I have a question about buying an EVO
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Joined: Feb 2008
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From: Rhode Island
i would say, if you can, wait untill the 09 is released or is just about to be released. this is a GREAT time to buy an 08. The disadvantages being that you won't have the absolute newest and your cars model year will make it a year older which will impact how much you get for a trade if you try and trade it in a year or 2.
However, if you look at the 09 specs and think about it and don't really need the extra's or differences that come with the 09 then buying the 08 will save you a ton because dealers will be desperate to get them off their lots.
Oh and my guess for the 09 would be that it will have slight increase in HP and torque numbers (like maybe 5-8hp) and might offer some additional interior upgrades, maybe bluetooth for the GSR. However, it will be the same motor, same transmission, same suspension, same body with maybe some really tiny exterior modification.
However, if you look at the 09 specs and think about it and don't really need the extra's or differences that come with the 09 then buying the 08 will save you a ton because dealers will be desperate to get them off their lots.
Oh and my guess for the 09 would be that it will have slight increase in HP and torque numbers (like maybe 5-8hp) and might offer some additional interior upgrades, maybe bluetooth for the GSR. However, it will be the same motor, same transmission, same suspension, same body with maybe some really tiny exterior modification.
They definitely will offer a sun/moon roof since they allude to same in the 08 owner's manual.
Later, Ken
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Joined: Jul 2008
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From: Philly
yea that and the stocks seats i heard were extremely heavy. they're nice but i rather have red bride seats. you prolly can lose a 100lbs easy with this car especially if you choose to go with a evo with no packages. for me i got to have the sub as much as i want to get rid i cant pull myself to do it. when the sub went out i was missing it terribly
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From: Maryland
Ive been waiting since last feburary to get it, im plannign on gettin the 08 next month, just got of the phone with a stealership yesterday and these guys r still talkin about selling the car for 40K, LMAO r these guys serious?
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From: Maryland
Wish me luck guys!!!
I went into my bank today to c if i could get the loan for my GSR today.
I think its goin well, tomorrow the bank is goin to call me to let me know if i got approved
I think its goin well, tomorrow the bank is goin to call me to let me know if i got approved
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From: Maryland
Thread Starter
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Joined: Sep 2008
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From: Maryland
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From: Fresno, CA
Unless I'm mistaken, the 0% offer extends to tier 1 AND tier 2 credit. High 600's to low 700's should be enough. There is something to keep in mind, though. If you finance at 0% through Mitsubishi they will sell it to you at invoice (or maybe a little below). They will then sell the loan immediately - they bundle car loans and sell them off to investors just like they do with mortgages. Since the loan is at 0% interest, they will have to sell the loan for below face value. How much below? Interestingly enough, they will sell the loan for less the amount of interest that you would have paid on the loan under normal circumstances. For example, let's say a conventional loan is going for 6% on new cars. Mitsubishi will sell the loan for the amount that would have yielded the amount that you paid for the car after 5 years paying 6%. In other words, let's say you buy the Evo for $30K at 0%. The loan will sold for, say, $25K since if you had bought the car for $25K at X%, you would end up paying $30K after 5 years. The point is that Mitsubishi will not service the loan since they'd rather have $25K now rather than $30K in 5 years. If you walk in with your own financing, you can get the car for a lot less than invoice. They are set on making $X on the car, regardless of the path you choose.
This happened to me a couple of years ago when I was looking at buying a 2006 Eclipse. They quoted me like $28K at 0% or $22,900 if I came in with my own financing. Either way, Mitsubishi was going to make $22,900 on the car since they weren't going to carry the loan themselves.
This happened to me a couple of years ago when I was looking at buying a 2006 Eclipse. They quoted me like $28K at 0% or $22,900 if I came in with my own financing. Either way, Mitsubishi was going to make $22,900 on the car since they weren't going to carry the loan themselves.
Last edited by mathgeek; Nov 1, 2008 at 07:55 AM.
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Joined: Oct 2007
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From: Bay Area
Credit score ranges have tightened. I don't know if a 690 would still classify at Tier 1 or 2. For example:
"Approval rates on loans this fall are about 60 percent, down from about 80 percent last fall, Mr. Spinella said. The minimum credit score required for the very best rate was 786 at the end of September, according to CNW, up from 741 a year ago."
and
"GMAC Financial Services will not even lend money right now to those who do not have a score of 700 or above. "
http://www.nytimes.com/2008/10/30/au...l2/30loan.html
I don't think you'll have trouble finding someone to give you a loan, but you may be right on the edge of getting the best rate. Good luck!
"Approval rates on loans this fall are about 60 percent, down from about 80 percent last fall, Mr. Spinella said. The minimum credit score required for the very best rate was 786 at the end of September, according to CNW, up from 741 a year ago."
and
"GMAC Financial Services will not even lend money right now to those who do not have a score of 700 or above. "
http://www.nytimes.com/2008/10/30/au...l2/30loan.html
I don't think you'll have trouble finding someone to give you a loan, but you may be right on the edge of getting the best rate. Good luck!
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Joined: Feb 2008
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From: Minneapolis
This happened to me a couple of years ago when I was looking at buying a 2006 Eclipse. They quoted me like $28K at 0% or $22,900 if I came in with my own financing. Either way, Mitsubishi was going to make $22,900 on the car since they weren't going to carry the loan themselves.
Scores can be a little misleading-I've seen mid to high 700 scores with nothing more then a new (maxed out) credit card, and $30k in def. student loans. That doesnt qualify you for most financing. 5 year bureau history, 2-10 positive installment trade lines, ect are what the catch's are.
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Joined: Feb 2008
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From: Minneapolis
[QUOTE=gizmotoy;6300570]
"GMAC Financial Services will not even lend money right now to those who do not have a score of 700 or above. "
QUOTE]
GMAC is paying GM dealers to get GMAC customers out of the GMAC loan and done thru another lender....thats how bad GMAC and GM need to liquidate....gl on buying chrysler based on that....but thats OT.
GL on the buy-Credit Unions are pretty flexible in their scoring for auto loans.
"GMAC Financial Services will not even lend money right now to those who do not have a score of 700 or above. "
QUOTE]
GMAC is paying GM dealers to get GMAC customers out of the GMAC loan and done thru another lender....thats how bad GMAC and GM need to liquidate....gl on buying chrysler based on that....but thats OT.
GL on the buy-Credit Unions are pretty flexible in their scoring for auto loans.
Thread Starter
Evolving Member
Joined: Sep 2008
Posts: 389
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From: Maryland
Unless I'm mistaken, the 0% offer extends to tier 1 AND tier 2 credit. High 600's to low 700's should be enough. There is something to keep in mind, though. If you finance at 0% through Mitsubishi they will sell it to you at invoice (or maybe a little below). They will then sell the loan immediately - they bundle car loans and sell them off to investors just like they do with mortgages. Since the loan is at 0% interest, they will have to sell the loan for below face value. How much below? Interestingly enough, they will sell the loan for less the amount of interest that you would have paid on the loan under normal circumstances. For example, let's say a conventional loan is going for 6% on new cars. Mitsubishi will sell the loan for the amount that would have yielded the amount that you paid for the car after 5 years paying 6%. In other words, let's say you buy the Evo for $30K at 0%. The loan will sold for, say, $25K since if you had bought the car for $25K at X%, you would end up paying $30K after 5 years. The point is that Mitsubishi will not service the loan since they'd rather have $25K now rather than $30K in 5 years. If you walk in with your own financing, you can get the car for a lot less than invoice. They are set on making $X on the car, regardless of the path you choose.
This happened to me a couple of years ago when I was looking at buying a 2006 Eclipse. They quoted me like $28K at 0% or $22,900 if I came in with my own financing. Either way, Mitsubishi was going to make $22,900 on the car since they weren't going to carry the loan themselves.
This happened to me a couple of years ago when I was looking at buying a 2006 Eclipse. They quoted me like $28K at 0% or $22,900 if I came in with my own financing. Either way, Mitsubishi was going to make $22,900 on the car since they weren't going to carry the loan themselves.
There are NUMEROUS times where there are various rebates that are contingent upon the buyer not using the finance special. Like 0% or a $3k rebate.