@johnson207 wrote:
My wife and I began leasing a car almost 3 years ago with the intention of financing it when the lease ends. Since that decision, we have filed CH 13 and 9 payments in. There are limited car dealers in our area that will speak with customers with a Chapter 13. Fortunately, the dealer we leased from is one of them. Does anyone have any ideas if we could still go ahead with financing(assume we can) the car when the lease ends? We are about 4 months from dealing with it. The leasing process, as well as the CH process, is very foreign to me.
Any input would be appreciated.
You are never obligated to use the dealer financing to buy the car at the end of your lease. Just shop around for a new source. You can buy the car at any time during the lease so you do not have to wait until it ends to buy it. Call the auto finance company [not the dealer] and ask for a number at which you can buy the car now.
My 2cents worth of recommendation is that you consider not buying the car at the end of the lease. The end-of-lease value of most leased vehicles are very often well over market value. Leases work because dealers inflate end-of-lease prices to keep lease payments low. Just keep that in mind. Compare what it would cost you to buy a similar car vs the finance company's cost.
