I am currently awaiting a 2005 Graphite Grey MR with an arrival date of October 10th. I am a little nervous though because this is my first car I am purchasing. So I was just curious as to how flexible mitsu's finance departments are. If anyone who has had experience with mitsubishi finance please let me know. I have $6,000 to put down on the car. I have little credit but I have someone with pretty good credit history who is willing to co-sign with me. please Help!!

 

i went through mitsu when i bought my car...pretty nice...3.9apr...cant really go wrong with it...after 6 months they sold it to household auto finance...i also had very little credit but y aunt who cosigned for my had good credit

 

I have to go from so. cal to nor. cal to get my car so I just do not want to get up there and see my MR in person and than get turned down....

 

damn that far?...why didnt you just go to a local dealer?...like santa moinca...el cajon...or huntington beach

 

I emailed all my local dealers... Either they were not getting any... the ones they were getting were all spoken for... or they had not heard about the MR. The one in San Jose promptly get back to me and I am up in that area a lot... in fact I used to live there so I said why not?

 

ah IC....well good luck

 

There will, in all likelyhood, be no special financing from Mitsubishi on the MR - or any Evolution as there haven't been so far. Most credit unions or banks will probably offer better rates. Mitsu will probably offer the best overadvance, so unless you come in with some negative equity and no cash, an outside lender will probably be a better choice.

 

The thing is that I am not too worried about the rate because in the end of october I will have enough to pay it off. So If I went to Mitsu and went through them with the 6,000 down and someone to co-sign do you think I would qualify???

 

Im checking out that Diamon Finance Plan or whatever it is and going in with 10k..

Shouldn't have a problem.

Credit is perfect as far as I know.

 

hey if you walk in there with a cosinger...and they let you drive off the lot....and for some reason they cant finance you....they will have to drive to so cal to get thier car back...but by that time you will have the money to pay if off so might as welll

 

I seriously doubt you're going to get spot delivered on an MR and you live hundreds of miles away if there's any doubt of you getting approved. But hey, maybe that's how they do it in Cali.

 

What if you have bad credit, and the person who co-signs has good credit? What happens then?

 

That's up to the lender. Most of the time lenders I deal with don't do any sort of "averaging" or best case ,they always look at the worst case. If a person with bad credit would get turned down by themselves, but is cosigned with a 700+ beacon, they *MIGHT* approve the deal on their lowest tier (as in high interest rate). They will probably also look at the income of the lower tier person and determine whether they can afford a $30,000 car. If 20% of your monthly income won't cover the necessary monthly payment, the loan probaly won't go through. Plus, if you aren't the son or daughter or spouse of the cosigner and not living at the same address, your chances are even slimmer.

 

Rate goes up. The guy with the strong credit must be the primary

 

What do yu mean?? There is no more Mitsubishi credit??