mine is also leased and i am looking to get out of it (2 years early) i was told my onlt option is to sell it outright, is this correct? would love some feedback!!

 

Every leased car has a payoff. If you want to buyout your car and turn it into a normal financing you just need to get financed for that payoff amount.

If you want to not have the car anymore your only options are to either sell it to someone for the payoff amount, or trade it in at a dealership for another car. You cant just return it to the dealership 2 years early and walk away. You can do a voluntary early termination but you will still be liable for the remaining payments and it will look like a repossession on your credit report.

 

Here is a write up blog from Bobby (Trogdor) from White Bear Lake Mitsubishi. This explains pretty much everything you need to know about leasing your Evo.

http://www.maperformance.com/blog/le...its-new-evo-x/

 

Excellent link

 

Yes, i know about the voluntary repo thing, thats not an option. i know i cant just turn it in and walk away, thats why ive listed for sale priviately for what i owe/payoff amount. im not sure about trading it in at a dealer tho on another car... since i owe 30k, and if i bought a car for 15k who would pay the rest to mmca? i dont think they would let me roll it over onto my new loan since its a lease. its a ridiculous headache thats for sure lol

 

I did my lease through Ally Financial as the rates were better at the time, and I do have the option to buy out directly through them. Finance guy also mentioned I should try to turn the car in about 6 months early to get a better deal on the 2015's, but I don't know how true that is.

I pay around 300 a month, they took my POS BMW 328i as a trade in for the down payment, I think they valued it at about $3,000. The thing that bugs me is they want high 26s for the car at the 2 year mark, and its a base X GSR.

I am considering trading the car at the 2 year point for an SSS 2015 in the color I really want, but if I can get them to come down a good bit on price I may just buy it out. It should only have around 14,000 miles when I trade it in next July.

 

They don't depreciate hardly at all. Given your mileage, I think it would be a mistake to do another lease, plus 2015s won't have Recaros! Do a HID retrofit and buy that sucker out.

 

2015's wont have Recaros!? Well there goes that idea, i'll go back to the dark side .

I think it really depends what they are willing to give me in terms of a deal when I go to buy it out. They need to really convince me because I need an SRT-8 in my life.

I am interested to know what I can get away with as far as mods are concerned as well. Most of my mods are going to be cosmetic, but coming from a big turbo Legacy this car is just not doing it for me powerwise. I'm a bit concerned about throwing on the EBCS UICP and testpipe I have under the bed because I want to make sure my warranty will be intact should I need it. I want to protune but also want the ability to switch to a stock map should it need service or when I turn it in without the mods. There is just something about modding a leased vehicle that scares me.

 

You can only lease brand new.. No such thing as a used lease

 

You should try www.rbfuc.org. Interest rates are awesome. I financed my 06 mr at 1.65% in feb. of this year. Credit has to be top notch obviousley.

 

If you're trying to get out of the lease instead of keep it, maybe try CarMax? My friend was able to get out of his Mini Cooper S lease fairly easily by selling to CarMax, they gave him a pretty good payoff amount. Their inspections are fairly lenient too, might be worth a shot.

 

It depends what the dealership would value your evo as trade in. If you owe 30 and they offer 25, you would only roll 5K into the price of the car youre buying.

 

you technically cannot negotiate the lease buyout price at the end of your lease because now all leases are clsoed ended leases.. back in the day you could but thta was when they had open ended leases but that could be very bad for the consumer.. plus the lease residual value is not worked off of what you paid for the vehicle, the residual value is going to be based of off the msrp of the vehicle, not the sale price

 

I'm a buyer at Carmax, i do the appraisals on cars brought in. We buy tons of leases. Because we make an offer on them no differently then a Purchased car. You bring it in, we make an offer. If the offer is more than your buyout, you pocket the difference. In fact, we tell people that are at the end of their lease to always bring it in just to see. Because if they have any positive equity they can just sell it to us and keep the equity. If your negative, just turn it back in. Doesn't hurt to see.

However, we will more strict on any accidents you may have had. At a normal dealership as long as the car "looks" good, your ok. At Carmax we are going to look at every body panel for previous paintwork, any replaced Panels, or frame damage.

 

Sounds about right. Thankfully the two cars I sold to CarMax and my friends lease had no accidents and we got a pretty good deal on our sales.