Holy Incentives! 0% on ALL 2005 Evos!
Originally Posted by point&shoot
What bank are you talking about? Mitsubishi Motors has its own credit company,
so why would they get a third party involved? They are big enough to finance
their own loans. This makes it seem even more likely that it was a scam. There
is no third-party bank involved that would deny the financing. (When I had my
Eclipse, I maded the payments to Mitsubishi Motors Credit Corporation, or
something like that.) Remember, this offer has nothing to do with the dealer --
its Mitsubishi Motors giving the discounted loan.
And even if there were another bank involved, it's obvious that they wouldn't
be accepting anyone for a 0% loan (no profit in it), thus Mitsubishi would have
to pay them to take the loan. And if Mitsubishi paid them the right amount,
they would take the 0% loan for almost anyone. Thus it's still up to Mitsubishi
to decide whether or not you get the 0% rate, not some bank.
Try to think these things through . . .
so why would they get a third party involved? They are big enough to finance
their own loans. This makes it seem even more likely that it was a scam. There
is no third-party bank involved that would deny the financing. (When I had my
Eclipse, I maded the payments to Mitsubishi Motors Credit Corporation, or
something like that.) Remember, this offer has nothing to do with the dealer --
its Mitsubishi Motors giving the discounted loan.
And even if there were another bank involved, it's obvious that they wouldn't
be accepting anyone for a 0% loan (no profit in it), thus Mitsubishi would have
to pay them to take the loan. And if Mitsubishi paid them the right amount,
they would take the 0% loan for almost anyone. Thus it's still up to Mitsubishi
to decide whether or not you get the 0% rate, not some bank.
Try to think these things through . . .
Second, MMCA will more than likely sell the loan to a third party. They did with my loan immediately after I bought my car early in August. They will not be able to sell the loan to a third party at 0% if the person has a bad credit. So they have no option but to DENY the dealer the loan that he asked for at 0%.
It is not MMCA's fault that a buyer has bad credit. MMCA is trying to accomodate the dude by giving him a 1.9% which is FAR FAR FAR better than what he will get from any other private party. If he does not want that, well return the car and let him go file his complaint. His complaint will more than likely go nowhere.
People should stop whining about not getting 0%. If their credit is less than 700 FICO, then more than likely they will pay interest on the loan. It was not Mitsu that messed up their credit in the first place.
Last edited by nj1266; Aug 21, 2005 at 02:49 PM.
Originally Posted by boost_me
i wanna evo 
... i got $4g's for a downpayment... but my credit is shot....... help!
... i got $4g's for a downpayment... but my credit is shot....... help!http://www.autotrader.com/fyc/search...=4+wheel+drive
I definitely DON'T have it in writing which was the purpose of my post! Get it in writing and you'll be safe. I didn't and I got burned. At the very least, I'm going to have a very serious discussion with the finance manager and the dealership manager and go from there. But as I stated earlier, I'll ask for both my credit score and the Mitsu Tier scores in writing. And if I don't make the cut, I don't make the cut. I don't have issue with that at all. I do have issues with salesmen, well, being salesmen and lying to the customer. That's just shady! Sometimes intent is enough for a state consumer protection agency to log a complaint. Get enough of them and the attorney general starts asking questions. Just be up front with the customer and a dealership won't have any problems. It's that simple.
Originally Posted by nj1266
Do you have it in writing that the dealer promised you 0% financing? If you do not, then it is going to be awfully hard for you to prove that the dealer did that. You really do not have a case against the dealer. From what I have read, this happens all the time. All the dealer has to do is show that they made a good effort to get you financed at 0%. The dealer thought that they can squeeze you in at 0% and they could not given your 670ish credit score. If you really wanted to protect yourself from this sort of thing, then you should have known your credit score in ADVANCE. I had mine checked and it was 807. I knew I will get 0%. When the delear checked it he got 826
As I see it you have two options: 1. Keep the car and accept the very very low 1.9% financing; a rate that you will NOT get anywhere else 2. Return the car and file your complaint against the dealer. I really doubt that your complaint will be met with any measure of success.
As I see it you have two options: 1. Keep the car and accept the very very low 1.9% financing; a rate that you will NOT get anywhere else 2. Return the car and file your complaint against the dealer. I really doubt that your complaint will be met with any measure of success.
Evolved Member
Joined: Mar 2002
Posts: 4,312
Likes: 3
From: Birmingham, AL
It does not matter what you get in writing with the dealer, you already have a contract I assume, that's all the writing you'll get, but it won't be cashed. If the loan is not approved my MMCA, then there is no loan. You can argue with the dealer all you want, run up miles on the car, refuse to bring it back, whatever - that's between you and the dealer (you might have signed a bailment agreement too, so they can come after you for damaging their car or putting excess miles on it). Good luck keeping a tag on a vehicle you don't own.
MMCA is partnered with a couple of banks. They buy down typical rates to get to zero, or 1.9 or whatever. Center One, SST, Merryl Lynch, Bank One, World Omni. Everybody who has owned or will own a Mitsubishi will become familiar with those names.
Yeah it sucks your dealer promised you'd get 0, but they couldn't - you didn't. There's nothing you can do.
MMCA is partnered with a couple of banks. They buy down typical rates to get to zero, or 1.9 or whatever. Center One, SST, Merryl Lynch, Bank One, World Omni. Everybody who has owned or will own a Mitsubishi will become familiar with those names.
Yeah it sucks your dealer promised you'd get 0, but they couldn't - you didn't. There's nothing you can do.
What happened with the financing falling through is a shame but is a common occurence when you get dealer financing. See www.carbuyingtips.com... it is very educational. 
I know the dealer is not the same as MMCA. But MMCA is the one offering this
discounted loan, not the dealer. MMCA is the one who accepts 0% or rejects
it, not some bank (the loan can't be sold to a bank until it exists as a contract
between you and MMCA). I find it hard to believe that the dealer can't get a
quick answer from MMCA about whether or not the 0% is acceptable. They
are business partners, after all.
As for selling the loan to a third party, they can never "sell" a 0% loan to
anyone, if by that you mean get face value for it. They have to sell it at a
discount, i.e. at less than the sum of your remaining payments. If they offer
the loan at a low enough price, someone will take it, almost independent of
your credit rating (within reason). Thus it is MMCA's choice of whether or
not to give you 0% -- the worse your credit, the more money they lose in
selling your loan. Or they can keep your loan, losing no money up front, but
taking the risk of your defaulting. Either way, it's MMCA's choice, not some
anonymous bank.
discounted loan, not the dealer. MMCA is the one who accepts 0% or rejects
it, not some bank (the loan can't be sold to a bank until it exists as a contract
between you and MMCA). I find it hard to believe that the dealer can't get a
quick answer from MMCA about whether or not the 0% is acceptable. They
are business partners, after all.
As for selling the loan to a third party, they can never "sell" a 0% loan to
anyone, if by that you mean get face value for it. They have to sell it at a
discount, i.e. at less than the sum of your remaining payments. If they offer
the loan at a low enough price, someone will take it, almost independent of
your credit rating (within reason). Thus it is MMCA's choice of whether or
not to give you 0% -- the worse your credit, the more money they lose in
selling your loan. Or they can keep your loan, losing no money up front, but
taking the risk of your defaulting. Either way, it's MMCA's choice, not some
anonymous bank.
Originally Posted by nj1266
First the dealer is not the same as the MMCA. MMCA is the finance company for MMNA. Just because the dealer approves a loan does not mean that MMCA will automatically approve the loan. The dealer is INDEPENDENT of MMCA. So please get this straight.
Second, MMCA will more than likely sell the loan to a third party. They did with my loan immediately after I bought my car early in August. They will not be able to sell the loan to a third party at 0% if the person has a bad credit. So they have no option but to DENY the dealer the loan that he asked for at 0%.
It is not MMCA's fault that a buyer has bad credit. MMCA is trying to accomodate the dude by giving him a 1.9% which is FAR FAR FAR better than what he will get from any other private party. If he does not want that, well return the car and let him go file his complaint. His complaint will more than likely go nowhere.
People should stop whining about not getting 0%. If their credit is less than 700 FICO, then more than likely they will pay interest on the loan. It was not Mitsu that messed up their credit in the first place.
Second, MMCA will more than likely sell the loan to a third party. They did with my loan immediately after I bought my car early in August. They will not be able to sell the loan to a third party at 0% if the person has a bad credit. So they have no option but to DENY the dealer the loan that he asked for at 0%.
It is not MMCA's fault that a buyer has bad credit. MMCA is trying to accomodate the dude by giving him a 1.9% which is FAR FAR FAR better than what he will get from any other private party. If he does not want that, well return the car and let him go file his complaint. His complaint will more than likely go nowhere.
People should stop whining about not getting 0%. If their credit is less than 700 FICO, then more than likely they will pay interest on the loan. It was not Mitsu that messed up their credit in the first place.
Originally Posted by titaniumkingpin
Just had a friend buy his evo here in socal.
It was a white GSR non SSL. Union mitsubishi got him a great deal.
It was 29,500 with 0% apr.
Thanks for giving the heads up on the offer.
It was a white GSR non SSL. Union mitsubishi got him a great deal.
It was 29,500 with 0% apr.
Thanks for giving the heads up on the offer.
I went back today, they listened to my discontent, I received a free first service and a tank of gas. Done deal, I signed the paperwork at 1.9%. Apparently MMCA has been bought out by someone else and thus, the people the finance guy has been dealing with are no longer there. Apparently the big three credit bureaus usually do not have the same score. In the past, they've been allowed to "swap" scores, using the highest score out of the three. Apparently that's no longer allowed by the new "bank" funding these puppies. May be a story, may be accurate. Dunno. All I know is it'll cost me another $1,700 to purchase the car. My mutual funds are going to have to work overtime!
Originally Posted by Mr. Stock
I went back today, they listened to my discontent, I received a free first service and a tank of gas. Done deal, I signed the paperwork at 1.9%. Apparently MMCA has been bought out by someone else and thus, the people the finance guy has been dealing with are no longer there. Apparently the big three credit bureaus usually do not have the same score. In the past, they've been allowed to "swap" scores, using the highest score out of the three. Apparently that's no longer allowed by the new "bank" funding these puppies. May be a story, may be accurate. Dunno. All I know is it'll cost me another $1,700 to purchase the car. My mutual funds are going to have to work overtime!
1.9% is an extremely low rate, a rate that you will not find on your own.
Originally Posted by titaniumkingpin
Just had a friend buy his evo here in socal.
It was a white GSR non SSL. Union mitsubishi got him a great deal.
It was 29,500 with 0% apr.
Thanks for giving the heads up on the offer.
It was a white GSR non SSL. Union mitsubishi got him a great deal.
It was 29,500 with 0% apr.
Thanks for giving the heads up on the offer.
I am happy to say that I am now a proud owner of a new 2005 electric blue Evo, with the SSL package.
I got it for 500 under invoice, with 0% financing. I couldn't pass up the deal. Now, I just have to find a good home for my Eclipse and start modding the Evo. I can't wait to get started!
Eric
I got it for 500 under invoice, with 0% financing. I couldn't pass up the deal. Now, I just have to find a good home for my Eclipse and start modding the Evo. I can't wait to get started!
Eric
Originally Posted by Mr. Stock
I went back today, they listened to my discontent, I received a free first service and a tank of gas. Done deal, I signed the paperwork at 1.9%. Apparently MMCA has been bought out by someone else and thus, the people the finance guy has been dealing with are no longer there. Apparently the big three credit bureaus usually do not have the same score. In the past, they've been allowed to "swap" scores, using the highest score out of the three. Apparently that's no longer allowed by the new "bank" funding these puppies. May be a story, may be accurate. Dunno. All I know is it'll cost me another $1,700 to purchase the car. My mutual funds are going to have to work overtime!
Evolved Member
Joined: Mar 2002
Posts: 4,312
Likes: 3
From: Birmingham, AL
Originally Posted by lil'evil_evo
I have always been told dealers and banks take the lowest of the three.
Evolving Member
Joined: Dec 2004
Posts: 200
Likes: 0
From: Chi-town burbs
Originally Posted by Mr. Stock
I went back today, they listened to my discontent, I received a free first service and a tank of gas. Done deal, I signed the paperwork at 1.9%. Apparently MMCA has been bought out by someone else and thus, the people the finance guy has been dealing with are no longer there. Apparently the big three credit bureaus usually do not have the same score. In the past, they've been allowed to "swap" scores, using the highest score out of the three. Apparently that's no longer allowed by the new "bank" funding these puppies. May be a story, may be accurate. Dunno. All I know is it'll cost me another $1,700 to purchase the car. My mutual funds are going to have to work overtime!