Anyone know?

[robertrk]

What is the name of your state? Maryland


We will be filing Chapter 13 but keeping our leased vehicle. Our lease will be over in about 2.5 years. At the end of this lease, will we be able to continue making payments and keep the car? Will the interest and payments remain the same as they are right now, when the lease is over? I have been current with all my payments on the vehicle and never have been late at all with them. Any advice would be much appreciated.
Thanks
Robin

[racer72]

Read your lease agreement. In the situation you speak of, you will have to convert the lease to a purchase. You are going to find why leasing is not a very good option. The first thing, your lease payments are not reducing the collatoral loan, you are paying someone to use their vehicle. At the end of the lease, your buyoff to purchase the car will be much more than the vehicle is actually worth. Thus you will require a substantial down payment to purchase the vehicle. Plus you get stuck paying for any excess mileage and for wear and tear considered to be above normal. You can probably return the vehicle and purchase the exact same car from somewhere else for thousands less. The only time I know of someone purchasing a vehicle they leased the monthly payment almost doubled.