We purchased a Mitsubishi Montero SUV in 2002. It's a very good car. Our complaint is with the lack of ethics and backhanded behavior of Mitsubishi towards its clients. We found out in 2003, when we were forced to file for bankruptcy, that Mitsubishi had financed our car through a balloon loan which is now illegal in Texas. It is a long-term loan that has one large payment (the balloon payment) due upon maturity. Since most of the repayment is deferred until the end of the payment period and we were already in bankruptcy at the time, the large single payment ($20,000) at the end was considered by the bankruptcy court an unsecured debt, therefore, we are not obligated to pay it after paying the secured portion ($38,000).
We ended up paying far more than the car was worth and Mitsubishi still wants more. I say wants because Mitsubishi is still trying to get money from us. My husband had a car accident and the Montero was totalled. Mitsubishi is now fighting us to keep the insurance money. Are they so desperate? Is the company hurting that much? They are paying their attorney more than what the insurance company is paying for the accident.
In summary, the accident happened in September of 2009 and today, April 14th 2010, we still do not have a second car because the insurance company will not release the payment to us since Mitsubishi hold the lien.
We have been restricted with our transportation and my son was not able to attend college this past semester due to lack of adequate transportation. We had to spend $3,000 repairing the one car we have, and the aggravation and stress we have endured have been something I cannot describe. Please, do not buy anything from Mitsubishi.
