Ever wonder what happened to the old Loan Sharks, well I believe that this week we might have encounter them operating under a different name. This shady little deal is called Diamond Advantage Program, which is a product of Mitsubishi Motors and is as good a scam as any Loan Shark or Con Man has ever developed, possibly even better. The program looks good on paper, but is nothing more than a license to steal. It is dumbfounding to think that Mitsubishi is so blind to the very program, if allowed to continue, that will bring untold bad will from their customers and tarnish their reputation beyond repair.
Let's take a look at the program as it applied to my daughter's car purchased in San Antonio, Texas from Metro Mitsubishi who is no longer in business, you will see why. Remember the Dealer makes the sale, however if financing is through Mitsubishi Motors they must approve the terms of the financing.
Diamond Advantage Program by Mitsubishi
$27,000.00 Mitsubishi Montro Sports Window Sticker Price
-2,500.00 Down payment
$25,500.00 Balance to Finance
$ 415.00 Monthly payments
X 66 Months
$27,390.00 Total payments
$27,390.00 Total Payments
2,500.00 Down Payment
$29,890.00 Total Paid
At this point the deal for an outright purchase does not look too bad, however most of the people who were sucked into the Diamond Advantage Program by the dealerships in reality believed they were buying the car. Not so, when the unsuspecting buyer believes he or she is about to own the vehicle Mitsubishi deliveries the reality shock that the car is on a lease plan and they owe another $10,000.00 to purchase the vehicle. But since Mitsubishi is so good hearted about this wonderful Diamond Advantage Program the would be buyer can walk away form the car but only after the dealer has arrive at the value of the vehicle and it is worth at least $10,000.00 and the would be buyer has not put over the limited mileage of 10 to 12 thousand miles per year according to the mileage in the contract which no one addressed when the contract was signed.
Now for the shock effect on the above car;
$29,890.00 Total paid at the end of the 66-month purchase/lease program
10,000.00 Balloon Payment if you want to keep the car
$39,890.00 Total Cost of this 5 and year old vehicle
Does anyone believe that's a good deal beside Mitsubishi?
Life is wonderful when you know there are people in the world like Mitsubishi Motors and Mitsubishi Dealerships across this great country. Are you proud to be an American where the little guy gets screwed and the Mitsubishi Corporation sends all your money home to Japan from all the Diamond Advantage Program cash flow?
Regardless of what you have been told the Diamond Advantage Program benefits only the Mitsubishi Dealerships and Mitsubishi Motors. The only diamonds are the ones on their fingers, not yours because they just screwed you out of all your money.
This Diamond Advantage Program is ripe for a Class Action Lawsuit, where are all the lawyers who take on cases like these to level the playing field against these corporate giants who are willing to do anything to make a buck.
As Earl Pitts would say, Wake up America.
If we can get one of you hungry lawyers on board we might show Mitsubishi what Class Action is all about in the United States. Where are you guys? This could make your name a household word or might make you rich. There may be thousands of people that have been screwed by this Diamond Advantage Program. Put your name out on the web site, I am sure you will get mail. If you know someone who has been stung by this same deal ask him or her to put his or her horror story and name on the web site. Folks, this is the only way we might get something done, if you don't care go ahead and pay these bloodsuckers loan sharks your money.
Michael
Rogers, Arkansas
U.S.A.
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