Built For Consumer Proposal and Bankruptcy

This program is built specifically for people who are entering into or have recently been discharged from a Consumer Proposal or Bankruptcy.


In a bankruptcy or a proposal you are allowed to include your vehicle and loan to get out of a payment term that you cannot afford, or a vehicle that does not suit your needs or has significant negative equity.

Before you enter a Proposal or Bankruptcy it is important that you evaluate your current vehicle and determine if it will provide reliable transportation throughout the restructuring.  You will also need to evaluate the amount owing on the vehicle compared to what it is worth.  If you owe more than what your vehicle is worth, now is a good time to return the vehicle to the lender and include the shortfall in the Proposal or Bankruptcy. We will guide you throughout this process to make it easy for you.  If you require further assistance about this please contact us.


Program overview 

Vehicle Leasing

Legacy Auto Credit realizes that bad things happen to good people and we want to help the good people get back to mainstream banking and prime rates.

When you lease a vehicle from Legacy Auto Credit you will quickly realize that this isn’t your normal vehicle purchase.

Our motto here at Legacy Auto Credit is to RESPECT, REBUILD AND RETAIN. What this means for you is that we understand that you are coming from a difficult situation and you need someone you can trust. With experience in the insolvency industry we realize that bad things happen to good people. It is our primary goal to assist you to secure an affordable vehicle now, to help you improve your credit situation by not over extending you on a payment and to retain you as a customer and move you into our mainstream dealership network financing.

Legacy Auto Credit looks at your financial ability to pay not your past credit issues. We provide leasing rather than purchase financing because it is more affordable which allows you to lease a newer more reliable vehicle for the same monthly payment.

Legacy Auto Credit begins by working with you to confirm affordability by helping you establish a monthly budget. This will ensure you are able to make the lease payments and your other monthly obligations so you do not damage your credit further.

It is our goal to educate you on how credit bureaus compile your information so that you can make wise decisions regarding your credit in the future.  With this knowledge you will understand that it is very important to make your payments on time and only apply for credit that you can afford to pay back.  

The Legacy Auto Credit Process

We will:

  • Review income and expenses to determine manageable payments
  • Review your employment and residence history past 3 years
  • Review current debts (secured and unsecured) and your plan to deal with the debts
  • Review vehicle requirements
  • Select vehicle based on requirements and payment
  • Proceed with lease documentation and vehicle delivery
  • Provide financial literacy information to assist with future financial decisions and money management

You will:

  • Make all scheduled payments and maintain vehicle


  • Your lease is completed and you have no negative equity going forward into your next vehicle purchase.
  • Your Proposal or Bankruptcy is completed and you are ready for mainstream banking at prime rates as long as you have re-established credit.
  • We report to Equifax, this will improve your credit rating over the term of the lease. 
  • We can now introduce you to our network of dealers to find your next vehicle with mainstream interest payments