I have a huge decision to make before Saturday. I could use some advice. I test drove an Evo IX last Saturday, we ran the numbers came up with this dealer plan that they have. Medina Mitsubishi in Ohio. It's called "EZ Plan Elite" if anyone here is from Ohio and purchased there EVO from Medina Mitsubishi your input would be greatily appreciated!!!!

Here's the gest of the Plan.

1. They pay off the rest of my car ( 03 OZ Lancer ).
2. I put no money down.
3. They deposit a set amount of money every month into one of my bank accounts.
4. They then with draw half of the monthily payment from that set amount.
5. I then pay the rest of the montily payment every month. For 36 months.
6. I then come in after 36 to reduce the montily payment. I still would only pay half of it.
7. The entire loan is for 6 years.


What do you think of this deal?
Has any one on here ever herad of this type of deal before?
What would you do?

Please get back to me before this Saturday. ( I told him I'd have an answer by then )

 

i would ask my mom lol

 

I think you should work on improving your credit score and getting some money to put down before you buy a car. I also think it would be extremely stupid to get a high interest 6 year loan on a $30k+ car + the money you are upside down on your current car. That is just plain stupid!

 

don't do it. its not that good a deal. you don't wanna be paying on a car for the next 6 years. Because within the next 6 years your most likely gonna want to get rid of it and get a new one.

Unless you have the money for a massive downpayment on a car like this, and can afford to make massive payments to get it paid off, you should just leave it.
keep saving up your money, maybe work on your OZ a bit and get an Evo later on when you can better afford it.

No car is worth getting in debt for 6 years.

 

I did more research on the deal and got the dealers numbers:

Here's what he said exactily:

The actual montily payment would be: $ 712.00 per month

they would deposite: $372.00 for 72 months into my bank account.
My only obligation on the loan would be $340.00 per month for 72 months. Which will be stated in the contract.

so we basicly help you pay off the car.

I told him that I'd let him know what my answer is by tommarow.

I'm not very comfortable with this type of plan, basiclly do to the fact that I've never even heard of it before, and it doesn't even seem fesable? Why would they pay half the payment on the car for 6 years.

I have 3yrs left on my 03 OZ ( which I bought new ).
I'll most likely will just keep it and save money and try and get a EVO at a later date.

So now that you all know the facts of the deal & know what way I'm going now. What are your thoughts about it?

 

with 6 years to pay you should at least have lower monthly payments and $700+ per month is very high unless you have a steady income and job good for 6 years. what will happen is you still owe a lot for the car that has depreciated already after 6 years.

 

Whoa, I've never heard of such a plan before. I don't understand why they would help you pay off the car if it is going to cost them money. It's like they are co-owners of the vehicle, that's the only thing I can think of, is that they would be co-owners, but even that doesn't make sense. Seriously before you make any choices, ask the dealer to go into more details about the plan, also tell him that you've never heard of such a plan. Ask what the catch is, I know it's a tough question, but honestly there always is a catch. Get everything in writing, incase they try to f*ck you on something, some clause that they didn't explain to you. Also if you are uncomfortable about the plan see what your options are if you went the traditional approach. If you still have bad feelings about the deal even after the dealer explains everything, don't be afraid to walk away. I know it's hard, I was in the same boat as you, I wanted an EVO so f*cken much, it was f*cken unreal!!! I obsessed over this car for 2 years or more and more than once walked into a dealer to buy one and the numbers just didn't work out for me, and it was hard to walk away, but I did, because I know if I bought the EVO and couldn't afford it at the time, it would really take away from the pleasure of owning it. So I had to wait, I had to work two jobs, and at one point three jobs. I had to save and spend wisely. I'm a very giving person, especially to the people I love, but I had to cut back. I needed to have enough money to comfortably afford the EVO. So eventually I paid off my stupid *** Audi and had money to put down on an EVO. I also bought an EVO RS at Southcoast Mitsubishi at a discounted price, and I am extremely happy . Not saying you have to go through such extremes, but don't be afraid of patience, in the end it can make you a very happy person, besides the EVO X is right around the corner. I would atleast wait to see what that has to offer. Sh*t you may get a IX for a real good price when the X is about to or is just released.

 

Oh yeah three jobs and 3 college courses=no sleep

Also ask the dealer how the f*ck is it $700+ a month with a 6 year loan? How upside down are you with your Lancer? What is your interest rate, must be pretty high, because wow, $700 a month on a 6 year loan is pretty high, try a co-signer if you can, can save you a lot of money. Seriously things just seem very shady. So many EVO owners buy EVOs and they cannot comfortably afford and just really takes away from the pleasure of owning the car. You got to think numbers, and it's more than just monthly car notes, this car can be espensive to maintain and insurance is just laughable. Also try Southcoast Mitsubishi, I don't care if you got to get it shipped, if $700 a month is your best option where you live, then damn I'd try the Southcoast option or wait.

 

I also did some math on my own. which helped me to just keep my car.

$712.00 for 72 months = $51,264

But if I pay $340.00 for 72 months = $24,480

that's a difference of $26,784

the plan makes me feel uneasy, and I was taught that if it doesn't feel right it's not for you.

Don't get me wrong I can make 340 a month easy, and I want an EVO really F#@king bad. But this plan that there offering just doesn't make sense. I'll see if the dealer can fax over the whole contract to me and I'll have my finance director at my company I work take a look at it first and see if it's on the up and up and then make a truelly hard decession.

 

but as for now I'll keep the OZ

 

Final update...

I called the dealer asked if the could fax over thterms of the deal. I had my Finance director look it over, and he advised me not to due the deal. Reasons:

for the 1st 10 months they pay half the monthily payment. I pay 340 per month.
I come back after the 10 months. Now the total amount of the loan has been paid down for 10 months right. So we would renogotiate the total amount of the loan so I can continue to pay 340 per month and they would resize there half to accomedate the new total loan amount. TI do this two more time one at 10 months and one final time at 14 months and we do they entire process again unitl I get to 34 moth total. Now heres the catch!!!
At the end of 34 months I come in to re finace the car at a new intrest rate so I can contiue to pay $340 per month. So after paying all this money depending on the interest rate I could be paying 3yrs or 6yrs depending on how much is left on the loan.

ok so the actual monthly payment is 712.00 so the loan would be somewhere around 51,264

I pay 340.00 per month for 34 months
They pay 372.00 for 34 months
now at this time I've paid 11,560 they've paid 12,648

the remainder of the loan would be around 27,056 with 38 months left on the 72 month loan

so the monthly payment would be the original 712.00 without them paying half anymore. All they really did was help me pay all the interest.

So with this info I decided to turn down the car & the plan. I will keep my car for the next 3yrs save money for a large down payment and when it's time I will purchase what ever evo is availble in 3yrs from now that's the one I will get!!!

I will have an EVO & I make this promise to EVOm!!!

Thank you all for you info.