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Mitsubishi Outlander Lease Questions
kyfdx
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Gilman Mitsubishi
Houston, Texas 77024??
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.
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.
good lord, i wish someone would answer MY question!
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
Excited!!!
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.
Hot damn. I'm excited.
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!
Car_man
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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
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!
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: ::
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
That helps greatly!
Tim
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
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?
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.
thanks in advance.
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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.
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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 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
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!
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?
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
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!