OK help me out here peoples...
May 25, 2004, 06:18 AM
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OK help me out here peoples...
A little brief history. Me and my fiance lease two Eclipse GTs. Her lease is up 3/2005 and mine in 8/2006.
Mitsubishi sent her in the mail one of I am sure many offers to trade in the car and get a rebate. In this case it's a $3k rebate. So she calls me this morning saying how bad do I want an Evo. Yes she is contemplating using my car, and letting me have the Evo. Isn't she great?
Anyways I have a few questions to help us make up our minds.
Mistu early trade ins on leases. I know they want to keep us as a customer, but how bad? Will we get peanalties on terminating a lease early? I remember the dealer (Leith Mistu in Raligh NC) had mentioned that Mitsu frequently does preferred customer programs. So how does this work out? The car that would be traded in is in great condition, lower milage than the lease calls for.
Value of the Evo. How much negotiating room do I have on the Evo? Dealer invoice, a bit over?
Level of credit. We both lease and go through MMCA and had B credit when we got the Eclipses. We are still at B credit, but Leith Mitsu had said that if you stick with Mitsu you are automatically going to get A credit through MMCA. Is this true?
Mitsubishi sent her in the mail one of I am sure many offers to trade in the car and get a rebate. In this case it's a $3k rebate. So she calls me this morning saying how bad do I want an Evo. Yes she is contemplating using my car, and letting me have the Evo. Isn't she great?
Anyways I have a few questions to help us make up our minds.
Mistu early trade ins on leases. I know they want to keep us as a customer, but how bad? Will we get peanalties on terminating a lease early? I remember the dealer (Leith Mistu in Raligh NC) had mentioned that Mitsu frequently does preferred customer programs. So how does this work out? The car that would be traded in is in great condition, lower milage than the lease calls for.
Value of the Evo. How much negotiating room do I have on the Evo? Dealer invoice, a bit over?
Level of credit. We both lease and go through MMCA and had B credit when we got the Eclipses. We are still at B credit, but Leith Mitsu had said that if you stick with Mitsu you are automatically going to get A credit through MMCA. Is this true?
May 25, 2004, 06:26 AM
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Mistu early trade ins on leases.
Can't comment specifically on Mitsu, but our Honda has payoff balance on lease. So it would be the difference between value of car and payoff balance.
Value of the Evo. How much negotiating room do I have on the Evo? Dealer invoice, a bit over?
If it's an '03, then you'd have all the power. I doubt you would get invoice and $3K rebate.
Level of credit. I don't think you'd be able to lease an EVO, so watch for $500+ payments. I'd recommend contacting a local credit union. They can usually beat any bank or financing company's interest rate (except for specific offers). If you've been a credit union member for a while, then they offer more flexibility (B credit).
Good luck
Can't comment specifically on Mitsu, but our Honda has payoff balance on lease. So it would be the difference between value of car and payoff balance.
Value of the Evo. How much negotiating room do I have on the Evo? Dealer invoice, a bit over?
If it's an '03, then you'd have all the power. I doubt you would get invoice and $3K rebate.
Level of credit. I don't think you'd be able to lease an EVO, so watch for $500+ payments. I'd recommend contacting a local credit union. They can usually beat any bank or financing company's interest rate (except for specific offers). If you've been a credit union member for a while, then they offer more flexibility (B credit).
Good luck
May 25, 2004, 06:46 AM
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Alot of dealers down here are having trouble moving Evo's. I saw for 24,999 and sticker was 31,000. It was an 03 so Ithink you could beat them down a bit.
May 25, 2004, 07:01 AM
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Dealers can play around with numbers. Although you fiance still has ten months left in her lease, if the car has low mileage and in great condition, they may "mark-up" the residual value and let her walk away. On the other hand, if there is an early termination penalty, then the dealer may try to convince you to add that amount onto your next car, or use some of the rebate amount to get you out of the current lease.
There should still be a few '03 Evos left in some dealerships. You might have limited color choices, but they do come with great discounts. If you insist on an '04, then expect to pay full price (or more). The dealers prefer NOT to lease Evos. They will give you a ridiculous quote to steer you towards financing.
There should still be a few '03 Evos left in some dealerships. You might have limited color choices, but they do come with great discounts. If you insist on an '04, then expect to pay full price (or more). The dealers prefer NOT to lease Evos. They will give you a ridiculous quote to steer you towards financing.
May 25, 2004, 10:36 AM
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First of all find out is $3000 rebate can be applied to EVO.
I know that with Mitsu even if you paid off remaining payments on the car- they still want you to keep it and return it only a couple days before lease termination date.
When you do your negotiation make sure they take your car and you do not have to keep insurance on it.
That was in NY.
I know that with Mitsu even if you paid off remaining payments on the car- they still want you to keep it and return it only a couple days before lease termination date.
When you do your negotiation make sure they take your car and you do not have to keep insurance on it.
That was in NY.
May 25, 2004, 11:10 AM
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Mitsu will waive the last four payments of a lease, in order to get you into a new one.
There are no rebates on EVOS other than college grad and loyalty money, be very wary of dealers who tell you that there is. As for negotiating power, i'm not sure how everyone else has seen EVO's at under 25000 because there is just not that much markup in them. There is no more than two grand markup. Maybe you could get there with college grad and loyalty money. That said, most dealers will show you the invoice if you ask to see it, and especially on the 03's will come close to it.
There are no rebates on EVOS other than college grad and loyalty money, be very wary of dealers who tell you that there is. As for negotiating power, i'm not sure how everyone else has seen EVO's at under 25000 because there is just not that much markup in them. There is no more than two grand markup. Maybe you could get there with college grad and loyalty money. That said, most dealers will show you the invoice if you ask to see it, and especially on the 03's will come close to it.
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May 25, 2004, 03:19 PM
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I'm in the same boat with an '01 Eclipse GT that's off lease in 12/2004.
The $3K can be applied to any car. This also goes with the other offers to make remaining lease payments dissapear. This is Mitsu's standard customer retention deal for lessees.
Loyalty bonuses and other offers *cannot* be applied to the Evo.
Me? I'm out of my Eclipse (thank god!) in Sept/Oct for the MR.
The $3K can be applied to any car. This also goes with the other offers to make remaining lease payments dissapear. This is Mitsu's standard customer retention deal for lessees.
Loyalty bonuses and other offers *cannot* be applied to the Evo.
Me? I'm out of my Eclipse (thank god!) in Sept/Oct for the MR.
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