'Sup everyone?

I'm Dan...new to this board. Strongly considering an OZ Rally. Probably yellow or white. Here's my question...What's the deal with Mitsu's 'O-O-O' thing? Has anyone bought a Lancer under this?? What's the catch? Thanks!

 

Hey man what's up. welcome to the boards.
I got an OZ in January and my first payment isn't due until January 2003. And any payments I make from now til them will reduce the principal and no interest will begin to accrue until January 2003. I think its a good deal. Pretty straight forward no catch. Just have to have pretty good credit. Give it a shot if you like the car.

Alex

 

Alex,

Thanks...Same as I was told by the Mitsu salesman last week. Just wanted to make sure. Thought he was nuts when he said 'no catches.'

 

0 Down
0 payments
and 0 interest until 2003.
After that it is a 60 month purchase with an interest rate usually
between 8-10%, however, the length of time of no payments
and the interest depends on the creditworthiness of the applicant.
There's no catch, it is a simple interest loan. You just trade off a lower available rate to get the year for free. If you pay off the car before the year is up (or you refinance with another bank or credit union to
get a better rate), you don't pay anything but the principle
and there's no penalty for early payoff.

 

Let me start off by saying welcome.
An yes what aosal and GPTourer said is right. I did go with that plan an I also bought my car in January an I don't start payments until January of next year.
Not a bad deal.