Here's how they got me.

Somewhere along the lines, they gave me a contingency clause to sign. They of course explained what I was signing for differently.

Then the financier didn't sign the finance papers. I didn't spot this because it didn't occur to me that they would even do such a thing.

So the first paper I signed combined with not signing the finance papers gave them the authority to null and void the contract within X amount of days. If I didn't return the car or go renegotiate they would have the power to call the police and have the car repossessed, then the legal "fun" would begin.

So, it in your best interest to read, or at least skim the documents you are signing. Also, make sure that they sign EVERYTHING. I would even ask them to sign every document before they ask you to sign it. And, of course, get a copy of every single paper you sign. You have every right to every paper you sign, so don't believe otherwise.

 

Pay cash.

 

that is why get a pre-approved loan from an outside bank and use it as a leverage to give you the 0%. the 0% is stricter than your regular car loan requirements, and like everybody have guessed correctly, you did not qualify.

 

Dang... I think I would take my time and read the documents they'll give me. So sad that this has to happen to you.

I've got cash, but I wanna take advantage of the 0% financing. Plus I want my money to earn interest in the bank instead.

Would it also serve as a leverage to bring a copy of a bank statement with funds that are easy to pull out to liquidate? Getting a pre-approved loan from my credit union would be my best bet, I think.

 

The 0% interest is with the mitsubishi financing. A bank statement is no guarantee. Just get a check from your credit union and negotiate for the lowest price and give them the check after you have settled for the price.

 

Alrighty, I'm trying to nail one down before May ends. Thanks!

 

I just don't like/understand Mitsubishi financing at all. I could not get 0% when I make over 100k before tax + 763 credit score. They told me that I "lack" experience of paying loans or anything like that previously. I just graduated from college so of course I don't have this "experience". So would only option for me is to go get loans from credit union before dealer?

 

Lack of experience from paying loans means you have no debt or bills + your income of over a 100k a year = Pay cash and get the extra $2k rebate. Or are you whats wrong with America already?

 

Paying that much cash upfront is financially stupid. He's obviously within the means of financing this car with no money down @ 0%. To pay all of it upfront rather than investing it and making interest is not smart at all.

The financier can push approval on the 0% if they really wanted to.

 

If he pays in cash or finances with other lenders, he will get an additional $2K rebate, it's still a win-win situation. Mitsu Finance is not obligated to approve you. But yeah, $100K/year for a fresh college grad, considering these days people are getting laid off left & right, you have the right to buy whatever car you want.

 

The dealer told me mitsu wants me to put at least 15k to even LET me buy the car w/o 0%. oh well...

 

Then put in the cash and be done with it. You should be able to afford it with the amount of money you are making. Doesn't matter which car you buy or dealer you go to... they will tell you the same thing.

 

They're all crooks. I guess that's what you have to expect. When you look at the whole Mitsubishi line up you can guess what types of people they usually deal with. I guess you have to be good at bull****ting to survive when the majority of your car line sucks versus the competition.

 

All of us are crooks if you look at it from another perspective... We want the best bargain and sometimes we even lie about what other dealers are offering in the hopes of a pricematch... or even about a trade offer. For the dealers, they just want to profit as much as possible so they can go home and feed their families (and why wouldn't they). You have to put yourself in their shoes to understand all this.

Bottomline is, they don't have control if Mitsu Financial or other banks turn your loan application down. If you want the car that much, and have the means to afford it... then buy it. Use cash if you have to, you'll get the additional $2K rebate anyway, and maybe drop the asking price a bit more. Money talks.

 

don't worry about just ignore it if they want they can have the car back now a day you tell them how u want for that car not them and never pay sticker price if they can't do that go somewhere else,this what salemanager saleperson do they pressure u to commit to there price but watch they'll ask what can u afford tell them they might its not gonna work tell them ur not stupid just walk out on that place