Hello all, first time poster here but was curious what’s the best way to go about this. So I will start at the beginning. I am in a 2020 mitsubishi mirage g4 at this time, currently with 131k miles and not in the best of shapes, also with about 9500 owed still on it. I refinanced the car nearly 2 years ago for a better overall monthly rate, which i did get (565 to 287) however my interest rate is predatory to say the least… 19% (with flagship loan co btw) right now. I am in a negative equity point at the moment with no way to refinance the loan through bank/credit union etc and basically all around not in the best deal… I was beginning to look into making a trade to a Mitsubishi dealership for a super cheap but newer mirage with better interest and digging into loyalty, rebates, trade in, loaner, the works and a friend sent me a tiktok explaining that a lease could work given these ev/hybrid tax credits. I have been trying to do my research and looking into the things that could present themselves. First off, I know, stupid me for not paying attention at the time at the dealership (it was covid my original car blew up and my gf got a job in south carolina when i still lived in TN, we had a new toddler at the time as well… so ive heard it all, how stupid a deal it was and why i did it, i was desperate and the dealership practically smelled it on me im guessing…
My question to pose to you all is , when it comes to this credit that is nearing its end, would it even be possible to do a deal under 400/mo with 0 or little down? as i said before i have dug into the possibility of the outlander phev just bc i am a current driver of mitsubishi, but ive looked briefly into kia niro, the hyundai ioniq 5 and 6, honda prologue and vw id4. i believe these are the least of the least, im not entirely picky about much. I just wanted to see if what im trying to accomplish is possible. Thank you for your time!
Not what you asked, but any chance you have GAP insurance on the Mitsubishi? 2024 Hornet R/T Plus could absorb that and get you under $400 if you find a dealer that will give you ACV on trade and you actually only have $4k negative, and they’re willing to discount 12% or more. Leasehackr Calculator - Hack your next lease | Leasehackr
this is something else im looking into, i cant find my original agreement so ive been calling the old dealership back in TN where i got it. not had very much luck though so far. im calling again tomorrow though
out of all the cars that i have been looking into i legit forgot dodge was still a company, lol thanks for the rec. the offer i got from online after trying to get it appraised was 2k at the top of the offer. im trying to find vehicles that have sat for a minute… possible loaners and things like that as well
I advise that before visiting a Dodge dealer, check the private market, carmax, caravana etc for some solid figures on your car’s value. Then, once you have researched the going discounts off msrp for the model you want, structure a deal and send the dodge dealers your offer, do not ask for a quote. This advice is solid for any automotive purchase/lease transaction, especially one with as much hair as your deal has with your trade and potential negative equity. Good luck.
Appreciate that! It’s been appraised by a few sites now all ranging between 1500-2500 so I’m thinking I’d like to get at least 2 for it. Maybe shop around after I’ve spoken with a few different places as well. And it doesn’t even have to be dodge, I just heard they have some of the best rebates/credits/ discounts at the moment so it’s something I will be looking into hard esp the SC/NC/TN/GA surrounding areas
If 19% is a “better overall monthly rate” then what was the prior rate before the refi and what is your total term in years on the refi for the 2020 Mirage?
If I’m being honest I’m waiting to get a copy of my original agreement bc I don’t remember… I just know when I signed with flagship I was really of the mindset being like “I just need a lower monthly” and by God, that’s what they did… I didn’t pay attention to much else at the time.
I’ve been amazed at this deal and seen a few others like it. Idk why it’s so good, but would I be able to work something like this with roughly 7500-9500 in NE 0 down? I’ve been trying to run numbers with ChatGPT and it keeps giving me like the VW id4 and Kia niro ev . But it says I could achieve a solid dodge deal with like every rebate
Hey I also just took a look at some of the more recent deals that it seems like you made to happen. Would you care to help run down with me how you accomplished it ? I feel like this dodge deal maybe my way to go for the time being to get the monthly where it’s needed . But am also looking into Vw id4 and Kia niro as well
Sorry to be that guy, but I don’t see how $400/mo for 36-months ($14,400) would be the better road vs aggressively pay down your current car, then just own it with no loan while you save up.
rolling over $7,500 in negative equity has a high chance of prolonging your problem here.
1: my interest rate at 19 percent when it could be around 5.6 or so (credit union) and
2: this car already has 132k miles on it . It’s alotta miles and I’m trying to avoid being in a desperate situation 10-15k miles down the road and maybe take advantage of the whole ev tax credits/ cars not being able to sell etc
but for 1. Why not try to refinance again once you pay down your loan a bit more?
and for 2. At that point, try to start setting some money aside for an emergency fund to cover repairs. High miles or not, the car isn’t that old, it’s a fairly simple car with simple parts. As long as you’re keeping up on maintenance, you have a good chance of avoiding the issues you can avoid.
also, if you lease an EV, once that lease ends in 24-36 months, then what? OTOH, get the Mirage paid off and it’s a low cost car you can get by with until you get yourself on rock solid financial footing.
Anyway, not trying to preach. Just my 2 cents. Good luck regardless.
