topic Re: Mitsubishi Credit in Auto Loans

Mitsubishi Credit

Anonymous — Mon, 16 May 2016 14:47:48 GMT

Does anyone know min credit score to purchase or lease with MItsubishi? Thanks.

Re: Mitsubishi Credit

Anonymous — Tue, 17 May 2016 22:15:26 GMT

I do not know the minimum, but ex husband (then married) has LOUSY credit. He had always paid car notes on time though and after spending the entire day in the dealership they financed him at 3.5% which is so so very much better than anythink we should have actually been offered.

Re: Mitsubishi Credit

Anonymous — Tue, 17 May 2016 22:48:41 GMT

@Anonymous wrote:
I do not know the minimum, but ex husband (then married) has LOUSY credit. He had always paid car notes on time though and after spending the entire day in the dealership they financed him at 3.5% which is so so very much better than anythink we should have actually been offered.

How long ago was that? What did he purchase? Any negative equity rolled in and was a down payment made? Do you know his scores at the time? He sounds like me, lousy credit but always pays car notes on time!! Thank you for the response.

Re: Mitsubishi Credit

settleordelete — Wed, 18 May 2016 00:48:55 GMT

I leased one 20 years ago back when they had the $179/ month welfare plan for the Galant and Eclipse. There was a Mitsubishi parked at every other house in the city back then. I didn't have bad credit but most of the people I knew with one did.

Re: Mitsubishi Credit

Anonymous — Wed, 18 May 2016 17:36:50 GMT

I don't recall his scores. It was about 5 years ago. He bought a new 2011 Lancer at the end of the year as they were rolling out 2012 models. We did not have a down payment, but he traded in a used car he has just bought outright a few weeks prior, I think they only gave him like $750 for it. We brought the kids and the car and our sob story. It was litterally all day at the dealer though. I couldn't believe the rate when we met with the finance guy!

Good luck to you. Reliable transport is hard to come by

Re: Mitsubishi Credit

RonM21 — Thu, 19 May 2016 22:19:35 GMT

What range are your scores, if you don't mind me asking?

Re: Mitsubishi Credit

Anonymous — Fri, 20 May 2016 01:37:53 GMT

535 according to my recent roadloans approval. Two 30 day auto baddies in 2012, none since then.

Re: Mitsubishi Credit

Anonymous — Fri, 20 May 2016 19:32:03 GMT

OP, your username cracks me up, because I was about to tell you to go to Ford! (Ford Motor Credit is typically abbreviated FMC.) They are doing a bunch of tier uprates on Focus/Fiesta/Fusion, and the product blows Mitsu out of the water. Literally. Even with Nissan's recent takeover they are a very risky company to be getting into bed with.

Depending on your car credit, a skilled finance manager at a dealership could get you something around 1.9-4.9 in subvented rate at a decent term. FMC in particular takes auto payment into high account.

KMF, Chrysler Cap and FMC are the organizations you want to deal with, NOT RoadLoans/Santander, if at all possible. Even if you get hooked for a double digit APR, when you go to trade there's less stigma around major OEM lenders than from deep subprime.

Re: Mitsubishi Credit

Anonymous — Fri, 20 May 2016 19:59:35 GMT

@Anonymous wrote:
OP, your username cracks me up, because I was about to tell you to go to Ford! (Ford Motor Credit is typically abbreviated FMC.) They are doing a bunch of tier uprates on Focus/Fiesta/Fusion, and the product blows Mitsu out of the water. Literally. Even with Nissan's recent takeover they are a very risky company to be getting into bed with.

Depending on your car credit, a skilled finance manager at a dealership could get you something around 1.9-4.9 in subvented rate at a decent term. FMC in particular takes auto payment into high account.

KMF, Chrysler Cap and FMC are the organizations you want to deal with, NOT RoadLoans/Santander, if at all possible. Even if you get hooked for a double digit APR, when you go to trade there's less stigma around major OEM lenders than from deep subprime.

Its my initials backwards actually. What do you mean by subvented? I puchased a 2015 Dodge Journey 4cyl AVP(LOVE IT!!) last year; the wind blew the wrong way on purchase day so my score was 517 at time of purchase and Chrysler financed me at 8.10%. 2 auto 30 day baddies in the past, none since 2012. Do you really think the real FMC would finance me in the range you quoted above? Did you see my scores above? KMF(KIa?) needs 580, I tried last year with them. Much appreciate the input.

Re: Mitsubishi Credit

Anonymous — Fri, 20 May 2016 20:15:37 GMT

Subvented rates are offered by OEM lenders in lieu of rebates on a vehicle. When you see the TV ads for 0% for so many months, that's the finance side of an OEM. They redeem the rebates against the loss of profit in lending and rate of acquired risk.

Thing is, sometimes they offer subvented (or "incentivized") rates that aren't 0% and don't require top tier credit. Ultimately it will depend on where the lender classifies you. FMC, for instance, typically has five buckets, tier 1 through 5. Ford dealers will receive a grid that shows what subvented rates are for each tier. I'm not sure where they are at now, but last month tiers 1-4 were around a 1.9% APR through 60 months, tier 5 was 4.9. Considering that standard APR for the same tier structures can be 10 points higher, or more, it can get pretty extreme.

It's hard for the average consumer to really know about tier uprates because they aren't advertised correctly. It's a hard thing to do, because it feels awkward to put a message out there that says, ultimately, "you too can buy a car at reasonable rates, person with bad credit!". Not that I'm speaking from personal experience or anything...

Anyhow, again, ultimately it will be where they bucket you. You won't know until they pull credit. Right now dealers are looking to dump '15 inventory, they will work hard on your behalf if you are trying to buy something they aren't getting a lot of traction on/they need to move off their floorplan.

Generally my advice for anyone is to get in with one OEM lender and stay there. NMAC and FMC offer a guaranteed tier bump approval after 12-18 months of on-time payments. NMAC unfortunately pass-throughs their secondary applications to Santander so you have to be more in a prime position to get in with them initially, but they are also an awesome finance company to build a relationship with.

It sounds like you've managed your Chrysler Cap loan without lates; I'd go back to them, esp if you're 9+ payments in. They aren't quite so loyal as some of the others but they will treat you right if you treat them right. Provided LTV, DTI is all in line.

Re: Mitsubishi Credit

Anonymous — Fri, 20 May 2016 20:37:15 GMT

@Anonymous wrote:
Subvented rates are offered by OEM lenders in lieu of rebates on a vehicle. When you see the TV ads for 0% for so many months, that's the finance side of an OEM. They redeem the rebates against the loss of profit in lending and rate of acquired risk.

Thing is, sometimes they offer subvented (or "incentivized") rates that aren't 0% and don't require top tier credit. Ultimately it will depend on where the lender classifies you. FMC, for instance, typically has five buckets, tier 1 through 5. Ford dealers will receive a grid that shows what subvented rates are for each tier. I'm not sure where they are at now, but last month tiers 1-4 were around a 1.9% APR through 60 months, tier 5 was 4.9. Considering that standard APR for the same tier structures can be 10 points higher, or more, it can get pretty extreme.

It's hard for the average consumer to really know about tier uprates because they aren't advertised correctly. It's a hard thing to do, because it feels awkward to put a message out there that says, ultimately, "you too can buy a car at reasonable rates, person with bad credit!". Not that I'm speaking from personal experience or anything...

Anyhow, again, ultimately it will be where they bucket you. You won't know until they pull credit. Right now dealers are looking to dump '15 inventory, they will work hard on your behalf if you are trying to buy something they aren't getting a lot of traction on/they need to move off their floorplan.

Generally my advice for anyone is to get in with one OEM lender and stay there. NMAC and FMC offer a guaranteed tier bump approval after 12-18 months of on-time payments. NMAC unfortunately pass-throughs their secondary applications to Santander so you have to be more in a prime position to get in with them initially, but they are also an awesome finance company to build a relationship with.

It sounds like you've managed your Chrysler Cap loan without lates; I'd go back to them, esp if you're 9+ payments in. They aren't quite so loyal as some of the others but they will treat you right if you treat them right. Provided LTV, DTI is all in line.

No lates with Chrysler; just not interested in anything they have right now Going small and cheap and dont like the Dart. I think I will try FMC. Good deals out there on Fiestas and Focus. Rolling in 4K in neg equity; current loan balance is 7K on 08 Kia but at 18%. Powertrain warranty is up in 2500 miles I feel at risk having a loan and no warranty. Bad luck can happen even on modern cars.

If I can get 4.9 I would give it a go. I just saw on-line some 16 fiestas with big discounts.

Also, I test drove the Mirage yesterday and nixed it, didn't like the jerkiness/vibration of the CVT and too noisy. Car held the road well though.

Re: Mitsubishi Credit

Anonymous — Sat, 21 May 2016 21:21:32 GMT

Just test drove the Fiesta; drove great, sweet little car but felt a little cramped. The Mirage oddly enough had more room and comfort.

Re: Mitsubishi Credit

Anonymous — Mon, 30 May 2016 17:42:43 GMT

KMF is out for now. Dealers are too tough to deal with on a low end of the market purchase in my area. They keep playing inverted pricing games and are hosing me on my trade. Black book for my car is 1,800 to 3K and trade offers have been 1500 max. It will be Ford for now; there int rate/promotions are ongping until 07/05/16. If Ford is a no go, I will just drive my current car until Black Friday and try to strike a deal then.

Re: Mitsubishi Credit

surferchris — Mon, 30 May 2016 18:51:28 GMT

@Anonymous wrote:
Subvented rates are offered by OEM lenders in lieu of rebates on a vehicle. When you see the TV ads for 0% for so many months, that's the finance side of an OEM. They redeem the rebates against the loss of profit in lending and rate of acquired risk.

Thing is, sometimes they offer subvented (or "incentivized") rates that aren't 0% and don't require top tier credit. Ultimately it will depend on where the lender classifies you. FMC, for instance, typically has five buckets, tier 1 through 5. Ford dealers will receive a grid that shows what subvented rates are for each tier. I'm not sure where they are at now, but last month tiers 1-4 were around a 1.9% APR through 60 months, tier 5 was 4.9. Considering that standard APR for the same tier structures can be 10 points higher, or more, it can get pretty extreme.

It's hard for the average consumer to really know about tier uprates because they aren't advertised correctly. It's a hard thing to do, because it feels awkward to put a message out there that says, ultimately, "you too can buy a car at reasonable rates, person with bad credit!". Not that I'm speaking from personal experience or anything...

Anyhow, again, ultimately it will be where they bucket you. You won't know until they pull credit. Right now dealers are looking to dump '15 inventory, they will work hard on your behalf if you are trying to buy something they aren't getting a lot of traction on/they need to move off their floorplan.

Generally my advice for anyone is to get in with one OEM lender and stay there. NMAC and FMC offer a guaranteed tier bump approval after 12-18 months of on-time payments. NMAC unfortunately pass-throughs their secondary applications to Santander so you have to be more in a prime position to get in with them initially, but they are also an awesome finance company to build a relationship with.

It sounds like you've managed your Chrysler Cap loan without lates; I'd go back to them, esp if you're 9+ payments in. They aren't quite so loyal as some of the others but they will treat you right if you treat them right. Provided LTV, DTI is all in line.

Good information - thanks.