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Mitsubishi Outlander Lease Questions

kyfdxkyfdx Posts: 29,936
Ask your Mitsubishi Outlander lease questions here!

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Prices Paid, Lease Questions, SUVs

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  • I am in the process of leasing a 2007 outlander XLS with navigation, sun&sound, and luxury packages for $2000 down and $280/month. I need to know if this is a good deal or not. My salesperson is extremely nice and patient, but this may be a stretch for him so I don't know if i can go lower. What do you think?
    Gilman Mitsubishi
    Houston, Texas 77024??
  • chwtomchwtom Posts: 21
    how long is the lease, and how many miles will you be allowed?

    at first glance, it looks like a good deal, though most people here recommend not putting money down on a lease. if your car is totaled or stolen, you lose that money. plus, you could put that 2000 in a savings account and collect interest on it.

    if you are in a 36 month lease, rolling that 2000 into the lease would increase your payments by about 60 dollars or so.
  • Yeah I know...He suckered me into coming to the lot with $1500 down and $255/mo fully loaded. However, that was for a 60 MONTH LEASE...whew. I don't think so! :mad: So eventually he said $1500 down and $295/mo for a 36 mo lease. Is there anything I can do to get this down further? I'm desperate, I have to have this car, it's so tricked out! Thanks in advance, much appreciated. :)
  • It is also invoice price, at $27277 according to Edmunds.
  • I also qualify for their $500 discount for recent graduates, so that would make the down payment $1000
  • mictramictra Posts: 11
    Can anybody tell me how to figure out the taxes on a lease. I thought you can do it one of two ways:

    1.To pay upfront: Take the quoted monthly payment and multiply it by the term then multiply the tax.
    2. To include it in the payment: Take the quoted monthly payment and multiply the local tax rate.

    Am I correct? My dealer said if you elect to put the tax in the payment there is a finance charge? Also, what are some of the lease deals that have been out there.
  • I believe you can take the full price and multiply it by the tax rate, then pay up front or divide by the full term and add that amount to your monthly payment.

    good lord, i wish someone would answer MY question! :(
  • dodo2dodo2 Posts: 496
    Guys and gals, there are lots of car lease calculators on the Internet. Just do a Google search. You need to know the negotiated price, the length of the lease, the down payment, lease rate, residual value, the local tax. Plug the numbers in and you get the monthly lease rate with or without tax. Have your homework done before you walk into the dealership. When you negotiate the monthly payment, you give the salesman the chance to screw you big time. Few bucks on the monthly payment - which you may give away easily, translates in hundreds of dollars for the dealership over the time of the lease. Always negotiate the vehicle price starting from the invoice price and then calculate the monthly payments.
  • Hiya Bimmer Girl,

    First off, let me say that I am thinking about leasing the exact same model/package as you... an XLS with the Nav, Luxury, and Sun and Sound package. One thing I didn't seem to see in your post was mention of whether it was a 2WD or 4WD? I'm planning on the 4WD... just for the piece of mind.

    I have been trying to estimate lease payments on the above configuration since the very day that Mitsu released the official pricing list, but this had proved difficult... as even Mitsu, itself, had been unable to provide me with info like residual value and such. "Residual what?" asked one Mistu customer service rep as I talked to her about it over the phone. She didn't even know what the term had meant and had no idea who else she could possibly transfer me to in order to answer the question. Needless to say, I had to make some initial guesses and assumptions... but the majority of the leasing calculators/estimators that I tried using these "guesses" all seemed to point me in the direction of payments that were between $375-$400 per month, when paired with a down payment similar to yours and over around a 3-year lease term. But... continue to keep in mind, however, that those estimates were based on what I could only have guessed whould have been the leasing % rate, residual, and negotiated vehicle price back when I had been trying to estimate the lease payments. I have not yet gone to a Mitsu dealership in person to discuss leasing costs, as I am still maybe 4 months away from actually leasing and I do not want to "jump the gun" and start leasing one before then.

    Getting back to the point, the fact that they offered you an XLS with all three of those option packages for less than $300/month with $2,000 down looks promising to me... especially since, again, my own estimates had placed the monthly payments (under conditions probably similar to yours) closer to the $400/month mark. If you were in fact quoted the above for a 4WD and not a 2WD then I would definately take it into consideration... but of course there might still be a better deal to be found. All I know is that I was quite surprised when I saw your post and the amount per month that they were asking.

    One thing though... as others have said, I don't recommend a $2,000 down payment... you're better off making the smallest down payment that is allowed. This might be $1,000, or it might be less and this is due to the fact that if something ever happens to your Outlander and it gets totalled, the insurance company will only pay for the remaining balance of the truck...whatever that "remaining" balance is...which means that essentially whatever $$ amount you had put towards the down payment is gone forever.

    What are some other's opinions on this leasing offer? I'm very excited and curious now! :P
  • dodo2dodo2 Posts: 496
    What are the current lease rates?
  • Thanks so much for the reply mrmister, In fact the down payment was $1500 and I apply for the Education Edge discount, so I only have to pay $1000 down, and $295/month. It is a 2wd, as I live in Houston and have no need for a 4wd. I am pretty sure I'm getting a good deal, because I've done the calculators myself but they ALWAYS overestimate the monthly payment. I think I'm going to get this car Saturday. Probably have to order it as no one seems to have the navi equipped models on their lot, and especially not in black/black.

    Excited!!! :blush:
  • I'm not sure what the current lease rates are, either. Since the info has been hard to come by and the only leasing offer that I am aware of is the one on the Mitsu site for an ES model, I have long been using that as a starting point to try and estimate what my own leasing payments would be (using the difference in MSRP between that model and the MSRP of the model/options that I would like to have). Doing this acheived results similar to those I had previously come to when plugging random, estimated numbers into various 3rd party leasing calculators.

    Since I pretty much want the same vehicle config as Bimmergirl, only in 4WD instead of 2WD, I suppose that means that whatever the current leasing rates, I could expect to see an additional $50 or so per month added to my payment, in addition to what had been quoted to Bimmergirl.

    It's still less of a monthly payment than I had been expecting, so I still see it as promising. :)
  • Now, the dealer i have been working with this on informed me today that the payment would now be "over $300/mo" because that offer was for LAST saturday. Naturally, i said this was [non-permissible content removed] and i would be taking my business elsewhere. Today, I contacted 3 other Mitsu dealers in my area (houston is a big city) and only one has said that he thinks $297 is an achievable goal with rebates and incentives right now, and with $1500 down. Now if i could just get my hands on a black on black within 500 miles but they are just too hard to come by. Might have to be white.
  • An update. Tomorrow I am leasing with a dealer here in my area on a black on black FULLY LOADED XLS Outlander, Sun & Sound - Luxury - Navigation, for invoice price...36 months, $1500 down, $289/month!

    Hot damn. I'm excited.
  • Congrats! It sounds like the other dealership started to get wind of the fact that you "really, really" wanted this truck and had thought that they could get away with jacking up the price. Way to stick to your guns! :)
  • I had forgot to ask this earlier. I'm pretty sure that I already know the answer to this is, but I just figured that I'd ask to be sure. The $289/month price is the leasing price BEFORE adding for sales taxes, right? That's what I'm thinking... so after having added sales taxes in to the monthly cost it then becomes somewhere around $307/month, or so, right? That is, unless you are electing to pay the full sales tax up front, in which case the monthly cost really would be $289/month?
  • Exactly. I think I'm going to pay the tax up front because eventually I'm going to medical school and I want to keep my monthly payment low during that time. So while I'm working full time, I'm gonna pay off the down pmt and tax up front. Wish me luck!!
  • I'm wondering how if paying the entire tax up-front would affect a situation such as the vehicle being totaled while still under lease? (I know, not exactly something that is fun to think about, but something that is still useful to know.)

    What I mean is, is it a bad idea to pay the entire sales tax amount up front for the same reason that it is bad to make a larger down payment than is necessary up front? If the vehicle gets totalled and the entire tax amount had been paid up-front, is the person entitled to a refund of the taxes paid for the months that the vehicle was no longer in the person's possession due to it having been totalled (and if so, does the person have to wait all the way until tax time at the end of the year to get this tax money back?)... or does having paid the entire tax amount up-front leave the person at a loss similar as to like with a larger down payment having been made, in that the insurance company covers whatever balance is still owed and whatever costs had been paid by the lessee up that point never gets recovered?

    Does anyone here with leasing experience possibly know the answer to this rather confusing question? Thanks in advance!
  • ryce69ryce69 Posts: 3
    Different states,counties and cities compute sales tax differently.Some states charge sales tax on the selling price of the vehicle ,some states tax the payment as you mentioned above.Some cities will also impose additional taxes on the payment after the state takes its cut.
  • ryce69ryce69 Posts: 3
    Actually what it sounds like is she went to the original dealer on 12/30 and was quoted figures based on the month of December.Then she returned in January and was quoted figures based on the current month.It is NOT, in her words "[non-permissible content removed]".Many manufacturers change their offers and deals from month to month depending on how they want to spend their money.A monthly payment can vary $10 to $20 if a money factor or residual is changed(and yes this can all happen without the dealer jacking up the price)..There absolutely are some horrible Dealers out there but it is Not always their fault.
  • ryce69ryce69 Posts: 3
    "Always negotiate the vehicle price starting from the invoice price and then calculate the monthly payments".I agree if you have made your decision on one particular model.However if you are comparing different makes of cars selling price may not ultimately be the most important.For example a Mitsubishi Outlander may have a higher selling price then a Toyota Rav 4 however there maybe a stronger lease program or APR program from the manufacturer that ultimately brings the monthly payment on the Mitsubishi lower. Always remember to examine the deal as a whole not just individual parts.....
  • Hi bimmer_girl. You never mentioned the selling price or MSRP of the Outlander that you are interested in leasing. These are important numbers for you as a consumer to know for two reasons. First, the selling prices of leased vehicles can be negotiated, just as if you were paying cash for them. Without knowing this truck's selling price in relation to its MSRP you don't know how much of a discount you are getting on it. The second reason is that one needs the selling price and MSRP, including the destination charge, of a vehicle to calculate its lease payment. I would be more than happy to give you my opinion of this deal if you let me know what these numbers are.

    Car_man
    Host
    Prices Paid Forum
  • A 60 month lease, :surprise: . You were right to turn that offer down, bimmer_girl. Like I mentioned in my earlier post, you need to negotiate as low a selling price as possible on this truck and then have the dealer that you are working with calculate its lease payment using Mitsubishi's buy rate lease money factor. When negotiating this truck's capitalized cost, its selling price, make sure to take the $1,000 lease cash that Mitsubishi is currently providing on it into account. The current buy rate for a 36 month lease of a completely loaded 2007 Mitsubishi Outlander is .00327.

    Car_man
    Host
    Prices Paid Forum
  • Hi mictra. The methods that are used to calculate sales tax on leased vehicles vary from state to state. If you tell me what state you are in I would be happy to tell you how it is done in your area or if I don't know direct you to some web sites that might have an answer for you.

    Car_man
    Host
    Prices Paid Forum
  • Hi dodo2. The 2007 Outlander's lease program varies depending upon what trim level you get, how long you lease it for, and its mileage allowance. I would be happy to give you an idea of what this truck's current lease program is like if you provide me with that information.

    Car_man
    Host
    Prices Paid Forum
  • Hi Car_man,

    In fact, I leased the Outlander Friday afternoon. I paid invoice for it. I absolutely love the car! It's so amazing. The folks at the dealer i finally chose were so nice and patient with me as they tracked down the only black on black XLS with navigation in the entire state of Texas, and now, it's mine! Pictures will be posted in the picture thread.

    Kristina
  • Hi Car_man,

    Could you please possibly give me an idea what the lease program/APR/lease money factor rate would be for the following?

    AWD Outlander XLS
    Sun&Sound Package
    Luxury Package
    Navigation Package
    10,000-12,000 miles per year
    36-month lease

    Thanks!

    P.S. Bimmer_Girl, congrats on your new Outlander! I know you're loving every second of it! :)
  • Thanks mrmister2000, it really is awesome. I think I recall you mentioning you qualify for the Education Edge discount too, go for it! I also got 1000 lease cash due to a current lease incentive, so i got basically $1500 knocked off an already low invoice price. 36 month lease, and used my currently ending 2004 civic lease as a trade in to save on sales tax. :)
  • dodo2dodo2 Posts: 496
    Hi Car_man. I'm in Canada so it would not apply. I was asking about the lease rates just for reference and because they are not posted on Mitsu web site. I found that wired.
  • Hiya bimmer_girl,

    This sorta' relates to a lot of your previous posts and I'm just trying to get as accurate an idea as I can of what you had paid for your new Outlander, which discounts you qualified for, and what the actual down payment was relative to these.

    From what I know, it seems like you got your truck for an Invoice of around $27,277 (including destination, excluding taxes), minus $1,000 lease cash-back, minus another $500 college grad rebate... for a negotiated leasing price of around $25,777 before taxes. And to this you had put an additional $1,000 or $1,500 cash down payment on top of that. Is that right? Did they also require a separate security deposit from you separate of the down payment?

    I was just asking b/c when I plug these numbers into the Leasing Calculator on the Edmund's site the monthly payments with the above numbers and a security deposit of around $450 the leasing cost comes out to around $412/month before taxes, assuming a money factor of .00327 and a residual value of around $15,000 dollars.

    That is quite a difference... $412/month as opposed to around $300/month ... which is why I'm trying to figure out your particular scenario. Are some of the assumptions which I had made above incorrect?

    ::Continues to scratch head :confuse: ::
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