Legal Question in Business Law in Illinois

Proper way to convert a lease to a purchase

We have been trying for the last three months to convert our vehicle lease to a purchase. At the time, we had just moved from Colorado to Illinois. The leasing company asked for an assortment of information and at the time we had sent them copies of our Colorado DLs and Veh Reg. Finally, we have sent them copies of our new Il DLs and Veh Reg. Now, they want payment for the three months since the lease expired before they will complete the purchase transaction. My position is that the transaction needs to be completed before the payments can be made. This sounds completely backwards, and just want someone else's opinion and if it is unlawful in any way, I would like to pursue action against this company if it would be feasible.


Asked on 12/31/08, 6:23 pm

1 Answer from Attorneys
Motty Stone Law Offices of Motty Stone

Re: Proper way to convert a lease to a purchase

Until the purchase goes through, you are still operating under the lease. Now, if you tell them that you will not sign for the purchase unless they waive those 3 months, that might get you somewhere.

I do not know how much money is involved, but there are probably not enough damages to be worth a lawsuit even if you do have a winning claim.

Read more
Answered on 1/01/09, 3:42 pm


Related Questions & Answers

More Business Law questions and answers in Illinois