In 2012 I entered into a new car lease through Honda Financial. I filed Chapter 7 in 2013, and it was discharged the same year. My lease is expiring in early August, and I want to purchase the vehicle and finance approximately 12K of the 18K payoff. The dealer submitted my application to HF which came back at 9% in spite of a three year history of timely lease payments. My "loan model" credit score through Experian is 659. The dealer is submitting to other lenders and I'm also trying to shop. What I'm finding is that lenders such as Cap One don't do these kinds of loans. I wonder if anyone has suggestions as to lenders who do lease rollovers. Thanks
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Have you tried a local credit union? The problem I see is obtaining financing if the "purchase price" is close to or exceeds the fair market value of the vehicle. You may be stuck with HF at 9%.
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I haven't tried a local credit union but will do so. The vehicle has very low miles and is in excellent condition. The FMV is less than the purchase price but exceeds the amount I would finance. But I guess lenders don't take into consideration the condition of the vehicle, so I see your point. ThanksComment
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