So I talked with Chrysler Financial today about extending the lease on my wifes car so that it would last thru our plan (of course I did not tell them that). They said that it may be possible to extend for a month or two but that I could not do so until next year when the lease is due to expire. I was told I could buy out the lease but my credit app was turned down (go figure).
My problem is that we need at least one new car in our house just in case some thing happens. Our other car is a 04 Caravan that will be paid off next spring and already has 170k miles on it.
Which leads me to my question. Can I state in my plan that I am converting my lease with Chrysler Financial to a secured debt by exercising the purchase option in the lease? I would pay the purchase price over the length of plan at the going interest rate. This would allow us to keep at least one reliable car thru the length of our plan.
Has anyone done this or heard of anyone doing this before? Thanks.
My problem is that we need at least one new car in our house just in case some thing happens. Our other car is a 04 Caravan that will be paid off next spring and already has 170k miles on it.
Which leads me to my question. Can I state in my plan that I am converting my lease with Chrysler Financial to a secured debt by exercising the purchase option in the lease? I would pay the purchase price over the length of plan at the going interest rate. This would allow us to keep at least one reliable car thru the length of our plan.
Has anyone done this or heard of anyone doing this before? Thanks.