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Smart Shopper Any Questions for a Car Dealer? 
16377 messages, Last post on Feb 11, 2006 at 4:59 AM
You are in the Smart Shopper Forum. Your Hosts are kirstie_h & tidester
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my wife has a 01 mitsubishi mirage that we thought we were going to be finished paying for in may 06, but a few months ago she received a statement from mitsubishi motors credit assoc. stating that at the end of may, ther will be a balloon payment in the amount of 6578 due at the end of the lease. My wife said that she had no idea that she had signed a lease and thought she was buying the car. The mileage taht we have on the car is over 104,000 miles. The dealer she got the car from is Thames Autoplex in Vicksburg Ms. He was shut down after doing some shady business deals and having to pay over 100, 000 dollars to past customers. We spoke with the attorney general in mississippi and were told to get a copy of her contract. Well, we contacted mitsubishi over a month ago and still haven't gotten the copy yet. we thought about trading the car in. there was a dealer who offerred 4,000 for the trade, and will forgive the mileage penalty. we initially were going to get another car at the end of may, anyway, but now with this balloon payment and negative equity, it's thrown a wrench in the plan. any advice. how does the upside down trade work.
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How closely does a dealership inspect trade in cars? My wife's car has a leaky head gasket and will overheat after driving for an hour or so. To what extent should I divulge information on the true mechanics of the car? We would like to trade it in for a new car. Thanks for your help.
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Replying to: veekaye (Dec 12, 2005 8:27 pm) Legally a dealer can go after you if they realized they made a mistake. If you read the back of the sales contract, it should be written there. |
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Replying to: nogooddealers (Dec 12, 2005 11:02 pm) Or she should find out who the law firm was representing the consumers that received money back from that dealer (if it was a class action lawsuit), and see if they can do anything about it. Upside down trade works like this: if you're trading in a car that's worth $4000, but you have $6500 left owing on it, then you would have to come up with another $2500 to cover the negative equity on the trade in. |
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Replying to: benson1 (Dec 12, 2005 11:03 pm)
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Replying to: graphicguy (Dec 12, 2005 7:02 am) If it truly is a TL and not a .. um .. a Lincoln LS, Audi, Benz, Bimmer .... then your better off in the 06 TL .... TL's are super strong in the used market .. and the difference between a new 05/06 is less than $2grand and dealers are paying $28ish for used 05 TL's with miles in the 15/16k range - and getting $31ish on the retail side ... now if there was a $5/$8,000 difference between the two, then there would be something to consider ... even the ol' body style 03 TL's are seeing the strong $16's with heavy miles and getting the $19's on the retail side. The big difference here is, folks aren't afraid of a high mileage Acura .. put some tall miles on a Benz and you might be suckin' the exhaust for awhile ...........  Terry.
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Replying to: veekaye (Dec 12, 2005 8:27 pm) I always love that part .. "I had a bad experience with my last wife, so I'll make sure my new wife pays for it" ..l.o.l.... Anyway ... they'll just hold the registration, plates and the title from the lender .... you owe, you pay - simple. Terry.
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Replying to: rroyce10 (Dec 13, 2005 3:22 am) That's surprised me for years. My neighbor buys Legends, 3.5RLs, after they have 90-130K on them. Great looking as far a paint (poor style), and he accepts the high maintenance they need occasionally and drives them commuting to Cincy, Indy, and back daily. |
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Replying to: rroyce10 (Dec 13, 2005 3:22 am) I've actually got my eye on a black/black "demo" '05 TL. It's got a hair under 3K miles, but never titled. It's got the navi, automatic and the rest of the fun stuff. I'm thinking somewhere in the $32K range for the demo '05. Same car in '06 dress, no miles, should be in the $34K range. Am I close?
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just curious as to hear the opinions of car dealer on where the industry is going with all these latest deals. Ever since 9/11 the car industry has been doing heavily incented car sells: at first 0% financing, $0 down payments, then extended warranty's. Plus hefty cash back incentives on selective models (almost exclusively SUVs). Now I'm seeing, extended warranties, free maintenence and free gas for 2yrs. I watch the car industry as an indication as to how the economy is doing. I'm getting concerned that there is bubble that's eventually going to have to burst here. Anyone here share that concern? I'm mean how long can the public keep buying new cars? Leo
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Smart Shopper Any Questions for a Car Dealer?
