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I am considering applying for a CP due to financial hardships I am having due to a divorce. I have one dependent son and work full time and have done so for the last 15 years. Make a long story short I owe $55,000 in debt and I am so stressed out and upset. I am trying hard to stay above it all but it has become a nightmare. I am leasing a truck ( which didn't help ) however to date I have not missed a payment.

My question is this: If I do a consumer proposal when it comes time to re-negiote my car loan in about one year will I be refused? I have never missed a payment? Who can I contact to ask? My lease payments are to Toyota CDA Financial Services, I believe however I have a Lexus. I contacted a trustee who told me they may not re-negiotiate but my friend who did a CP as well said he re-negotiated but at a slightly hight rate. 

So here is my problem and really need someone to guide me...
I need to start saving money and just can't handle the stress anymore so I want to do this CP ASAP but my lease is up Sept.2015. Will the company re-negotiate my lease or just refuse me? Does anyone know? HELP ME PLZ?
I am so lost, i was thinking of waiting to re-negotiate and then do a CP but I can't wait that long... that is so far ..
Would the company consider or would I even be approved with my credit now for a early re-negotation?  THere are so many factors... but I am hoping someone has already gone thro this and knows the answer. I feel so helpless and so nervous..
Im working killer hours and half the time I am so tired I don't have the strength.

Any guidance please how I should proceed?

Thank you so much!

WorryWART. :( :'(



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Hi there,

I know it sounds like a stressful thing to do, but you might want to ask the car financing company your question. Every situation and company is different, but there's always the chance that they'll say as long as you keep up the payments they will go forward with you.

Best wishes,



  • Guest
Hi Wendy,

Thank you that's what I wanted to do but I am so afraid of asking In case they say no.
I was wondering if I could call to renew earlier ?? I'm not sure what to do but I can't keep payin the way I am because
I simply can't afford it. I will call lexus financial and ask them if would be grated a new lease seeing that I never missed. Y payment.
Thank you for taking the time to reply to my question!!
I will do../)  shall keep y posted!!!

Thank you so much



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