(Available in select states)
Buying and leasing both have their advantages, and sometimes it's hard to choose between them. Buying a vehicle gives the pride of ownership, along with the freedom that goes with it. But leasing is attractive, too, since you typically have lower monthly payments.
The Diamond Advantage Plan is a unique way to buy a vehicle, combining the best of both worlds. With the Diamond Advantage Plan, you can buy a vehicle while enjoying the cost advantages of leasing but you will have a substantially larger payment to contend with. If you want to experience the joys of ownership, but can't resist leasing's low monthly payments, the Diamond Advantage Plan was created with you in mind.
The Diamond Advantage Plan provides lower monthly payments in exchange for a larger final payment. For example, with a 48-month contract, you will have 47 equally sized monthly payments and a substantially larger final payment. The final payment will be an estimate of what the vehicle will be worth after you have driven it for 48 months, which makes it very similar to the estimated residual value of a lease. Because the final payment is basically the resale value of the vehicle, the monthly payments are, effectively, making up the difference between the vehicle's value at the beginning and end of the contract term, along with some finance charges. This gives you those low monthly payments, since you are only paying for the portion of the vehicle's life that is "used up".
With the Diamond Advantage Plan, you are the owner of the vehicle. This is very different from a lease, which gives the customer use of the vehicle but not ownership.
The Diamond Advantage Plan does not require a down payment to be made, however the monthly payment will be smaller if you choose to make one.
There is no security deposit required with the Diamond Advantage Plan, so you won't have to spend as much money to get started.
With the Diamond Advantage Plan, there is no acquisition fee, giving you the lower up-front costs than the Diamond Lease Plan.
With the Diamond Advantage Plan, the customer can choose the contract term that's right for them. Contract terms are offered from 24 to 48 months, in 6-month increments.
The Diamond Advantage Plan gives lower monthly payments than conventional financing in exchange for a substantially larger final payment.
By taking advantage of the lower monthly payments under the Diamond Advantage Plan, you may be able to afford additional options or a nicer model.
The Diamond Advantage Plan offers the satisfaction of ownership with the option of buying a new vehicle more often than if you purchase under a typical retail installment sale contract.
The three mileage options under the Diamond Advantage Plan are:
We realize the final payment represents a more significant financial obligation than the monthly payments, which is why you are given some choices when you reach the final payment. There are three final payment options with the Diamond Advantage Plan.
The Diamond Advantage Plan includes gap protection at no extra cost, which provides you with an extra measure of financial protection. If an accident, fire or theft results in the total loss of the vehicle and there is a "gap" or difference between the amount your insurance company pays and the amount you still owe on the contract, you will not be liable for this gap (provided you are not in default and have maintained the insurance required by the Diamond Advantage Plan contract). However, gap protection does not cover the insurance deductible.
Along with the pride of ownership comes the responsibility of ownership. When you assume ownership of a Mitsubishi vehicle under the Diamond Advantage Plan, you also assume responsibility for the following:
With the Diamond Advantage Plan, you own the vehicle, which means you are responsible for all routine maintenance on the vehicle as specified in the owner's manual. If you choose not to purchase your vehicle at the end of the contract term, you may be charged for any excessive wear not repaired before your vehicle is turned in.
If you plan on keeping the vehicle at the end of the contract term, it doesn't matter how much mileage is accumulated. But if you are planning to sell the vehicle back to Mitsubishi Motors Credit of America, Inc. at the end of the contract term, you will need to consider your mileage requirements. If you happen to exceed your contract's total mileage allowance, extra fees may apply when you turn in your vehicle.
You are the owner, so you are responsible for paying any taxes, license and registration fees due on the vehicle.
You must carry comprehensive and collision insurance coverage for the vehicle as outlined in the Diamond Advantage Plan contract. But because you are the vehicle owner, the contract does not require you to maintain liability coverage, which may save some money. However, you may be required to obtain additional coverage under state law.