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Mitsubishi Outlander Lease Questions

2

Comments

  • Hi MrMister,

    You are correct about the invoice price, $27,277. $25,777 then with a $1500 down payment. Lease rate of .0027 though I believe, not .00327. Also, I didn't need a security deposit because I have the highest credit score possible, so that put me in their so-called "Tier 1" category which doesn't require a deposit. I corrected them on that because they "misread" it. The residual value of the truck is actually $16,090.25. I elected to pay the bank's acquisition fee of $595 up front rather than finance it. So that brought my total payment up front (minus sales tax) to $2095.00. Sales tax was minimal because I traded in my old lease vehicle, which saves such tax (you pay sales tax only on the difference between the selling/buyout prices of both vehicles). My monthly payment is below $295/month.

    Hope this helps.

    Kristina
  • Thanks, Kristina!

    That helps greatly!

    Tim
  • wljwlj Posts: 2
    Car_man,
    I have been looking at a Mitsubishi Outlander XLS AWD to lease. Apparently they are more expensive here in Virginia. When everything was plused and minused (not including TTL) the cost was almost $30K. They deducted the $1000 rebate. A 36 month lease based on the MSRP was $300 a month and I pay them $6,000 plus TTL. After I read what was being said in the forum here, I told them how hard pressed I was to accept their offer. The Outlander had everything on it. When I told them about the person that got one with everything on it for $289 with $1,500 down, they said the one I was looking at must have more options on it. What do you think would make such a difference? Sounds to me as if it was just the dealership trying to get to me.
    Thanks for any comment.
    BJ
  • Hi BJ.

    The fact that the one you are looking for is an AWD (not a 2WD) will affect the price somewhat.

    Exactly what option packages were included in truck which you received the estimate price for?
  • erich7erich7 Posts: 4
    Hi Car_man,

    What's the current buy rate and residuals for a 36 and 42 month lease? The dealer (So California) is selling it at invoice ($27,277).

    Thanks for your help. :)
  • crispyjcrispyj Posts: 8
    Hey Kristina - if you still happen to be surfing this forum... what do you mean when you say you traded your "old lease vehicle"? I've got a month left on a lease and am jonesing to lock up an Outlander. You obviously got a smokin deal, so i'm just looking for some insight.

    thanks in advance.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Congratulations on your new Outlander, Kristina. I'm glad that you had such a pleasant buying experience.

    Car_man
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    Prices Paid Forum
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi erich7. If you were to lease a 2007 Mitsubishi Outlander XLS 2WD through its captive finance company right now for 36 months with 15,000 miles per year, its buy rate lease money factor and residual value should be .00235 and 52%, respectively. The numbers for an otherwise identical 42 month lease are .00235 and 49%. When negotiating your lease on this truck, make sure to take advantage of the $1,000 lease cash that is available on it. It will help you to negotiate an attractive capitalized cost for the truck that you want.

    Car_man
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    Prices Paid Forum
  • tmazsatmazsa Posts: 1
    I was just offerd a lease on an outlander xls 4wd. msrp=29000, price=27375, downpayment=4500, payment=321 per month for 36 months, 12000 miles per year, does not include tax, buy at end for 14747. would appreciate any help in deciding, thanks Tom
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi Tom. Let me begin by saying that $4,500 is way too much money to put down when leasing. I always advise consumers against making large down payments on leased vehicles. I do so because you risk losing any money that you put down if your leased truck is totaled in an accident or stolen and never recovered.

    Let's take a look at the selling price that you were quoted for this lease. Mitsubishi is currently providing a $1,000 cash incentive on leases of the 2007 Outlander this month. After taking this incentive into account, this truck's selling price is really around $28,375. That means that you are being given a $625 discount on a truck that has a spread of a little over $1,400 between its MSRP and dealer invoice price. If I personally was in the market for an Outlander right now, I would shoot for a slightly larger discount than the one that you are being given.

    Car_man
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    Prices Paid Forum
  • susieq6susieq6 Posts: 7
    I just leased an Outlander and received my first statement. It has a payoff amount. What does that mean in terms of a lease? I owned my last car.
  • jl49jl49 Posts: 33
    Hello Carman,

    Can you tell me what the residual rate and money factor would be for an Outlander XLS 4WD w/ the luxury package and sun / sound package. It would be for a 36 month lease and 10000 miles per year. Also, I live in NY and I was wondering if it would be realistic to try to lease this car for $350 - $370 per month with no money down and taxes incorporated into the monthly payment.

    THanks.
  • I just got a loaded 07 4WD Outlander on August 31, 2007 (last day of the month meant they were eager to meet their sales goals and gave me a killer deal). It has the Navi Package, Luxury Package and the Sun & Sound package, MSRP of $30,650. I decided on a lease. My dealer gave me a quote of around $27,500, plus $1,000 lease bonus, for a total of $26,500. I put $1,000 down, plus $2,500 trade in on my old car, for a total of $3500 down. They did not have the exact colors I wanted (black ext. tan int.), so they had to find it from another dealer. So in the end, I am paying $389.99 a month for a 15k mile a year, 3 year lease, and all tax, tags and title are included. This is a little higher than I wanted to pay, but I don't have much credit, as I am 19, so frankly I was happy I was accepted at all. The buyout price at the end of the lease was about $15,500 should I decide to buy it after the lease. All in all I am very happy with my purchase. I have no major complaints about the car at this point, I really actually love this car overall, it was the best value for the money!! I would highly recommend it to anyone who wants a tech-heavy, 4WD SUV (technically CUV) that drives more like a car than a truck, just keep in mind that it is a $20-30k car, so it's not the most luxurious, but it is more than fine for someone like me. :)
  • jl49jl49 Posts: 33
    Congratulations! Sounds like a good deal. Good luck and drive safe.
  • rcpaxrcpax Posts: 580
    Congratulations, first for being smart by doing the math on price vs features, and second, for doing yourself a favor by driving one of the safest vehicles in its segment. Enjoy your ride. :)
  • Hi Car_man,

    I am in the market for a '08 2wd XLS with the Sun/Sound and Luxury package. I live in zip code of 91042. What am I realistically looking at for a 3 year lease? 15,000 miles a year would be nice, minimum down payment if any.

    Thanks,
    Emil
  • Hey Car Man... I am looking at a 2008 Outlander XLS 2WD. The window sticker is $29,400. The vehicle has the sun/sound, luxury, and nav packages. The other Outlander pricing forum recommends trying to negotiate $1500 under invoice, which would be $26,248, based on Edmunds' stated invoice of $27,748.

    I live in the ATL area (30265), and would like a lease of less than 48 months. Preferably 39. Annual mileage would be 12k. I don't know what the money factor or residual on this truck would be at this time. I'd like to kep the payments in the $350-400 range, if possible. I'm hoping you can tell me how to get there!

    Your help is greatly appreciated!
  • tootiredtootired Posts: 2
    I am at the threshold of the dreadful lease negation, again. I very much want an 08 Outlander but I want to cut to the chase with my dealer and make a good but reasonable offer on a 3 year/ 10K miles lease. I can not find the residual or bank rates on it. Could someone take pity on this TIRED person and give me your best estimate of monthly payments for me. Any help or advice is most appreciated!

    MSRP base-25.1K
    Total MSRP with options and 32.5K

    taxes not included in my numbers

    What I'm looking for is a monthly payment, INCLUDING tax and whatnot. I want to sign & go.

    Anyone?
  • matrsoskinmatrsoskin Posts: 32
    Hi tootired!

    I hope this will help.

    I have received a lease quote from the Mentor Mitsubishi in Cleveland:
    2008 Outlander XLS AWD with the Luxury and Sun and Sound Packages: 24 months, 15K miles per year: $435/month ($464 with taxes), first month payment + $350 doc fee/plates ($814 total) due at signing. Nothing else out of pocket. I think this is an outstanding deal. The only thing that keeps me waiting is the 2009 Outlander model with (possibly) the new dual-clutch transmission.

    Cheers
  • tootiredtootired Posts: 2
    Hey! Thanks matrsoskin!!

    At least I know where I stand. Sounds like a good deal. I'm wondering if a 3 year will make a big difference in monthly price. I suspect I'll see.

    Not sure the dual-clutch will make it to the USA in 09. I have a 2 month window but I doubt I will be in an 09 as I need to be effective as possible and it wouldn't make a difference to this tired lady anyway. The dual-clutch, that is. :)

    I appreciate the info.

    Many thanks!
  • matrsoskinmatrsoskin Posts: 32
    Hi tootired!

    You are welcome!

    Just to give you an idea regarding the range of the 2008 Outlander lease offers, I have also received one from the Dorsett Mitsubishi (Indiana): $560/month with $3000 cap reduction + taxes and fees for the similarly equipped vehicle.

    Cheers
  • jimziggjimzigg Posts: 10

    I live in WI. Looking for Feb residual and MF for a 2014 outlander se. AWD and FWD models with 2.4L engine. 36 mos and 15k per yr. also the 48 mos figures please. thx

  • kyfdxkyfdx Posts: 29,161
    edited February 11

    @jimzigg said: I live in WI. Looking for Feb residual and MF for a 2014 outlander se. AWD and FWD models with 2.4L engine. 36 mos and 15k per yr. also the 48 mos figures please. thx

    .00006 MF and 57% residual for 36mo, 15K/yr. for either AWD or FWD

    The 48 month program is really not competitive with this...

    MODERATOR
    Prices Paid, Lease Questions, SUVs

  • blindjoniblindjoni Posts: 6
    Looking for residual and MF, 15,000 mi. on 2014 Outlander GT with Touring, Everything but rear DVD and towing. I am in upstate NY. Price was reduced from $36,270 to $30,990. They are saying 39 mth lease at $359 with $1500 fees, first payment up front...seems high. Was also wondering about a 24 month lease.
  • MichaellMichaell ColoradoPosts: 5,639

    @blindjoni said: Looking for residual and MF, 15,000 mi. on 2014 Outlander GT with Touring, Everything but rear DVD and towing. I am in upstate NY. Price was reduced from $36,270 to $30,990. They are saying 39 mth lease at $359 with $1500 fees, first payment up front...seems high. Was also wondering about a 24 month lease.

    Mitsubishi does not offer 39 month leases.

    24/15 - .00004 and 58%

    36/15 - .00014 and 58%

    With your MSRP and selling price, the 24mo pre-tax payment is $416.81 and the 36mo pre-tax payment is $283.77.

    The 39 month program your dealer is quoting could be from a finance company different from Mitsubishi.

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  • blindjoniblindjoni Posts: 6
    Is residual value based on MSRP, invoice, selling price?
  • MichaellMichaell ColoradoPosts: 5,639

    @blindjoni said: Is residual value based on MSRP, invoice, selling price?

    Residual value is expressed as a percentage of the MSRP.

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  • blindjoniblindjoni Posts: 6
    I ran the numbers and they agree with yours, but I am seeing lease interest rates on car.com of over 5%...what is the story with that?
  • MichaellMichaell ColoradoPosts: 5,639

    @blindjoni said: I ran the numbers and they agree with yours, but I am seeing lease interest rates on car.com of over 5%...what is the story with that?

    could be inflated, could be with other finance companies .. really, hard to say.

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    2013 Hyundai Elantra GT / 2010 Mazda CX-7 GT / 2014 MINI Countryman S ALL4
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    Share your vehicle reviews

  • blindjoniblindjoni Posts: 6
    Is residual value % a fixed value and if so by whom? What other factors can the dealer alter to change the payments? Got another quote today that is at least $65/mth too high by ANY calculations I do. Thanks so much! This forum has been a great asset to me.
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