Mitsubishi Motor Credit Of America ripoff, dishonest, and inadequate Cypress California
I leased a 2001 eclipse with my father. I got behind on my payments and had problems with the car. My father only co-signed the vehicle. Well, after being ill and problems with the car,I decided to file bankruptcy. I just found out that i have to keep the payments current which have a past due of 1500 or I have to surrender. If I surrender the vehicle then what is left over then I am responsible for the remainder of the balance. The balance is still like 18,000. Why would I file bankruptcy if I could afford the car then what makes them think they can auction the vehicle for that much so if they sell it for 5000 I am still left with 13000. How the heck do they expect me to pay it.
Joanna
san diego, California
U.S.A.
3 Updates & Rebuttals
Bruce
Murray,Utah,
U.S.A.
Why do you think they got the cosigner?
#4Consumer Suggestion
Mon, August 15, 2005
The asked for a cosigner because, for whatever reason, you were an increased risk for defaulting on the agreement.
It turns out the risk assesment they made is correct, you are not keeping up your end of the agreement.
This is where the cosigner comes in. The bank does not expect you to pay for it, they expect your father to. As per the terms of the contract!
I would suggest trying to call the bank and see if you can make an arrangement, this will likely be difficult, as why should they accept less money from you when they can get all the money from him.
Good luck
Laura
Los Angeles,California,
U.S.A.
GIVE ME A BREAK!
#4Consumer Suggestion
Mon, August 15, 2005
Why is Mitsubishi dishonest and inadequate? You got a loan, you can't pay it. Do you expect them to just let you off scott-free? They are a loan company.
Not a single thing you said makes Mitsubishi at fault.
You say: "How the heck do they expect me to pay it." Well I say, Why the heck do you expect them to take the loss?
The real person who has lost here is your poor father. Maybe he can take over payments and keep the car, otherwise, you've really screwed him over, too.
Cory
San Antonio,Texas,
U.S.A.
Good Lesson
#4Consumer Comment
Sun, August 14, 2005
Don't co-sign for anybody. Doesn't matter if you declare bankruptcy. Your father's still on the hook for the total amount. Not only is your credit screwed, so is his. Sad truth. Wife's daughter and her huband bought a $3000+ computer on a one year no interest/no payment deal. TWO days before the one year was up, they called and wanted me to co-sign for a loan for them. If they didn't pay it off within the year, the price went to $4000. I said nothing doing. I'd loan them the $3000. Sent them a wire transfer. Couple of years later she gets divorced from the scumbag. She ends up with $12,000+ in liabilities, her half, amassed during the marriage. She wants to "borrow" the $12,000. Say let me see a copy of the liabilities. What do I see on that list. ONE COMPUTER-$3000. Never saw a cent of my money. If I'd co-signed, I'd been screwed, they never paid on it. Don't co-sign for anybody. She didn't get the $12k either.