If you didn't lease your Evo, or feel leasing is a bad idea, this thread isn't for you. This is an information thread for people who have.

I leased my Evo about a year ago, and I have a huge monthly expense that is going to be gone in a few weeks. Due to that, and rely liking this particular one, I want to go ahead and flip it to a purchase in the next few months.

Since I leased through Mitsu Motor Credit (who I bought my last Evo through), I assumed they would finance me on the back end.

I had a chance to go through Ally bank, but they had some BS $3000 purchase at the end deal, hence why I went with Mitsu, as there is no purchase fee.

Now over the next 13 months, I could overpay and put a massive amount toward the payoff, but I think paying the entire car off in 13 months is optimistic.

So I called MMC, ask if they have purchase at the end options, and they said no, I have to secure my own financing.

Here's my question: Has anyone bought out your Evo at the end of the lease? How did you do it? Thanks in advance!

 

Never leased a vehicle but throwing this out there. Have you tried talking to a local credit union? Again I'm not familiar with leasing a vehicle, but I am curious if this is a potential option.

 

So mitsu only finances brand new cars or leases, but will not finance you at the end of the lease? I leased my car also and I am wondering what are my options. Hopefully this thread brings out some good intel.

 

Yes, unfortunately Mitsu will not finance you at the end of your lease for the remaining balance of the car. You have to secure your own financing, and from my experience Credit Unions such as Wings Financial are going to give you the best deal but that is not always the case as many factors such as your credit rating or history with a particular bank can change that. Ill try to get Trogdor on here who may be able to better explain the process and options but here is my situation and what i plan on doing.

I leased a brand new 2014 GSR fully loaded with some warranties as well for roughly 42k on a 36 month lease with 4k down. I pay 475/month. August 2016 my lease will end and MMCA will value the car at around 24k. The car will only have about 16k-18k miles on it at the rate i drive by the end of the lease. I know damn well this car will be worth more than 24k, probably more like 28k-30k.

475*36=17,100 paid in payments+4k=21,100 total into the car for 3yr lease.

I will be buying the car out at the end of the lease through Wings Financial at 2.99% interest for another 3 year term. Dont forget you might be able to negotiate a buyout price and get the car for less than the estimated 24k value by haggling with MMCA to buy the leased vehicle.

Ill be putting another 4-5k down on this 3 year financing (saving up during the 3 year lease) making my total loan to pay off around 17k-19k (depending on negotiated buyout price) over 3 years AND keeping the minimum monthly payment around the same as my lease payment which is what i can afford comfortably (475-500ish). I will also be paying more than the minimum monthly payment when i can afford it to lower the amount of interest i pay on that 3 year financing and pay off the car faster.

So this is all rough rounded numbers but in total i have bought a 42k car in 5-6 years with only around 2000 paid in interest, this is due to the fact that MMCA undervalues the car by 4-5k which i pocket in the value of the vehicle and basically gets me to break even on the down payment i put on the lease. again these numbers also depend on if the buyout price was haggled as well. Yes 2000 paid to interest is 2000 dollars burned, but that 2000 dollars is my opportunity cost for being able to afford a 42k car at the age of 22 that is my dream car and with monthly payments that are much lower than what i should have been paying which is the advantage of starting with the lease. Also since i plan on buying the car out at the end of the lease, there will be no turn in inspection so i can mod it as i please throughout the 3 year lease.

I hope this helps you guys out with your idea on how you are going to handle your lease, again stay tuned i will see if i can get Trogdor on here to help explain as well (he is the salemen i leased my evo from and who is also leasing his evo and pretty much doing the same process i just explained).

 

That helps, thanks. I've always purchased new, never looked at back end financing. I'm glad we started talking about it now! I'm going to pursue a few credit unions and report back.

 

If you have any military connections then PenFed is amazing.

 

this is off topic, but I was curious to know that if you lease the car are you allowed to modify it?

 

Technically noo, but if you return it to stock without anyone noticing you can get away with it.

I'm interested to know if anyone has had any success in negotiating for a lower buyout when the lease ends.

 

Try USAA???, and I didn't know they would lease out Evo's, to me that's like leasing out a lambo or ferrari, idk, but I know this, I would not want a leased Evo, lol, no telling what that leasee was doing to that car knowing he would be returning it...

 

have all my cars with Navy Federal they take good care of me

 

I'm interested to hear if anyone has had any luck with negotiating the buy out number at the end of there lease with MMC....

 

Like he said, technically no you are not allowed to mod a leased vehicle. However, if you plan on buying the car out at the end of the lease then you can do whatever you want to the evo. Obviously if your going to turn the evo in at the end of the lease the n DO NOT mod it, unless you know you can return it to stock with no problems but i will still advise against it. Also if your planning on turning the car in at the end of the lease it wouldnt make sense to invest more money into the car in mods, thats just a waste.

60 days before the end of your lease you have to schedule an inspection of the vehicle, if your going to buy the car out you simply call MMCA if they havent already called you and talk to them about buying the car instead of turning it in. If you buy it out over the phone then you dont have to have the car inspected. Therefore, it doesnt matter if you have already modded it because they dont care its not their car anymore.

 

I wonder if I can negotiate with Honda. I'm leasing my 2013 Honda Fit Sport for $200 a month and by the end of the 3 year lease I will have paid something like $8000 into the vehicle, the residual value is set to $10,500 assuming I stay within the 36,000miles (most likely not)

at $10,500 a 4 year old fit sport 5speed with roughly 40,000miles would be worth about $13-14,000. I'm just wondering if I can haggle with an outside financial group to buy the car for less than $10,500?

 

yea this

 

You would be haggling the company who you have leased from, not the financial institution that you will be getting your financing from. Because at the end of the lease the company you leased your vehicle through will have a estimated value price for the vehicle in which they will want to sell it for, you would haggle with them and then once you agree on a price, you will then go acquire the financing from whatever bank/credit union of your choice and finance that agreed upon amount.