Saleen Performance Will Lease Souped-Up Mustangs

Mustang modifier Saleen Performance Inc., which turns Ford’s pony car into a snorting stallion, has bowed to the inevitable and entered the leasing business.

Used to be, you could only purchase a new Saleen Mustang at one of the handful of Ford dealers the Irvine-based performance car shop has licensed as Saleen outlets. But with the growing popularity of leasing, and with prices that start at almost $30,000 and top out at $53,500, company president Steve Saleen decided he needed a leasing program to remain competitive.

He formed Saleen Motor Credit to do just that, although the in-house credit company also provides financing to purchasers. (Saleen doesn’t want to discourage car ownership.) The initial leasing programs will enable an enthusiast to get into an entry level Saleen S281 Mustang for $1,499 down, a refundable $550 deposit and a monthly payment of $499 (plus tax and license). The figures just about double for the 510-horsepower, top-of-the-line Saleen S351 Mustang.

Payments can be significantly higher with a low down-payment purchase, which is why Saleen decided to start leasing. Leasing also means that many of the cars will be returned to dealers at the end of the lease period, creating a used car market for the high performance vehicles, says Brian Murray, Saleen dealer operations director.

In its 12 years in business, Saleen Performance has turned out almost 4,000 modified Mustangs, making the company the largest specialty auto manufacturer in the nation.

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John O’Dell covers major Orange County corporations and manufacturing for The Times. He can be reached at (714) 966-5831 and at john.odell@latimes.com