After a chapter 7, my GMAC lease is up in November, we have not defaulted on this, what are my chances of buying out this vehicle then ?
2007-03-01 08:48:33 · 6 answers · asked by WUDDALIFE 2 in Cars & Transportation ➔ Buying & Selling
You CAN buy the vehicle after the lease is over. However, the grimm reaper is at your door waiting for you to open it. You may get quoted 25% interest rates. Unfortunately, it's all fun and games until someone loses an eye.
Sorry about the bankruptcy. It's very easy to say that you got yourself into this mess, but it's not always that simple.
Good Luck!
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2007-03-01 09:13:58 · answer #1 · answered by rob1963man 5 · 0⤊ 1⤋
If your bankruptcy has already been "approved", then I think your chances might be good in that you have not missed any payments thus far. The bankruptcy may affect the interest rate that they give you. Hang in there. Personally, I purchased a new car before I declared, and I am glad that I did. They just had me sign an agreement to pay for the car on the approved terms assuring that I did not plan to default on the loan.
2007-03-01 09:22:50 · answer #2 · answered by Doug R 5 · 0⤊ 1⤋
#1 stay current on your monthly payments or they will repo car once bk dismisses or discharges...#2 you can buy the car at the end of the lease but you'll have to finance on your own meaning a bank, credit union, etc...keep up to date on all your payments and pray you get a good interest rate in November (or find a good co-signer)
2007-03-01 08:56:56 · answer #3 · answered by Amanda Cards 2 · 0⤊ 1⤋
They will make you pay cash. No bank will want to do business with you that soon after bankruptcy.
2007-03-01 08:57:43 · answer #4 · answered by ? 7 · 1⤊ 1⤋
You don't want to go back in debt.Find a $2000 CAR AND BE HAPPY,SPEND YOUR MONEY HAVING FUN.
2007-03-01 09:01:50 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Instead of buying an overpriced junk, why don't you pay off your creditors?
2007-03-01 10:24:29 · answer #6 · answered by Anonymous · 0⤊ 3⤋