You have to remember that this crazy used car market is temporary. All the hoops they’d have to go thru to implement this would be useless and it would have to be disclosed up front…they couldn’t just change their policy like with a lease.
Which is weird, I almost forgot Toyota has this car in it’s portfolio and it’s actually a very decent sedan.
Agreed. This market is crazy. All I was saying is I wouldn’t put anything past a captive bank to try to take advantage of the equity in their own property.
I hope it all works out for you and you can take advantage of this awesome deal. Just saying, a captive bank can change whatever rule they want at whatever time they want for any agreements signed moving forward from that point.
For all we know, GM financial could make this change tonight for all new purchases starting tomorrow, and they don’t have to disclose that other than in the agreement. Obviously this couldn’t be retro-active unless there is verbiage already in place similar to how they can do whatever they want with a 3rd party lease buyout. Either way- good luck and hack away!
It’s not their property after a purchase and they have no equity in it.
It is the banks property if there is a lien against the car and GM financial has the title and someone is making payments on it. If it is a cash purchase or non-captive bank, then yes they have no say in it. Not looking to argue here, just playing devils advocate and possible what if’s.
I was told that they stopped doing 50% off deals a while ago…guess I was wrong. I assume the encore GX is not experiencing the same quality discounts.
Keep us posted!
The Encore GX has the same dealer discount but the rebate from GM is about $1,500 less.
Just looked on the website and their Encore GX Preferred start out at $17,390 including a $5,600 dealer discount and a $2,700 rebate. Oh, and that includes the dealer fee.
All depends on which Mitsubishi were talking about. I have had a few but I almost didn’t consider them a Mitsubishi.
Wonder what that lease looks like?
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Well you wouldn’t have the rebate but the dealer discount should be the same.
Per Edmunds on a 36/10 lease you’re at 58% and 0.00002
MSRP - $25,690
Selling Price - $20,090 (includes dealer fee)
So you’re looking at $144 per month plus tax with inceptions and first month due at signing.
Hmm maybe I should chase one…I’m looking for something cheap to pile miles on between Ny and Florida.
Once i’m done with the deal (I think I have time to go in on Friday) i’ll be more then willing to share the dealer info if anyone wants.
Yea I would be interested
Captive or not, doesn’t matter. A lien just allows the creditor to be entitled to be paid back (or paid first) from the proceeds of a sale. A lien on the title means only that. Its purpose is to prevent the owner from pocketing all the proceeds while defaulting on the debt.
It doesn’t make it their property and it doesn’t give them any equity.
Same with your house if you have a mortgage. The bank or CU or whoever owns the loan gets paid back before you get your equity. But the equity is entirely yours.
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Not getting into a back and forth here- last thing I will say as this has gone way off topic. There is a definite difference between a legal owner and registered owner. In the case where there is a loan against a vehicle, the legal owner is the bank. The registered owner is the operator of said vehicle. The legal owner, in this case, the bank, has a definite interest in that the vehicle is theirs until the loan has been satisfied. If this was not the case, there would be no repossessing of a vehicle by a bank for missed payments etc. Just because I purchase a vehicle, and am making payments against the purchase price loan, doesn’t mean the vehicle is mine until I get title to said vehicle and then the bank has absolutely no stake in the car. While I am making payments to the bank, the bank still owns the vehicle, it doesn’t matter until the last penny is paid off.
You have a fundamental misunderstanding of what debt and equity mean.
Esoteric financial products aside, when you take on debt you’re not giving up equity or ownership. That’s part of the very definition of debt. In return, they (creditors) hold a higher place in the cap structure and must be paid back before any equity goes to owners.
The fact that contracts or state laws allow for repossession by a creditor does not change any of these facts. Your mortgage-holder can repossess your house if you default. Doesn’t mean they own it or have any equity in it. It just means the asset was collateral against their loan.
Governments can put liens on your property for unpaid taxes etc. doesn’t mean they own it. Heck even a mechanic or body shop can put a lien on your car for unpaid repair/storage bills. Doesn’t mean they own it or have any equity in it.
The other issue is if you hop on Google and ask if a lien holder owns the car, there are a lot of sites that simplify things by saying the bank is the legal owner and you’re the practical owner rather than discuss ownership of the lien and getting more into semantics.
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Even some of the resources that financial institutions put out there are also atrociously misleading and often very, very wrong.
I picked this randomly from a bunch of garbage Navy Federal puts out there to “help” their members.
Beginning with the first bullet, your credit reports do no list things you buy… and it’s downhill from there.
People trust this place with their money. 
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But it’s the “Navy”