Ok so I had made a thread before about possibly selling my car (owe 28,4) but with the 0% still there on the new cars and the prices staying pretty low it isn't going to help me much. I got the car OTD for 30,8 which isn't to bad, but the payments are 517.00 and insurance is 75.00. I have 0% now, but I would be willing to go with 2.9-maybe 4.9 for 72-84 months just to bring the payments down. Later on I could double up on them and get it paid off faster. Has anyone had to do this or know who has the best rates out there for it? Does Mitsu have any sort of refinancing program at all?

 

i got my gsr fully loaded with an msrp of $40,126. i got the 0% financing for 60 months (5 years) with payments of $460 a month and my insurance is only $110 a month. i owe $27,000 because of my downpayment and trade-in. Honestly dude i wouldn't refinance because chances are you won't get the chance to refinance back to 0%. the way i see it, 0% you're paying a little bit more per month but you're only paying for your car. when you finance you're throwing money away by paying extra money to mitsubishi and paying even less money to pay towards your actual car. and 72-84 months?! fyi thats 6 and 7 years, respectively! seriously think about this decision long and hard (that's what she said) before you go throw with it man.

anyways, good luck

 

yeah I am, i'm just thinking of ways I can save 100 or so a month. I'm getting married in Sept. and we are going to try to build a house.. i've got a few job applications i'm hoping to hear something from. I'd love to just be able to sell the car. I know i'd miss it, but these payments with no job are putting a hurting on me. I can hold out for a while. I just thought with the economy being so bad that I could get a really low rate for a 6 or 7 year term.

 

Yeah man i hear ya, if i were to lose my job (knocks on wood) i'd probably have to sell my car or refinance too. but im still shocked that you're monthly payments are that high at $517. im only at $460 a month and my msrp is more than the X MRs that i saw at the dealer.

also, try thinking of different ways to save money per month. cause refinancing isnt a walk in the park, i.e. paperwork, fees, headaches, etc. try thinking of things that you spend money on that you really don't need. no matter how small, those things add up. like i used to spend $10-15 on lunch 5 days a week, that's $200+ a month that i didnt even realize i was throwing away. now i bring left overs from home and i have extra money laying around now.

hope everything works out for you dude

 

if you can't afford your current 0%, you have two options:

1. Keep the car at 0%
2. Sell the car

You don't want a car for 7-8 years man. Worst thing you can do.

 

payments are up there because I didn't put anything down on the car

 

0% is a good deal but if you cant deal with the payments then refinance if you have to! Now that interest rates at the lowest.

or

Try selling it your self/trade it in. GM is having some amazing rebates on new vehicles that can be at your $$ range. you can easily get like 4g's on a rebate on some models.

Personally I would try to keep it by refinancing it but it will be hard down the line when yu look back and you see that your payments are barely paying off your principle loan!
my $.02

 

Keep the car.
Buy a cheap house, to fix slowly with an extra room to rent.
rent will pay for your car.
future salary will be paying the fixes of the house.
everybody is happy

 

Mitsu will not help you refinance. You can go to your local credit union or bank and bring your monthly statement with you and tell them what you want to do. The bad news is the interest rate will be more like 6.5-7.0% for a 72+ month term.

 

how long have you had the evo? what are you going to do when the clutch starts slipping and you need to come up with 1000 dollars to fix it? or 700-800 for tires? if the payment is putting that much of a strain on you, i would ditch it. i was in that boat for a while.... i thought long and hard about selling mine a number of years ago. but i held on, got smart with my money, and now its paid off, got a house, and i'm no longer worrying how i'm going to pay for the next thing that needs replacing on the car.

FYI refiniancing a car at 0% would be completely retarded.

as others have said, you have two options:
1. keep car, save 100 else where
2. sell car, even if you lose a couple grand, you'll only need to make payments for 3-6 months depending on what you sell it for and come up with negative equity. at least then you'll be at ground zero with no more car payment.

 

Good luck getting refi-ed! Banks simply will not work with you! I lost my job, I went from grossing 600 a week to 232 take home on unemployment! My payment is terribly high, the deal my dealership and I worked out dissolved a month later when the sherif shut their doors for them! My bank won't refi me and I'm about empty on the excess cash funds from my income tax! I pretty much have two options, let them repo the car or file bankruptcy; if I can't find a job within the next 2-3 months I'm EVOless!

 

there's 3400 miles on the car and I don't drive it like a maniac so the clutch and the tires are the least of my concerns at the moment.

 

my father is with a credit union and I refinanced at 4.5% for 72 months... there are ways to get better rates than 6.5-7 when your credit is really good.

 

I have a 700 credit score, bank still refused me!

 

You're considering refinancing FREE MONEY so you can pay interest for that free money? That is a horrible financial decision.