting takin advantage of? Has anybody here ever been in this predicament?:shakehead :shakehead :headshake
How has your payment schedule been since you leased the Caddy? All payments on time? If so there probably is a good chance you will be able to lease another vehicle if you wish or purchase one with financing from a dealer or outside source,(credit union, bank, etc.) The longer time goes on from your bankruptcy that you continue to make on time payments and don't over extend yourself on credit, your credit score will increase, thus improving your odds of getting a favorable rate on financing. The best advice would be to do your research ahead of time on what vehicles you are interested in and what options are available that you'd like. Then look at prices both online and in print to get an idea of what to offer or if a certain price is offered to you, you will know whether the salesperson is trying to take advantage of you.
I appreciate your response. I must say that a lot of people have said its best to buy a car cash when its time, however in my new financial status, even a year from now, I may be able to save a little money but not enough to purchase a good running car. This may not be an option for me.
Don't worry about trying to buy a car with only cash when the time comes. Not too many people I know are able to do it, especially after a bankruptcy, and the way the economy is right now with everything costing more. I'd be more worried about having a good credit score to qualify for a better rate for financing. Having a lower score can ultimately cost a borrower thousands of dollars more in interest because they couldn't get a lower interest rate.