Has Anyone Ever Done a 0 Down, 0 Payments, 0 Interest for year on a new car?

[Spooner]

Mitsubishi is offering this through April.

Wondering if anyone's had experience taking advantage of this type of promotion.

 

[RedRooster]

I did once. 4 years later I decided to purchase one outright though. If you're ever at Idaho Correctional, tell Bubba I said "Hi".

Sounds like quite a deal, they'll NAIL you on the ass end of that deal though, be prepared.

 

[Russ]

Stupid, stupid and stupid. You're usually underwater even with traditional financing - with this approach, even a lifeguard can't save you.

Russ, NCNE

 

[Spooner]

I assume they'll nail you with a large interest rate after a year, but what else could they nail you on?

 

[Russ]

For one thing, by the time you make your first payment, the car has dropped 50% in value.

Russ, NCNE

 

[Mill]

I am doing this for a Sony Wega Tv... but it is my only debt and I will have it paid off three months before my year is up.

 

[Spooner]

<< For one thing, by the time you make your first payment, the car has dropped 50% in value. >>


Yeah, but you expect this since you're delaying everything for a full year

 

[Pakaderm]

Friends of mine just bought an '02 Explorer and got an interest rate of 0.0% Because of this, they put 0 down and of course pay 0.0% interest. They had to get the 3 year financing to get 0.0% so that means paying $936/mo for a single vehicle!! But, it's a free loan for three years. Maybe you can get something like that working.

-Pak

 

[NetworkDad]

<< For one thing, by the time you make your first payment, the car has dropped 50% in value.

Russ, NCNE >>



I'm sure those mitsubishi POS drop close to 50% the minute you leave the lot.

 

[Maetryx]

A drawback is that you will almost certainly pay full price for the vehicle. What bargaining chip do you have? There will be no break in price or interest with a deal like that. If you want to be frugal, buy a 3 year old model of the same car.

 

[Sir Fredrick]

Read the terms carefully. Sometimes the interest is cumulative if you don't have it paid off by the end of the year, then you're really nailed.

 

[N8Magic]

Don't do it.

This is a sucker ploy to get people to buy a car that they can't afford in the first place. If you ever want to trade it in on something, you will owe WAAAAAAAAAAAAAAAAAAAY more than the car is worth.

I've been in that situation, and trust me, it wasn't pretty.

 

[zbalat]

It's a sucker ploy if you do not plan to take advantage of the 0% interest. If you do not plan to make a payment for one year and then begin to pay if off you are screwed. If you got approved to purchase (finance) the car then more than likely you can afford to make payments. Make your payment every month during the 0% zero payment year and you just saved some jack.