Others have complained, and I dont know when or if Mitsubishi is going to do anything about it. I am talking about their infamous 0 down, 0 payment, 0 interest for 1 year program.
I purchased a Montero at a dealer in St. Louis about 18 months ago.
We were told to ignore the payment because we could refinance the vehicle in one year at a substantially lower rate. All we had to do was to put aside about $3,000 in that years time. We walked out with a payment of 784.00 at 10.9% for 60 months.
About 9 months into the program we started to investigate financing options. What Mitsubishi failed to tell customers is that their vehicles depreciate so fast that its impossible to refinance them.
We paid approx. $36,000 for our Montero, and when we checked on its value, it was down to $20,000. The $3,000 I needed to refinance had turned into a $16,000 down payment.
To make matters even worse Misubishi has no concept of customer service, because I was told by MMCA, that if I was late by 1 payment, they would come and take the vehicle. They seem to have it fixed in their head that they are doing the consumer a favor by letting them drive free for a year, when in truth, it is their way of making huge amounts of cash in interest payments, as myself and I am sure others (my wifes sister included, she has a $972/month payment she's stuck with) have found out the hard way.
So here I sit, with a car payment that today I could buy a Porsche with, and absolutely no recourse.
I had also lost my job, as many others have, and with the drop in salaries in some industries (including mine) it makes the payment even more unaffordable.
But, Mitsubishi does'nt want to hear your sob story. "Quit your whining you stupid consumer and make your payment on time, or the repo man is coming!" is basically what they tell you.
Never again will I step foot into a Mitsubishi dealer, rent one, or even park next to one. I would feel bad for that person because their probably wondering, like me, how they are going to make their next payment.
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