Congratulations, and welcome to an amazing chapter in your life! You have evolved!!! Don't beat yourself up about the price too much. Some get better deals than others, the main thing is that YOU can afford it. You've obviously thought long and hard about it, now enjoy the fruits of your labor.

 

You are leasing it if you have those types of details above. Every lease is "option to own" at the end.

Those numbers above don't make sense If you are paying 680 a month. After 5 years that's only $40,800. Yikes

The total cost is $47,281 with the 1900 down payment? So you picked up a Base MR that has a MSRP of $38,195 for $49,181?

You got hosed.

Unless you had a trade that was way upside down that you aren't telling us about, if so, you still got hosed.

Yikes. Sorry to hear this.

 

So at the end of your lease u still owe 15.5k? Wow. How long is your lease for?

 

Yes this is true, at the end of the 60 payments it will come out to about $40k and $15.5 residual IF i make the minimum payments at the interest rate. They had to play with the numbers to get me approved to drive the car home with my given credit and downpayment. However he told me to re-finance after 6 monthly payments with a credit union or whatever as a purchase not a lease. I also have enough to pay 4x the amount of the minimum payment each month comfortably.

By the way, I can pay everything early and there are no penalty fees. He also said since this is a lease to own, he doesn't care how many mileage i put on it yearly and there is no purchase option fee either.

 

He was telling you what you wanted to hear. Typical salesman.

If you can afford 4x the $680 payment a month why did you only put down $1900, put yourself in a lease and most importantly, why on earth did you pay $49k for a car that is 38k MSRP?

I'm sorry, this stuff just pisses me off. Predatory sales tactics. Ugh

 

I totally agree with you.. However they don't have a gun to his head telling him he has to do this. Its sad to know that people are willing to take deals like this. its highway robbery.

 

I mean always shop around for the best deal and put more money down so you don't get raped monthly. These salesman want to sell quick but once they realize your not gonna just give in. They will do whatever for you. Also they will take a lot of money off at the end of every month. I bought mine end of December two days before Christmas. They took off the packages and I bought the car For Under 39k. Thank god I only pay 400$ a month lol

 

A 60 month lease? That doesnt sound like a lease. Mine is a 24 month lease for $270 a month with like 3k down and the purchase option at the end is like $26k. My payment is a bit higher bc I rolled some negative equity out of my last car.

 

beautiful congrats

 

When did MR's start coming with an all-black grille, & un-painted vents?

OP, I'd refi the car as soon as you can.. You can make out better in the end by going to a credit union & getting a better purchase plan for yourself..

 

The BASE MR's never had the paint matching grille and vents. I have a 2012 and it didn't come painted, I thought I was getting robbed but after doing some research what I got was correct.

 

When I first test drove the MR back in '08, that was one of the differentiating features of the MR - a gunmetal colored grilled with chrome trim around the perimeter. Also the vent grilles were painted body color..

 

Sweet ride. Needs more wing!

 

Here's reality, could you have gotten a better deal.. YES!, but you didn't' so forget about it and as soon as you can get a loan on the remaining amount that you owe. Everyone is going to tell you how a lease is a bad idea, probably it is, but whatever. You did it, you got the car you want so enjoy it!

Congrats.

Also South Coast Mitsubishi next time.

 

Refinance it to a credit union. $680 a month is a lot for a lease. Congrats and have fun with the car.