Yes, it is possible to change from a lease to a finance loan for the car you are currently leasing. This process is often referred to as a lease buyout or lease-to-own conversion. There are typically two types of lease buyouts: a “purchase option” buyout and a “finance buyout.” Here’s an overview of both options:

**1. Purchase Option Buyout (Residual Value Buyout):**

In many lease agreements, there is a predetermined purchase option price, also known as the residual value, stated in the lease contract. This is the price at which you can buy the vehicle at the end of the lease term. If you decide to exercise this option, you can transition from leasing to owning the car. Here’s how it works:

– Review your lease agreement: Check your lease contract for details about the purchase option, including the residual value and the timing of when you can exercise this option (usually at the end of the lease term).

– Contact the leasing company: Contact the leasing company to inform them of your intention to buy the car. They will provide you with the necessary paperwork and instructions on how to proceed.

– Secure financing: If you don’t have the funds to purchase the vehicle outright, you’ll need to arrange financing for the buyout amount. You can obtain financing from a bank, credit union, or the dealership where you leased the car.

– Complete the purchase: Once you have secured financing, you can complete the purchase by paying the residual value amount to the leasing company. They will transfer the vehicle’s title to your name, and you will own the car.

**2. Finance Buyout (Early Buyout):**

In some cases, you may want to buy out the lease before the end of the lease term, known as an early buyout. This option allows you to transition from leasing to financing the car through a loan. Here’s how it works:

– Review your lease agreement: Check your lease contract for information on early buyout options. Some leases have provisions for early buyouts, while others may require you to wait until the end of the lease term.

– Contact the leasing company: If you’re eligible for an early buyout, contact the leasing company to discuss the process and obtain a payoff quote. The payoff quote will include the current buyout amount, which may include the remaining lease payments and any applicable fees.

– Secure financing: Just like with a purchase option buyout, you’ll need to secure financing for the buyout amount. Shop around for the best loan terms and interest rates.

– Complete the buyout: Once you have financing in place, you can complete the buyout by paying the agreed-upon amount to the leasing company. Afterward, you will own the car, and it will be financed through the new loan.

Before proceeding with a lease buyout, carefully review the financial implications, including the total cost of the buyout, interest rates, and loan terms. Compare these costs to the remaining lease payments to determine if converting the lease to a loan is the right decision for your budget and long-term goals. Additionally, consider having the vehicle inspected by a trusted mechanic to ensure it’s in good condition before committing to ownership.