Mitsubishi Motors Fraudulent misrepresentation ripoff Tuscaloosa Alabama
I purchased a brand new Montero Sport right after graduating college in 2001. I was working and needed a more reliable vehicle. I went to the Mitsubishi dealership to PURCHASE a vehicle. I did not realize that after I made the 65 regular payments of 413 dollars I would be faced with a ballon payment of almost 9,000 dollars.
It is now 2006 and I have been paying into a lease when I believed I was purchasing my vehicle. I didn't realize I had a yearly mileage requirement or any of the other stipulations that make my purchase a lease. I feel like I have been raped. I am now married with a small child and was looking forward to being finished with my payments but now I am faced with this.
James
Tuscaloosa, Alabama
U.S.A.
8 Updates & Rebuttals
Yodaddy
Tuscaloosa,Alabama,
U.S.A.
Here are a few things about this situation
#9Consumer Suggestion
Wed, February 06, 2008
I am in the car business in Tuscaloosa, AL. We have fought for a long time against this deal with customers who were in terrible situations and didnt understand what they got themselves into. This was a Mitsubishi promotion - the triple diamond advantage or something like that.
Its not a lease, its a balloon note. Its like a lease in that you have a mileage cap and a residual value. It is written on a regular retail contract with the last payment being huge. But the "benefit" to the customer was that you didnt make a payment for a year. So in month number 13 you had a year old vehicle that is now a used car that you havent paid a dime on. Its a pretty terrible situation to be in. I want to say there was a class action law suit against Mitsubishi for that program but that could be wrong. Chances are that the vehicle isnt worth nearly the $9K you owe in the balloon. So you are probably several thousand dollars upside down and owe a lot. Your only real option is cash in the form of a rebate on a new vehicle to cover it up; or out of pocket to buy your way out of the situation. I know it sucks. I see it all the time.
Yodaddy
Tuscaloosa,Alabama,
U.S.A.
Here are a few things about this situation
#9Consumer Suggestion
Wed, February 06, 2008
I am in the car business in Tuscaloosa, AL. We have fought for a long time against this deal with customers who were in terrible situations and didnt understand what they got themselves into. This was a Mitsubishi promotion - the triple diamond advantage or something like that.
Its not a lease, its a balloon note. Its like a lease in that you have a mileage cap and a residual value. It is written on a regular retail contract with the last payment being huge. But the "benefit" to the customer was that you didnt make a payment for a year. So in month number 13 you had a year old vehicle that is now a used car that you havent paid a dime on. Its a pretty terrible situation to be in. I want to say there was a class action law suit against Mitsubishi for that program but that could be wrong. Chances are that the vehicle isnt worth nearly the $9K you owe in the balloon. So you are probably several thousand dollars upside down and owe a lot. Your only real option is cash in the form of a rebate on a new vehicle to cover it up; or out of pocket to buy your way out of the situation. I know it sucks. I see it all the time.
Yodaddy
Tuscaloosa,Alabama,
U.S.A.
Here are a few things about this situation
#9Consumer Suggestion
Wed, February 06, 2008
I am in the car business in Tuscaloosa, AL. We have fought for a long time against this deal with customers who were in terrible situations and didnt understand what they got themselves into. This was a Mitsubishi promotion - the triple diamond advantage or something like that.
Its not a lease, its a balloon note. Its like a lease in that you have a mileage cap and a residual value. It is written on a regular retail contract with the last payment being huge. But the "benefit" to the customer was that you didnt make a payment for a year. So in month number 13 you had a year old vehicle that is now a used car that you havent paid a dime on. Its a pretty terrible situation to be in. I want to say there was a class action law suit against Mitsubishi for that program but that could be wrong. Chances are that the vehicle isnt worth nearly the $9K you owe in the balloon. So you are probably several thousand dollars upside down and owe a lot. Your only real option is cash in the form of a rebate on a new vehicle to cover it up; or out of pocket to buy your way out of the situation. I know it sucks. I see it all the time.
Yodaddy
Tuscaloosa,Alabama,
U.S.A.
Here are a few things about this situation
#9Consumer Suggestion
Wed, February 06, 2008
I am in the car business in Tuscaloosa, AL. We have fought for a long time against this deal with customers who were in terrible situations and didnt understand what they got themselves into. This was a Mitsubishi promotion - the triple diamond advantage or something like that.
Its not a lease, its a balloon note. Its like a lease in that you have a mileage cap and a residual value. It is written on a regular retail contract with the last payment being huge. But the "benefit" to the customer was that you didnt make a payment for a year. So in month number 13 you had a year old vehicle that is now a used car that you havent paid a dime on. Its a pretty terrible situation to be in. I want to say there was a class action law suit against Mitsubishi for that program but that could be wrong. Chances are that the vehicle isnt worth nearly the $9K you owe in the balloon. So you are probably several thousand dollars upside down and owe a lot. Your only real option is cash in the form of a rebate on a new vehicle to cover it up; or out of pocket to buy your way out of the situation. I know it sucks. I see it all the time.
James
Tuscaloosa,Alabama,
U.S.A.
Mitsubishi Motors is the Devil
#9Author of original report
Fri, October 13, 2006
If you are familiar with Mitsubishi and there business practices you realize how this contract was presented. Though it reads as a lease the contract was presented otherwise. If Mitisibushi is the type of company that preys on people it surely has done its job well, but still I rise.
James
Tuscaloosa,Alabama,
U.S.A.
Mitsubishi Motors is the Devil
#9Author of original report
Fri, October 13, 2006
If you are familiar with Mitsubishi and there business practices you realize how this contract was presented. Though it reads as a lease the contract was presented otherwise. If Mitisibushi is the type of company that preys on people it surely has done its job well, but still I rise.
James
Tuscaloosa,Alabama,
U.S.A.
Mitsubishi Motors is the Devil
#9Author of original report
Fri, October 13, 2006
If you are familiar with Mitsubishi and there business practices you realize how this contract was presented. Though it reads as a lease the contract was presented otherwise. If Mitisibushi is the type of company that preys on people it surely has done its job well, but still I rise.
Nancy
HOQUIAM,Washington,
U.S.A.
Ripoff?
#9Consumer Comment
Fri, October 13, 2006
Please tell me how your contract read? It seems to me that it would have been obvious that this was a lease.
Nancy, WA State