Mitsu's Diamond Option plan???
 

Has anyone bought there evo using mitsu's diamond option plan.
It lets you pay like a lease and at the end 48 months you can either turn it in or buy it outright. You do get the title to the car.
You just have a balloon payment at the end if you want to keep it.
I plan to get one in the new year but would like to go this route I think so I can keep my payments down.
thanks in advance

worst financial plan EVER...!

Let me elaborate on that. When I lived in Texas, there was a property tax on leased vehicles which was about $550 a year, so balloon loans were more popular, since they were not subject to the tax. That is basically the only reason to get a balloon loan on a car. In NY, I assume this is not the case, so a balloon loan is bad in the sense that you will have to finance the sales tax up front on the purchase of your car.

That's about 2 grand in most cases. The advantage of holding the title is basically that you can pay the car off early or sell the car during the term of your loan. However, since your payments are so low, it is unlikely that you will ever be above water on the loan so if you sold you would most likely write a big check to the new buyer, which is just like paying the early termination charges on a loan but probably even more $. Since you're shopping for a balloon, it is unlikely that you're going to drop the cash to pay off the car in the 3 years. Both plans only make sense if you are sure you'll be happy w/ the car for the term of the loan/lease.. if you're not, finance aggressively to get a lower rate and pay it off fast, or don't get the car.