Lease to purchase, after BK?

[NoMoreCards]

I am signing papers tomorrow for a Chapter 7.

I am one year into a lease with Honda. My lawyer says that he believes they will reaffirm, which is great. The car payments are only 312. per month. But in 2 years, the lease will be up. The bad thing is I will be WAY over on the millage allowed under the lease. For me, it isn't a big deal as I plan to purchase the car at the end of the lease for 12K, if I can get the credit for that.

Does anyone know how big of a problem it will be to get financing to purchase this car 2 years down the road? I have stayed current on all payments with them, and intend to keep it that way throughout the lease period. I am worried about getting caught in a trap that I can not get financing to do the purchase, and then owe millions in extra millage fees if I am forced to turn in the vehicle due to lack of financing.

[phoenixrisin]

I am in the same boat with Chrysler.

My lease was listed on Schedule G- but I don't believe this discharges it. I reaffirmed, but can do nothing with Chrysler until 10/7/09 when the rescind option is up. My turn in date is 10/1/09, and due to being in BK during the last few months I received no communication with them as to how all this would go down. (and I have never had a lease before so I didn't know what to do.) Last thing they said to me is that they used to refinance lease vehicles thru their re-marketing dept, but only a handful of people are sucessful at this nowadays. I was told this by several Chrysler reps. I was also told due to BK I would have virtually NO chance of refinancing it.

They said call a dealership and see if I can get a loan that way. My dealer say they don't want to do it as it will involve turning the vehicle in, then bascially re-buying it from them. Of course they will sell it to me just like anyone else- with a profit added. And they said it was just a difficult and complex proposition. Because we are just our of BK, the loan options - especially for used vehicles- is VERY limited.

I WOULD NOT count on being able to refi, BUT Honda may be better then Chrysler, as Chrysler did the BK thing themselves recently. Also since your possible refi is 2 years from now, you may be in a better credit position and be able to get refi'd by Honda.