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Thread: The horrible story of attempting to find a decent used Mitsubishi Mirage

  1. #31
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    Quote Originally Posted by Mark View Post
    Your credit rating will most likely dictate what rate your bank will offer,
    I think you don't understand me. We are talking about a car without a clear title at the moment of purchase. Then you say
    If you are financing the car again, your bank or credit union will make sure the title gets transferred to them. Once the car is paid off, you will receive your title from your bank.
    So if the title is never cleared, that's for the bank, I guess? I mean, they can't add it to your loan. So I'd expect a higher interest for their risk.


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  2. #32
    Senior Member dspace9's Avatar
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    I don't think people in Europe carry over their car loans from one car to another every 2 years, like people do in Canada/USA. Just a thought.

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        click to view fuel log View my fuel log 214 Mirage ES 1.2 manual: 41.8 mpg (US) ... 17.8 km/L ... 5.6 L/100 km ... 50.2 mpg (Imp)


  3. #33
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    Quote Originally Posted by Space Wolf View Post
    I think you don't understand me. We are talking about a car without a clear title at the moment of purchase. Then you say

    So if the title is never cleared, that's for the bank, I guess? I mean, they can't add it to your loan. So I'd expect a higher interest for their risk.
    Someone who finances cars could answer that better. If you are trading/selling your car, you must clear your title with the bank. In my mind this is a separate transaction. You can't sell or trade something you don't own entirely. This is why banks hold on to titles. They technically own your car until it's paid off in full. This is also why you must prove the vehicle is fully insured to the bank when it has a lien on it. The bank may even push for gap insurance.

    How this plays out when selling will depend on the value of your car & how much you still own. If your car is worth $5000 & you only own $1500, you must pay off that $1500 to free up the title for the next buyer. What's left ($3500) is your money to do as you please.

    If your car is worth $5000 & you still own $6000 on it, the dealer is going to roll that extra $1000 needed to pay off your old car into the next deal. If you sold your car to a private party for $5000, you will have to come up with the extra $1000 to make the deal happen for the new buyer of your car. You can't sell your car without the title, & it will take $6000 to get that title from the bank.

    Do banks penalize car buyers for buying another car before paying off the last one? I don't really know? If you have made all your payments on time, I don't see this being a huge issue.

    Larger loan, longer loan period, etc... will most likely increase your rates.

    On personal level, if you can't pay off the car you have now, I would question buying another car so soon. Then again circumstances in life happen. A guy with a nice sports car may get married, start a family, and want more of a family vehicle before he has his sports car paid off. In that case, he should have married someone wealthy!
    Last edited by Mark; 09-13-2020 at 10:51 PM.

  4. #34
    Cornwallis Fummins's Avatar
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    One reason I like living in Alberta. You don't need the title to buy, sell or register a car. Insurance is separate from registration, the plate doesn't stay with the car. When you sell a car you take your plate off then transfer it to the next car or add it to your collection of old plates.
    Technically you could unknowingly buy a car with a lien on it if the seller is a flake. If that's the case you can try to take the seller to court and get your money back or you'll be stuck paying off the lien before you can register the car. You're best to take the vin to a registries agent and get a lien and history check done before buying from a private seller.
    My mom says I'm cool

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        click to view fuel log View my fuel log 2014 Mirage SE wussie cvt edition. 1.2 automatic: 37.4 mpg (US) ... 15.9 km/L ... 6.3 L/100 km ... 44.9 mpg (Imp)


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    Quote Originally Posted by Fummins View Post
    One reason I like living in Alberta. You don't need the title to buy, sell or register a car. Insurance is separate from registration, the plate doesn't stay with the car. When you sell a car you take your plate off then transfer it to the next car or add it to your collection of old plates.
    Technically you could unknowingly buy a car with a lien on it if the seller is a flake. If that's the case you can try to take the seller to court and get your money back or you'll be stuck paying off the lien before you can register the car. You're best to take the vin to a registries agent and get a lien and history check done before buying from a private seller.
    Our plates stay with the owner, & you may transfer them to another vehicle, too.

    A title insures the person owns the vehicle without a lien. A title may indicate that the vehicle is a salvage vehicle, too.

  6. #36
    Cornwallis Fummins's Avatar
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    Quote Originally Posted by Mark View Post
    Our plates stay with the owner, & you may transfer them to another vehicle, too.

    A title insures the person owns the vehicle without a lien. A title may indicate that the vehicle is a salvage vehicle, too.
    I assume plates stay with the owner in North America. I'd be screwed if I had to keep a car title somewhere until I sell it. I guess you can get a new title made when you lose one..
    So if someone steals a car and the title too is it now technically theirs since they have the title?
    My mom says I'm cool

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        click to view fuel log View my fuel log 2014 Mirage SE wussie cvt edition. 1.2 automatic: 37.4 mpg (US) ... 15.9 km/L ... 6.3 L/100 km ... 44.9 mpg (Imp)


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    Quote Originally Posted by Mark View Post
    This is why I scratch my head at new vehicles being over $30,000 these days. I have hard time justify paying that much for two of them. Vehicles are just money pits. They are not investments!
    100% true, especially for someone with little to no car knowledge.

    For the extremely niche cars, like collector cars (still money pits lol), I think they're the only kind of "investments" you can get where value rises. Just talking strictly about 'investing on a car' because the value of it will eventually rise, there are cars out there that blows my mind that has risen in value too.

    And yeah, I don't know any of my car friends that have flat out bought a new vehicle for $30,000+. But I do know some people that have and it's a cringey when they flaunt about it with no knowledge of maintaining a car, especially a car that's extremely difficult to maintain for the usual driver.

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        click to view fuel log View my fuel log 2015 Mirage DE 1.2 manual: 43.4 mpg (US) ... 18.5 km/L ... 5.4 L/100 km ... 52.2 mpg (Imp)


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    Senior Member AtomicPunk's Avatar
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    Quote Originally Posted by Fummins View Post
    There are a lot of good spiderman memes! This is a good one: Attachment 19214 I might get put on a time out. Happy Friday!
    THIS is why the forum went down last weekend, lol!

  9. #39
    Senior Member Subcompact Culture's Avatar
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    Quote Originally Posted by Cobrajet View Post
    Yikes! On Seattle Craigslist (yes, I know fewer people use it today), there are a grand total of SEVEN used 2014-2020 Mirages for sale. That's it. Cheapest is $5,485, most expensive is $7,950. There are about the same number on OfferUp.

    Makes me wonder what my never-in-an-accident Infrared 2015 ES manual with 160k is worth. As a bonus, it comes with every receipt and maintenance record since new and was only owned by one fastidious lunatic who is good with a wrench and doesn't trust anyone else to work on his cars.

    Hate to say it, but your experience just proves the car reviewers we loathe are right. The Mirage is a no-credit special for people who beat on them until the repo man shows up and/or the car starts having problems.

    The CarMax type places are catering to a better demographic, I suppose. Keep in mind that even $9,000 is pretty cheap for what nowadays can be considered a late-model used car.
    I tried to selly my 2017 Mirage ES hatchback (alloys, side skirts, fogs, Eibachs, rear sway bar, 5MT) originally for $8,500 with 16,000 miles on it a few months ago. No serious inquiries. As I brought the price down, I got a few inquiries, nothing else. At $8,000 I had a couple more inquiries, and nothing. Maybe if I dropped it to $7,500, but for that, I figured I'd just keep it. It's in minty mint condition, and we really don't need two small commuters (I also have a 2007 Yaris I bought new in 2007) as my wife and I now both work from home. The car was bought with cash, so there wasn't any lien or anything. So it pretty much costs us to insure at this point. Maybe at some point, we'll sell it. Maybe we'll sell the Yaris. At this point (unless someone just wanted it), we'll hold onto it.

  10. #40
    Just chiming in to say:

    1) I read this whole thing.

    2) I've never gone to that kind of trouble to get the kind of car I want. Although I once drove 4.5 hours each way to look at a Pontiac Firefly (Canadian market Geo Metro clone). I told the guy I'd give him $100 if he agreed not to sell the car before I got to check it out, even if I didn't buy it. (I bought it.)


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        click to view fuel log View my fuel log 2014 Mirage SE 1.2 manual: 66.3 mpg (US) ... 28.2 km/L ... 3.5 L/100 km ... 79.6 mpg (Imp)


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