OUCH!

 

Anyone out there leasing their EVO? If so, what is the length of the lease, how much did they want you to put down & how much are you paying per month?

Doubtful, but has anyone leased a used EVO?

 

well my evo is leased. It was the only way I could afford the payments because i was a full time student. My lease is 4 years and then i owe 10k on it after the 4. i put 7500 down but had a little negative equity on my truck before, payments turnned out to be 420 plus tax so it comes to just under 450 a month.

 

How much would they want down if you did not have neg equity on your truck?

 

negative equity was about 1500 i also had the ssl package so really if it was a base gsr
i would have only put down like 3500.

 

why would mitsu let u lease these cars? their obviously meant for the track. i thought that going to a track would cancel ur lease? the evo is gonna be pushed on to its limits, so why would they want that back?

 

i dont know, but i worked out better finacially for me. however they will never get this one back
i have put o much in it already.

 

Going to the track cancels the warranty as well if you own the car. As much as the Evo may have been bred for the track, Mitsubishi still sets limits on what you can and can't do if you want to maintain the warranty (or in this case, the lease). But they have to find out first. So for them, a leasee will take the car a drive it in a non-racing fashion and everything will work out fine, unitl they find out about it.

 

that's a good incentive to finish school

 

I'm not really clear how you saved money by leasing the car. You realize the total cost for the car including the buy back after 4 years of leasing is $39,100. Even with no credit, putting that kind of money (circa 7,500) down and extending the financing term to 5 or 6 years would give you a cheaper payment even including interest.

 

actually with the same money down my payment would have been over 500 for 5 years. the money factor on the lease was extremly low. it turned out to be about $600 cheaper to lease. i didnt lease for that reason i leased because when i got the car i valet parked and was in school. so i never new how much i was going to pull in a week. so that way it kept my payment as low as possible. the car is not leased through mitsubishi it is leased through another bank.

 

I put down $1000. I'm financing and my payment is $530 on 5 years. You must have had a lot of negative equity on your truck because if I had put down $7500 on 5 years my payment would be $420/month and in the end I'd still own my car.

 

ok well i had the SSL package and negative equity was like 1500 on the truck. i also paid msrp
becasue they had already given me 3000 more on my trade then it was worth.

 

i guess leasing more popular in the europe.

 

Not really. Its just that since there is no special lease factors for the Evo through Mitsubishi, it doesn't really make that much sense to lease one. Especially if you're putting that much money down. It be better off for most people to just stretch the payments out over 72 months. Even 84 is possible these days.