Required Reading: The best deal here or anywhere, Good Lease Vs. Bad Lease
Good transportation…lease or buy? That is the question…. The answer…. We don’t know yet!
This section deals with a typical quotation comparing a good, true, level-yield lease with a good, simple-interest finance contract on an actual vehicle, parallel terms and current rates. Request a quotation on a vehicle of your choice to compare finance to lease for your personal driving needs.
The Vehicle:
Year, Make Model: 00 MITSUBISHI MONTERO SPORT 4WD 4d Wgn LS
Exterior/Interior: Burgundy
Odometer: 12059
VIN: JA4MT31H0YP800616
Options affecting the LEV: CdChnger,
Seller’s Listed Options: 4×4 6G AC AT CC CD CI DL EW PB PS SAB TL
Pricing:
Getting a low purchase price is the first step whether you pay cash, lease-to-own, or finance your transportation. We have done that for you by locating a vehicle at wholesale dealer-only auto exchange auctions. This eliminates the dealer markup and the brick and mortar costs. You can verify current pricing at Kelly Blue Book.
Auction Average Wholesale Value = $20,225.00
Average Retail Value = $24,100.00
Your vehicle purchase price = $19,444.00
Total Due on Cash Purchase = $21,175.01 (including tax, tag, title, doc, +/-trade if any)
Down payment and Trade-in net value = $0.00
Conventional Retail Financing:
Based on the information you gave, and a finance annual percentage rate (APR) of 8.76% your retail finance payment will be $409.99 without tax, $438.69 w/ tax, beginning in 30 days, for 60 months. ALA does not guarantee that a bank will approve you for a loan for this amount, at this interest rate, on this MITSUBISHI. Banks have individual lending guidelines and generally do not advance more that the book “loan value” on conventional retail finance contracts. Your total cash due at delivery would be $0.00 .
Lease Information:
Based on the information you gave above your lease payment will be $276.39 without tax, $295.74 w/tax, for 60 months. Monthly payments on leases are due in advance of the month of use (Annuity Due), much like a rental in that respect, contrary to retail finance where your loan payment is paid after the month of use (Regular Annuity). You will be required to pay a refundable security deposit of $ .00 on delivery. You will be allowed to drive 12000 miles annually, with an additional charge per mile over of 15 cents. Contact us for details.
The guaranteed lease end value (residual) is $8,550.43 . Your total due at delivery, with your first payment and security deposit of $0.00 rolled into your payment (then paid by the dealer) , would be $295.74 .