This month is the end of my 1 year no payments for my 03 lancer. When I bought the car the finance guy tells me, come back by the end of Jan 04 to refinance the car so you payments are lower.

Today I go down to the dealership I got the car from. Go over to the finanace guy and notice that its not even the same guy I talked to a year ago. I tell him my story about what the other guy says... he tells me he has no idea what I am talking about and that the previous finance guy was relocated or something.

Now I'm flipping out on the finance guy.. he tells me to go out and talk to one of the upper manager guys... I find one, talk to him about what happened. He tells me that I have to call the mitsu bank thing or whatever that deals with the financing.. and tells me that they might tell me that I would have it cheaper to buy a new car and trade in my 03 for my 04. Im thinkin.. cool that would be kinda neat, maybe if I can afford to get a RA instead... then he tells me that they would probably give me something around 10k for my 03 ES... im like, ok thats 1/2 what they want for a RA... but then I would have to pay roughly 21k total after taxes and stuff... so thats not possible on my PT job. He also tells me that the statements that I've been getting in from the mitsu company are probably the int. that is getting added on monthy to my car... now im flipping again because they never told me about the int being added on when I bought the car... so now I've put down 5k towards the car... was left with roughly 12k after tax/tags/etc and now this would add roughly 4k BACK on to the premium... mitsu is really screwed up!

So then I talked to a regular saleman on the floor and hes gonna call the mitsu bank on monday and ask them if it would be cheaper to get a new 04 or to refinance the 03. The bad thing is I need my payments to stay near the 200 mark because of being a fulltime student....

Im about to take my car to the dealership, park it on the lot with the keys in it and tell them to keep it... after puttin down 5k for one year, they shouldnt *****! then Ill have to go buy a junker or something cause mitsu is robbin me blind...

Think any good would come out of me trying to contact mitsu motor corp about this junk? I dont wanna get screwed and not have any car at all, let alone a car I actually liked.

Had to rant, feel free to coment! Sorry if this is in the wrong forum, but its about a lancer!!

 

sorry to hear that man who knows maybe something will happen on the upside. try to find that finance guy lol tell him your problem.

 

Strange. When I bought my Lancer, the dealer mentioned the possibility of refinancing later in order to lower the payments, but with another bank (not with Mitsu again). I never thought that Mitsu might refinance it themselves. You should see if a credit union can refinance it for a better rate anyway. Then pay it off over 4 or 5 years.

 

yeh my loan got sold to another finance company but my payments and all werent higher they stayed the same.

 

Did they tell you that your contract was sold to someone in Colorado by any chance? One month I was going to be late on a payment so instead of mailing it, I called to pay by check. Somehow it came up that my contract was sold to a company in Colorado, supposedly an affiliate with Mitsu. They told me that they sent a letter to me explaining it, but i never received it. I thought it was pretty weird.

 

Mitsubishi will absolutely not refinance you through MMCA. Think about that, if they did, they'd be missing out on all the nice money you're already (or will soon be) paying them.

At any time after the loan through MMCA is opened, you can take it to a third party (loan store, bank) and see if they're willing to refinance.

Now here's where you have a big problem. Since you haven't made any payments, you still owe the full agreed amount on your car, which has now had a year to depriciate. Your Lancer isn't worth much of anything, and you still owe whatever price you agreed to pay.

As a warning, no bank will refinance if the value of the vehicle is lower than the amount you, which is true in this case, and mine. I've had the car for over 2 years, only had 3 months with no payments, and the car's value is only like 8,000. It's an '02 with 39K.

Sorry to tell you man, by refinancing isn't likely to be an option for you.

 

finance managers always lie to make sales. I bought like 7 cars in the past 4 years and i know there way. When my wife was buying her rsx she lied to her front of my face and i was you are lying and she said no, so i asked for the manger and i asked him front of her and he said she is not telling the truth. You cant leave the car there because its in Credit histroy. your best bet is to finish paying what you have, dont trade and dont do anything just make your payments.

 

Always a good idea to read the fine print, sales people will do anything to get a sale. We never had the 12 months deferred payment option, but im assuming they would be adding interest from day one, thats how finance companies over here do it.

My advice - dont buy anything you cant pay cash for.

 

Credit Unions usually give a way lower int than most places, I think one of the local credit unions were offering like 2.9 six months ago. Look around you will probably get a way better deal!