Mitsubishi Diamond Advantage Plan is a ripoff.
Here is my situation: In I helped a friend get a 2001 Montero Sport and it was part of the Diamond Advantage Plan, which has the big ballon payment at the end. I did not liek the payment but they said they could pay for it. Well, the car got repossed from my friends. I got the car back but tried to trade it in and it was worth nothing because of the ballon at the end. No will trade you for a car that has a $10,000 payment at the end of 5 years.
So I kept the car until my last deal with Mitsubishi. I have full coverage insuance on the and my insurance has it deemed a total lost from an accident. Well with the Diamond Advantage plan it comes with "Gap Insurance" built in to your contract. Well my insurance adjuster and I called Mitsubishi to discuss the payment arrangements to close the account. Well the car is owed $ 17,000 and the insurance will pay 8500 and I owe Mitsubishi about 2500 for payments.
Well Mitsubishi should pay the rest with the Gap Insurance. Discussing this the Mitsubishi representative, he states that you need to call the dealership to get that information taken care of. So I proceed to do that and then the dealership tells me they do not take care of that and MMCA is to take that. Well that was April 4th and I called MMCA back again and told him that the dealer says that Mitsubshi has to take care of that issue.
Well I have been going around and around for one month with MMCA about this. I have held the insurance payment until I get a letter from MMCA stating that once the insurance payment and my payments are made then the account is closed. Mitsubishi will not do that so I am stuck now with a $17,000 balance on my credit and a rental car expense of 600 a month. I faxed information to my representative, showing it on Mitsubishi website where Gap Coverage is part of the plan.
Now they do not even call me anymore. I guess the next step is to hire a lawyer for $ and hope to break even. Well I will never help another friend with a car and I will never ever ever never buy another Mitsubishi! Do not do it stay away.
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