In 2002 I purchased a brand new Mitsubishi Lancer OZ Rally edition vehicle. The offer the company was advertising was zero down, zero interest, and zero payments for one full year. Three months after driving my car off the lot I was in an accident that totalled my new car.
Now, with few options, I returned to the same dealership and bought a new vehicle... With the same advertised deal as my initial finance agreement. What the company fails to inform me is that I am supposed to refinance my loan and give a down payment before the first year is up or I will ultimately be paying $31,000 for a car with a sticker price of only $17,000.
Now, almost four years later, I am struggling to make a monthly payment of $532.00 just to keep my head above water. I have visited numerous dealerships and consulted many people inquiring how to trade in my vehicle hoping to lower my monthly payments, but to no avail. EVERYONE has said..."They really screwed you!" I even attempted to use the SAME dealership, hoping that they would help my situation because I am already a two time buyer.
I am so far out of equity and now have poor credit due to the lack of information presented from this dealership. All I want is to drive another car... With a lower payment... And attempt to restore my credit. Help!
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