Kia Sorento 2021 Lease-End Options Advice

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1

My current lease is expiring 9/1 with Kia Sorento 2021. It’s 36k milage limit (12k/ year for 3 years) with $348.21/ month. Have already blown through the mileage limit (currently at 43k) so will have to pay the $0.2/ mile penalty charge when I turn the vehicle in the next 4 weeks. I can get a 6 month lease extension (basically run it month-to-month till Christmas).

Am now looking to now secure a new 3-year lease with mileage allowance for 45k (3 years) minimum. Needs to be a mid-size hybrid SUV. Am located in upstate NY (south of Syracuse) and open to the following brands – Subaru, Honda, Hyundai, Toyota, Chrysler. Dodge, Jeep, Ford, Chevrolet, Volkswagen, Volvo, Nissan, Cadillac. Budget is within the $300-$500 / month range. What would you suggest?

First timer with LeaseHackr here – don’t know how to use this site and how I should go about everything. Thoughts/ suggestions/ advice/ guidance – all welcome. Here to learn.

2

Check this lease for me:

Lease for $399 per month for 36 months. 10,000 miles per year. $0.15 per mile over. $2,999 due at signing includes $2,999 down payment. $0 security deposit.

Tax, title, and registration fees included in due at signing.

3

not a expert of anything, but you can benchmark to your broker deal in your area in the marketplace sub forum, a lease calculator can make the comparison easier too.

4

This cannot be true if the $2,999 DAS is a $2,999 down payment.

1 Like
5

Lease Options

Term

36 mo.

Interest rate

0.00242% APR

Miles

15000 mi

Residual

$17,611.10

$0.00

Cash down

$482.13

Total MSRP$ 28,405.00

Cap Cost$ 28,405.00

Acquisition Fee$ 595.00

NY Registration Transfer Fee$ 188.50

Doc Fee$ 175.00

NY Tire Fee$ 12.50

Additional Fees$ 11.93

Fees$ 982.93

Tax NY State Tax - State (8.0000%)$ 1,378.96

Subtotal$ 30,754.39

6

Combine with your other thread. The answers are the same.

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7

Not very good deal . Buy it, if you want it, do not lease it

1 Like
8

New 2025 Honda CR-V Hybrid Sport-L (with $3k cash down):

Term

36 mo.

Interest rate

0.00235% APR

Miles

15000 mi

Residual

$25,728.00

Total MSRP
$ 40,200.00
Cap Cost
$ 40,200.00
Acquisition Fee
$ 595.00
NY Registration Transfer Fee
$ 188.50
Doc Fee
$ 175.00
NY Tire Fee
$ 12.50
Additional Fees
$ 11.93
Fees
$ 982.93
Tax NY State Tax - State (8.0000%)
$ 1,834.97
Subtotal
$ 43,005.40

9

What’s the problem with the deal (just for my own understanding as I’m a noob)?

10

For starters, do the following math, unless you are retiring from driving in exactly 3 years:

A. Finance a vehicle in this segment on day one (there are attractive APR offers such as 0.9% for 60 months).

B. Lease the vehicle for 36m and then finance the RV plus TTL at a used car loan APR of, say, 7%.

C. Keep leasing indefinitely.

11

They are not taking any discount off msrp. And its a vehicle that holds its value but doesn’t lease very well.

1 Like
12

That’s a good point. There is no discount being offered off MSRP.

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