Mitsubishi Motor Credit Of America - Rick Case Mitsubishi
Ripoff I was blatantly lied to and mislead about financing options the Diamond Advantage Plans are nothing short of a rip off

In I went to Rick Case Mitsubishi Dealership in Duluth, GA. I had only intended on looking at the vehicles they had available. I went on a test drive with a 01' Eclipse GT, fully loaded. During the test drive, the salesman started refering to a Diamond Advantage finance plan that they had available to existing Mitsubishi customers. I was on my lunch break so I told him I would return after work.

When I returned to discuss the details of the vehicle and the financing options, I again was told about the Diamond Advantage Plan that they only offered to existing Mitsubishi customers. Now I went in there with perfect credit, no issues. So I would not have had any problems with regular financing.

This is what I was told by the sales person and the financing manager: The Diamond Advantage Plan was a purchase agreement, not a lease. However, it had some of the advantages of a lease such as lower monthly payments. I was told that I would be able to trade my car in after 3 years and I would not owe a dime more than what was left on my loan... If I traded it in for another Mitsubishi. There was a balloon payment at the end of 6 years, but I would never have to worry about that because I can trade in the car after 3 years. Also, I had $2,000 equity in the vehicle I was trading in because I owed less than what it was worth. The finance manager told me not to put that $2,000 towards the new vehicle, but to let Rick Case Mitsubishi write me a check and put the money in my pocket because "I was going to trade in the vehicle in 3 years anyways and not have to pay anything. So it would be smart for me to keep the money now."

After it was reiterated that this was not a lease, but a purchase agreement (my contract states purchase agreement), I called a family member from the dealership, long distance, with the finance manager on speaker phone so that he could explain this plan to them. I did this because I was alone, female, and didn't know much about purchasing a new car. After the discussion, they agreed that this sounded like a good deal. After all I would be able to trade in my vehicle in 3 years and not owe anything additional. He also told me that I would not have to worry about mileage limits, etc. Because I wouldn't be keeping it for the full term.

I was young and my taste for vehicles changed all the time. I knew that in 3 years, I would be ready for a new car. So this sounded like the perfect plan for me.

Well, here it is 3 years later. I have a daughter now and the Eclipse was just not enough room for me anymore. I started looking at my contract and noticed that it said nothing about being able to trade my car in 3 years, but that I had to keep it for 6 years and then pay them $9,800 baloon payment or have it refinanced. I thought this was crazy... 6 years and still owe them $9,800. This must be a mistake!

The original price of the vehicle was a little over $23,000. So it is hard for me to believe that after 3 years of payments, the balance on my loan was still $23,000. I went to the dealership to start the process of trading in my car and I was basically laughed at. I was told that they would only give me $8,000 trade in value for my car and that I would have to give them $15,000 cash to get into a new vehicle. This car was only worth $8,000 in 3 years, just imagine what it would be worth in 6 years and I would still have to pay them $9,800 balloon payment!

Of course, my sales person and finance person were no longer there so the new people could care less about what I was told when I purchased the car. I was also told that the Diamond Advantage Plan was no longer available... I wonder why!

This vehicle ended up costing me close to $40,000, and this brand of vehicle holds absolutely no resale value. I had to get out of this car or else I would have been upside down forever. I ended up having to trade in my car at another dealership (not Mitsubishi) and pay them $12,000 cash on top of my trade in.

This has been absolutely a nightmare from hell! I would have just gotten a regular finance agreement if I knew that this plan was a scam. This type of thing aught to be illegal!

Kim
Lawrenceville, Georgia
U.S.A.

Company: Mitsubishi Motor Credit Of America - Rick Case Mitsubishi
Country: USA
State: Georgia
City: Duluth
Address: 3190 Satellite Blvd
Phone: 7704762800

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