Need Help/advice

[Lease-V-cross]

Hey everyone.
Ok...I'll admit I was never an expert in fiancial matters. I have been on this board numerous times stressing over the matter of keeping my VX. (I know most of you VX-maniacs are thinking "How could I stress over such a thing?"
My lease is up next Spring. Below are the cut and pasted stats of where I'm at now. I am strongly considering buying it now. I have had a lot of warranty-covered work done on my VX. I still like this car. I have been to dealers and they tell me that if I trade it in, whatever is left on the lease is still my responsbility and will get added on to whatever new car I get. The question is..is it worth it?
I filed for Bankruptcy about a year and a half ago. So I think no bank will even touch me for a new car loan. I have no down payment even saved. Does anyone have any experience with Chapter 7 ? I was told by a friend of mine that most banks will not even look at you until after 2-3 years. Will it be in my best interest just to buy the VX? How close are these figues I posted below?
I did the Kelly Blue Book check...but I guess with all the interest it's about right. I want to make the call this week if I can and let my bank know. One thing I am afraid of is all the extra fees they will hit me with at the end of lease if I turn it in. I have some added nicks and scratches and the original 6 CD changer was broken so I replaced it with a single player.
If I get a new car or a new/used and trade in the VX with no down payment I will most likely end up with a higher car payment than what I started with, correct?
Here's the stats pulled from my account.


I really feel that the VXer's on this site are awesome. We all stick together. I appreciate any thoughts.
Oh, and as far as just selling it? I am allowed too through my bank, but that still leaves me without a car to get to work.

*Current Purchase Amount: $12,512.52 (assumes $0.00 security deposit is applied)
Purchase Amount Good Until: 8/4/2005
*Purchase amount Includes sales tax of $40.50


*Purchase Specials
Preferred Customer Discount: $0.00
Preferred Customer APR: 12.99%
Amount Financed: $12,416.39
Term
(in months) Monthly Payment Monthly Savings
60 $282.45 $46.51

[Rooster]

Yikes! 13% int..? Seriously, you have til next spring to buy it outright. Get a decent job, go to a credit union and get a better int rate. If thats not feasable, I'd talk to this bank and ask them to work with the int rate a little.

[transio]

Yikes! 13% int..?

Not a bad rate, considering the bankruptcy.

[transio]

One thing I am afraid of is all the extra fees they will hit me with at the end of lease if I turn it in.

Your lease accounts for a certain amount of reasonable wear and tear. This usually means something like "$500 damage per panel or $1500 total exterior damage" or the like. If you replaced the head unit, it's likely they won't even notice that it was swapped out. And if they do notice, it's likely that they won't charge you for the switch, because you repaired the damage.

I turned in my Honda lease a couple years ago with a badly repaired left fender and headlight, worn tires, completely worn out clutch, and several dings and scratches and only got charged like $100 for the rear tires.

[Lease-V-cross]

Well, I asked my bank to run some numbers for buying out my VX. Unfortunatley, due to my bankruptcy last year, they said they can't allow me too. ****!
Then they tell me they have a sister financial company that may be able to help me as well. So, I call them. Nope. Apparently, becuase I am laid off from work and did not make enough money last year, they can't help me either.
I was told if I can put a larger down payment that something could be worked out.
So I have two options. Work two jobs and don't start school this Fall (I was going to take evening classes) and save for a down payment so I can buy the VX.
Or---next June 06 I turn it in but then all that money I put into during leasing was for nothing. Of course, it is over 70,000 miles and I would not be getting any extended warranty when the current warranty expires. They offered me an extended warranty at $900 something for an additional 36,000 miles or 3 years W/comes/first.
Looks like either way I have to work two jobs to save for a new car anyway.
One thing's for sure, I dug out my original VX tires and I'll put those back on before I turn it in at the end of my lease. No way, I'm buying new tires!
I guess I could try privately selling it again, but then I still need a ride to work.
I think it's rediculous that they wont work with me. I was told that if I kept my car through my bankruptcy that it would actually help my credit. I never even missed a car payment. Sometimes I even had to sell **** to make my car payment!
Sorry, everyone..just venting...but I've experienced alot with my VX, but maybe it's time to let it go? With gas prices the way they are getting...and the high mileage..maybe it's a sign?

[WyrreJ]

Banks suck @ss, they don't give a crap about regular customers - they only care about the bank owners. Credit unions, by definiton, are owned by their customers, so as long as they aren't one of the huge CUs that have started to forget their mission and act like a bank, they will be a LOT easier to work with. See if you can find a local credit union that you can join and find out what they can do for you instead.

Here's one decent place to find out about credit unions:

http://www.bankrate.com/brm/rate/creditunion_home.asp

but they aren't the be-all and the end-all to CU information either (their website is BANKrate.com not CUrate.com)

[Lease-V-cross]

Well I can officially say that my bank that holds my VX lease title SUCKS ***!
I received in the mail another letter about purchasing my VX before my lease term ends. So, curious about the details I call and set the gears in motion to buy out my baby. I was running out of time because I turn it in June 06.
Well.......I was DECLINED FINANCING!
Couldn't believe it. Not one late payment in the 5 years I've been driving this moon buggy. So they give me a phone number to a sister company they have that could possibly help me. I call them. Nope. I need either a co-signer or a bigger down payment. Alright, I understand. My credit score is in the upper 500's...it's not too spectacular but it's not the worst either.
My decision is this. I will be working two jobs to save up $ for a down payment on a brand new, cheaper car to buy before June 06, and then I'm going to have to trade in the VX. I have to give it the dignity it deserves and not let it get back in the hands of that evil prick bank only to end up on the auction block!
Screw that bank!
Just thought I'd give everone an update.
I thought about keeping it, and putting down more money on it, but I'm concerned about the mileage (over 70k, now) and I'm tired of all the problems I have been having with the windows (which are now fixed...again)...unless I win the lottery...I'll keep her.


E.

[Moncha]

The two pints that are causing you the troubles is #1, last year's Bankruptcy and #2, Credit Score around 500. You're stuck with that stigma untill the score comes up and the bankruptcy time runs out.. 7 years is a long time but, you already have 1 gone.. Having a good payment record is a very small part of the rebuilding process.

I does suck but you can't blame the system entirely. Of course, they are out to protect themselves but their customers too... I never quite understood how they slam someone with a bankruptcy as at least they know you won't be able to file again for a long time! But, we have to remember that the highest percentage of bankrupcties were caused by by lack of descipline, that's why the crack down on the filings and changing of the rules.
If you can, get the down payment, refinance the vehicle and it would help your scores out tremendously.. You can get a down payment for a cheaper vehicle but guaranteed, they will rape you over percentage points and you probably end up just as unhappy as you are now as you will end up way overpaying in the long run.. I was in the same boat a long time ago (Broken back and too many med bills) and used my VX's to build myself back up..
Good luck with what ever you choose, just don't make descisions out of anger..

[transio]

Or---next June 06 I turn it in but then all that money I put into during leasing was for nothing.

That's a bad way of looking at it. A lease is designed to calculate interest + depreciation only. You're not puting money into the vehicle, you're "renting" it at a predetermined rate that will make a marginal profit for the bank. The cost (and risk) to you is minimal. I say turn it in.... you can get a VX on open market for under 10k these days if you shop around for a desperate seller.

[WyrreJ]

Turn it and buy a used motorcycle while you look for a good price on a VX. You'll save a TON of money on gas and you might even get lucky enough to find your original VX on the lot of a dealer who is willing to sell it for a lot less than the 'official' buy-out price.

[VehiGAZ]

HAH! I like your idea, WyrreJ!

LVX, your sweet baby will end up on the block in York, PA. A licensed dealer or wholesaler can buy it back for you - time to make a new friend!

The MC solution won't last long, though... winter's on its way, even in PA.