View Full Version : Taking Back Evo
Hi everyone, I am a little disappointed right now. I got a call from finance at HB Mitsubishi saying the bank didnt approve the loan. Now I stuck in between this mess. I was so excited when i drove off with the Evo and now it seems I will have to take it back because the payments will be too much for me. I heard a lot of good things about HB Mitsubishi but I hate to be the first unhappy customer. They treated me great but now I am stressing over the issue I will have to return the Evo. Damn! Has this happened to anyone here.
Macky
04-14-2005, 09:01 AM
it happened to a friend of ours before. and it will happen again.
its not HB's fault, but the bank's. period. they can give you a killer deal, but if the bank thinks you cant afford the car (like what i discussed somewhere else here about debt/income ratio) you are screwed. in any case i know its painful, but your other way is to get approved on a loan on another credit union or bank, and hopefully the approve you for the amount financed, NOT just the amount of the car.
good luck.
Maybe I can try getting approved for the RS model they have available. I know the RS model has no wing and no power windows but the thing that makes me think twice is the no radio option. Does the RS model have option to install after market radio and speakers?
genrec
04-14-2005, 09:10 AM
That sucks , and it's never happened to me. BUT......
The dealer generally does a credit check and runs all the numbers
before/or as your buying the car(you know that long ass credit application you have to fill out) so how could they not see this before hand, it's right in front of their screen, i think the dealer sales cars all day long, shouldn't they know this stuff, before having someone sign paperwork??? I don't get it, were they in that much of a hurry to sale the car and get you out the door, just to make a sale???
This is the first time i've ever heard of this in my 15 years of driving.
I say dealer is at fault as much as the bank. My 2/cents.
Well I hope I can stay with the Evo after all. They did try their best in getting me into the Evo but this leaves a sour taste in my mouth.
Skiracer
04-14-2005, 09:26 AM
Heh, i refused to give my salesman at another dealer my employer/job title/salary. So, he whips out his credit card and wrote down on the application that i work for Citibank and listed the customer service # as my phone # :P
LEVIII
04-14-2005, 09:28 AM
Ive seen it happen quite a bit. I install car audio for a living and we have gotten quite a few people who buy cars and come get a bunch of stuff installed just so we can rip it out 2 days later cause they didnt get approved.
And yes you can get aftermrket stereo installed, all the wiring is there. I also belive there is an Urban Jungle package that comes with a stereo and power windows/locks for the RS.
flipryder21
04-14-2005, 09:39 AM
Well it's not HB or the banks fault, your credit score might not be good your the only one that knows how your credit is. Research your credit and see what's the problem 8)
My credit is not the best but not bad either. I do have a collections account for some co sign that went bad on me. Also the banks and credit unions see that there are 3 cars under my name. I actually have 2 cars. One car is totalled and the Finance is waiting for Gap to payoff the rest of the amount for the car. That should be done with the end of this week.
KRS333
04-14-2005, 10:49 AM
Thats sucks bro... Well hopefully things go your way.. Good luck
DTunedEvoX
04-14-2005, 11:33 AM
My credit is not the best but not bad either. I do have a collections account for some co sign that went bad on me. Also the banks and credit unions see that there are 3 cars under my name. I actually have 2 cars. One car is totalled and the Finance is waiting for Gap to payoff the rest of the amount for the car. That should be done with the end of this week.
Then I'd wait for gap to finish that.. with the car out of the way your DTI will be lower and u'll have a better time getting approved ...
Just my 2 centabos ..
kimletrim
04-14-2005, 11:47 AM
Try stalling for time with the dealership (alhtough they will give you constant crap). Keep telling them they made a deal and their time to rescind on the deal is up (forgot if it was 7 or 10 days). They'll threaten to repossess the car, but do what you can to stall. In the meantime you should get alternative financing from a credit union.
The reason for stalling is that there is a possibility that the dealer finance WILL find a way to finance you. The longer the car is out of their possession, the more incentive they have to find a lender for you. Hope that helps, but this is going off of past experience, might not work for you.
LoyalTrojan
04-14-2005, 12:18 PM
What if you put a bigger down payment? Will that help? Borrow some $$ from family and pay them off interest free :)
More money down is not an option. Believe it or not my family doesnt help and i dont want them to. I will see what happens.
itsnino
04-14-2005, 12:31 PM
sorry to hear that bro. i hope everything works out well. try hitting up Orange County teachers Federal Credit Union. i dont make a lot but they still financed me. but to get my evo, my mom had to co-sign to get more. i hope this helps.
IH8VTEC
04-14-2005, 12:45 PM
sorry, it is the dealers fault. uless you were holding back info, the dealer knows their banks pretty well and can tell pretty much right away if its going thru or not. If it's too close to tell they will(should) error on the side of caution and not let you take the car, especially an evo. 2 reasons. If financing falls thru then you have to bring the car back and be sad about it, also you would be bringing back a used evo. Didn't you say it was a higher pament than you can afford? You are approved, just not to your liking. :?
IH8VTEC
04-14-2005, 12:52 PM
I had to wait over the weekend to get mine financed. Talk about a long 48hrs. Two dealers told me the same thing I said in the previous post(Thousang Oaks/Todey). Sounds reasonable to me. Glad I didn't take mine till I owned it. sell some blood or something... I would.
I have been approved but the monthly are going to be in the high 600s. I aint paying that much when I thought I was going to pay in the high 500s like they said when signing the contract.
I have been approved but the monthly are going to be in the high 600s. I aint paying that much when I thought I was going to pay in the high 500s like they said when signing the contract.
And that is after running my credit. :roll:
IH8VTEC
04-14-2005, 01:10 PM
100 bucks ain't tooooo bad. sounds more like the bank than the dealer now, but hey it is what it is.
rammsteinmatt
04-14-2005, 01:27 PM
100 bucks ain't tooooo bad. sounds more like the bank than the dealer now, but hey it is what it is.
$100/month * 12 months = $1200/year * 5 years (id assume) = $6000 extra. thats kinda a big mistake on someone's part
trannb
04-14-2005, 01:50 PM
The RS model is not available with any urban jungle type package. They all come with A/C standard and are all prewired for a stereo system. You can buy factory speakers from a fellow evo owner for pretty cheap and put in your own head unit or even buy their stock units. I paid $30 for 4 speakers.
You may want to find out what your credit score is. You should be entitiled to find out at no cost within 30 days of being financed/rejected. If it's pretty low, you should be able to buy the car with a cosigner.
CT9A RS
04-14-2005, 02:50 PM
Yeah i knew i wouldnt get the rate i wanted by myself because i lacked credit history. I cosigned with my mom got the payment i could deal with. Ive been going good for 7 months. I can refi by myself now but im gonna wait till 12 months to do that.
Go for the RS man. No power windows no power door locks no stereo. You might find a dumb dealer who doesnt realize what the car has. I got mine for MSRP. but got an optional front strut for free. optional rear strut for free. Optional sport guages(temp, boost, volt) free. Optional stereo relocation kit free.
And i went to good guys got an alpine deck Infinity front speakers and JL rear speakers for like 550 bucks.
Good luck with gettin urself an Evo.
05-EVO-GSR
04-14-2005, 05:23 PM
Hi everyone, I am a little disappointed right now. I got a call from finance at HB Mitsubishi saying the bank didnt approve the loan. Now I stuck in between this mess. I was so excited when i drove off with the Evo and now it seems I will have to take it back because the payments will be too much for me. I heard a lot of good things about HB Mitsubishi but I hate to be the first unhappy customer. They treated me great but now I am stressing over the issue I will have to return the Evo. Damn! Has this happened to anyone here.
It is not HB Mitsu's fault. Your credit history is the problem. You should be grateful that they took a chance and "rolled" you. Why are you stressing? It is their loss, not yours.
05-EVO-GSR
04-14-2005, 05:26 PM
The dealer generally does a credit check and runs all the numbers
before/or as your buying the car(you know that long ass credit application you have to fill out) so how could they not see this before hand, it's right in front of their screen, i think the dealer sales cars all day long, shouldn't they know this stuff, before having someone sign paperwork??? I don't get it, were they in that much of a hurry to sale the car and get you out the door, just to make a sale???
It is called taking a chance. Without taking some risks in business, you cannot stay in business.
j_nizzle
04-14-2005, 05:46 PM
Maybe I can try getting approved for the RS model they have available. I know the RS model has no wing and no power windows but the thing that makes me think twice is the no radio option. Does the RS model have option to install after market radio and speakers?
if everything works out for you and you decide to get the rs and want some in-car entertainment, hit me up and i'll help you out.
BOVBILLY
04-14-2005, 05:51 PM
Hi everyone, I am a little disappointed right now. I got a call from finance at HB Mitsubishi saying the bank didnt approve the loan. Now I stuck in between this mess. I was so excited when i drove off with the Evo and now it seems I will have to take it back because the payments will be too much for me. I heard a lot of good things about HB Mitsubishi but I hate to be the first unhappy customer. They treated me great but now I am stressing over the issue I will have to return the Evo. Damn! Has this happened to anyone here.
It is not HB Mitsu's fault. Your credit history is the problem. You should be grateful that they took a chance and "rolled" you. Why are you stressing? It is their loss, not yours.
HE KNOWS THAT. HE IS GRATEFUL. IF YOU KNEW MANNY, HE IS THE NICEST GUY IN THE WORLD. HE IS JUST BUMMED OUT. HE IS STRESSING, SINCE HE IS LOSING THE CAR HE LOVES. I AM SURE YOU WOULD BE STRESSING OR LETS SAY, UPSET.
GIVE THE KID A BREAK. HE IS JUST VENTING!!! :roll:
Blaze
04-14-2005, 06:04 PM
I'm certain the dealership will work with you.
Try to work on a larger down payment or get online and research some different banks. Or you could try to stretch out your payments longer.
But, I'm certain you know this already.
What you SHOULD think about is: Is it really worth it to stress your finances over a car? The answer should be no.
That's my 2 cents. I wish you the best and hope it all works out for you.
Blaze
Skiracer
04-14-2005, 06:08 PM
I'll loan you money at a 25% APR :twisted:
EvoStevo
04-14-2005, 06:21 PM
Sorry to hear about your finance problems. I bought my 05 Evo two weeks ago and Edmund in the finance dept. got me a sweet deal on the percent rate and lenght of terms. I didn't like any of the guys in Long Beach or Costa Mesa Mitsu.
Well to make things clear, the guys and HB Mitsubishi are the best guys any dealership can have. They dont BS you. They got to the point but the bad thing is they didnt have the banks approval. Its cool now. I was able to stay with the Evo. They went above and beyond to help me stay with the Evo. I had to give a little more downpayment to make it happen but they made most of the sacrifice by bumping the price of the z i traded in and lowering the price of the Evo. Now I know why HB Mitsubishi has a great reputation.
Macky
04-15-2005, 09:02 AM
congrats on getting that resolved, now you can sleep easy 8)
KRS333
04-15-2005, 02:49 PM
Well to make things clear, the guys and HB Mitsubishi are the best guys any dealership can have. They dont BS you. They got to the point but the bad thing is they didnt have the banks approval. Its cool now. I was able to stay with the Evo. They went above and beyond to help me stay with the Evo. I had to give a little more downpayment to make it happen but they made most of the sacrifice by bumping the price of the z i traded in and lowering the price of the Evo. Now I know why HB Mitsubishi has a great reputation.
WOW just like that... Does guys have some good service... I cant wait till i get my EVO.... :lol:
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