Liabilities/Debts - Board App

What neighborhood is this in?

When we purchased our place we did not list the debt as a liability since the balance was fully paid off. I believe it's only a liability if there is a balance after making the payment and interest is charged.

midtown

How about a car lease? It is not a loan. Is this something that needs to be disclosed as a liability?

Car leases are considered liabilities for banks, so I imagine it would be the same for coops.

why not pay it off in advance during the application months then go back to normal that way theres no issue

Jennieyax82: The answer is "yes" - I would indeed show whatever the outstanding balance is on your credit card(s).

First, the truth is that $1,500 (+/-) shouldn't/won't skew the board's decision in any way. In addition, showing some small amount like this is evidence that you offering full and complete disclosure, which gives boards confidence. The amount in question is small, so I would definitely just show whatever is due on the day that you actually complete and hand in the application.

I would not disclose and I would pay off multiple times each month resulting in lower balances.

Of course you have to disclose a car lease. It's a monthly payment obligation.

car lease yes.
minor credit card debt, if 1500 is making a matterial difference on your financial picture, then to be honest you're probably going to have deeper issues with your application.

cc balances always paid to zero monthly should not be included in a board pkg.
this is the same as realtime purchases--the cc is just a payment method.

If you show this you will confuse the board, which will think you have cc debt sufficient to require a 1500/month payment--a sign of fiscal ineptitude, not prudence.

a car lease is certainly something you must show a board. doye

if you buy a car with your credit card and pay off the balance that month, you need not show that.

if you are engaged in a lease to rent a house in the hamptons, you need to show that.

> doye

?

Just remember that the credit report the Board calls for comes up with a list of your credit cards and related debt.

jelj13, True. Credit Reports do show car lease payments.

jennie, you do not need to show the credit card "debt", because it is not "debt" if it is paid off in full every month. Indeed, your credit report will show precisely that.

You do need to indicate your car lease payment, as you would any payment that you make every month, even if it is not a loan. For example, if you currently rent an apartment, of course you'd show that you pay your current rent, and that is not a loan.

Good luck with your purchase! :-)

Isle_of_Lucy: you show credit card debt because it is a liability. And the form asks for ALL liabilities - not debts. If you aven't paid it off that month when you turn your application in, then it is still an outstanding liability.

I would include this as a "Current Balance" and the board should understand that you pay it off monthly. If you classify it as Debt they may think that it's long-term and that has a different meaning and implication for the Board.

doye is a form of duh, with an extended length on the eee sound

http://streeteasy.com/nyc/talk/discussion/30125-suing-our-condo-board-or-any-other-bright-ideas