It is a 2025 Kia Sorento and I just wondered what if I decided to pay off the lease early? What are my options? Can I convert the lease contract to a one pay and save some finance charges? I want to keep the car I just wondered if I could pay all the payments up front to KFA and save some money?
If you plan to keep the car beyond the end of the lease, then exercising the buyout option now would be the best thing to do. If you just leased the car, the buyout amount should be fairly close to the adjusted capitalized cost on your lease contract.
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How do you make so many threads/posts, but then go sign a lease and then ask this afterwards?
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This.
@Chogers - we can make this easy:
What make/models did you NOT cross shop (if any) as part of your journey down the rabbit hole?
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No, you cannot convert the lease after it’s signed.
You can save on finance charges on the lease by buying it now. That would protect you better in the event of a total loss vs paying off the remaining lease payments while keeping it titled under KMF.
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It was just an after thought I had. I am in a situation where I am shopping two cars at the same time. One to replace my Tesla Model 3 which is paid off btw and we leased the Sorento because we needed a second car. So now I could sell my Tesla and pay off the lease of the Sorento and obtain a new lease on a new car or I could just put the money from the Tesla towards a new lease. I was thinking it would be convenient to just have one payment instead of two.
Not interested in buying it and having $600 plus payments and having to deal with selling it in 3 years because I want something different. Leasing is the way to go!
I cross shopped many many vehicles. Still am to replace my Tesla Model 3. No rabbit hole here.