can my car lease be converted to a buy during chapter 13?

[bmw13]

i really want to keep my leased car and have 10 months left. i need a car to get to and from work. can i have the lease converted during chapt 13?

[debtinohio]

Only if you can get a loan to pay it off or convince the finance company to give you a loan to buy it out. There is no direct conversion option in a 13.

You have pretty much 0 chance in getting the current finance company to finance a buyout. Look for alternative financing to buy it.

[lrprn]

i really want to keep my leased car and have 10 months left. i need a car to get to and from work. can i have the lease converted during chapt 13?

You need your Ch 13 trustee's permission to take on new debt during an active Ch 13. Talk to your lawyer to see how your trustee has reacted before when approached to convert a lease.

[momofthree]

Are you in an active ch13 right now, or are you just getting ready to file?

[bmw13]

i'm getting ready to file 13. if i have to turn the car back in, i need an alternative option to getting another car. i have a friend who is willing to sell my a used car and take payments, but not sure how that will play into this. any advice or other ideas would be greatly appreciated.

[momofthree]

Finance a new car and then surrender the lease in the bankruptcy. You just need to keep the new car payment below $496/mo. The rate doesn't really matter since it will be reduced to the til rate when you file.