My credit score is low. My 2004 jeep liberty lease is up. Chrysler Financial will not extend the lease but will finance the vehicle for 48mths @13% I have 3 kids with zero for downpayment. Is this my best choice for now?
You can not re-lease a vehicle once it has been leased. You do have the option to purchase the lease and Chrysler is willing to offer you a 48 month term at a 13% interest rate to accomodate you. You did not mention if you were dealing with Chrysler Credit or the dealer? You could shop for a new car with a subvented rate-0% with a manufactures rebate- GM & Ford are offering excellent finance terms to customers that have a slow pay history or a low beacon score. Take a look at some of the competitors you may have some options that are available to you. Another lease may be a consideration to keep payments in line that will help you to reestablish your credit. Today you have many options- shop around before you sign that contract! If you happen to purchase the Jeep - MAKE SURE YOU BUY THE SERVICE CONTRACT- THE BEST ONE AVAILABLE! Include the service contract in your financing. Read the fine print and make sure it covers all the components on the vehicle, exception is wear and tear. Good Luck!
〉 Answered on May 14th, 2007 by Rebecca Chernek, President and Founder at Chernek Consulting Inc.