This is my first opportunity to write for A*QUA and I appreciate AutoStar giving me the opportunity to do so. The other night I was watching one of my favorite sitcoms; doing a bit of winding down after a long day. After my program was over, an insurance company commercial came on TV - you know the one - where the actors say their tag line, “Like a Good Neighbor [Insurance Co.] is There!” and the genie-like insurance agent magically pops up to take care of all their problems. That spot got me thinking - no, not about the insurance company - about the new Consumer Financial Protection Bureau, the new regulator of buy here pay here dealers. I thought of the Bureau being the opposite of that “good neighbor” and their new tag line - “Like a Bad Neighbor, the Bureau is There.” However, unlike that bad neighbor you have in your neighborhood that never picks up after his dog and sits on his couch in his garage with his drinking buddies watching Springer on the TV while he pounds down a few cold ones, this bad neighbor Bureau doesn’t have to physically be in your neighborhood to give you a bad time.

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In the realm of bankruptcy, not all car transactions are created equal. A different set of guidelines governs lease transactions as opposed to traditional financing transactions through a retail installment sales contract (RISC). While many dealers and car finance companies may be familiar with the business-side of these transactions, not many are aware of how these situations are treated in the bankruptcy setting. The goal of this article is to provide you with a basic overview of how the process differs depending on whether or not you are the holder of a RISC or a lease.

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