These guys were incredible how they ripped us off. We purchased 2 years ago a 2002 Montero Sport, with aftermarket leather installed be the dealer. End price was $31k. We put $3k down payment, and they put us in a wonderful program. 5.9% APR, $544 per month for 5 years, then a balloon payment of $10k for my final payment.
They told us as well, "you can refinance later" YEAH RIGHT! What they don't bother to explain, is that now when I tried to refinance, the payoff on the vehicle is $26,300. Bank told me I needed a $10,000 down payment to refinance. This because the car is now only worth $11k. So when my balloon payment is due in 3 years, I won't even be able to finance that because a bank will not finance a vehicle for more than 110% of the value.
By then I estimate the car to be worth under $5k. WHAT A RIP OFF!!! What they should advertise this "DIAMOND OPTION PLAN", is as "5 YEAR LEASE WITH A MANDATORY BUYOUT". Which if you weren't familiar with is illegal!!! DON"T BUY MITSUBISHI!!!
Let's not even mention the fact that the salesman told us that GAP insurance is not worth the money spent. So now if tomorrow my car is totaled, I get stiffed with a $16k bill.
No wait, it gets better. I tried trading in my car, and several dealers don't even want to take my trade-in, stating the reason is because a lot of lenders do not want to give loans on used Mitsubishi's. Only way was if I come in with a $15k down payment.
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