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Started By
Message
Cash For Clunkers...
Posted on 8/19/09 at 9:33 am
Posted on 8/19/09 at 9:33 am
...seems like a great deal to me. For my current vehicle (98' Chevy S-10), I can get $4,500 for it, trade-in value. On top of that, the dealer was going to give me $2,500 more savings in rebates.
I am currently a college student and I might finance a low monthly note.
Is this a scam, or a move I should make?
Comments?
Opinions?
Suggestions?
Thanks in advance.
I am currently a college student and I might finance a low monthly note.
Is this a scam, or a move I should make?
Comments?
Opinions?
Suggestions?
Thanks in advance.
5
Posted on 8/19/09 at 9:34 am to justinnevils
the whole point of a giveaway is for it to be a good deal.
Posted on 8/19/09 at 9:36 am to Colonel Hapablap
I mean, I dont wanna get in too far over my head? Is this a risk I should take advantage of?
Posted on 8/19/09 at 9:36 am to justinnevils
calculate the payments and check your budget.
Posted on 8/19/09 at 9:37 am to justinnevils
quote:
For my current vehicle (98' Chevy S-10),
I thought the car you're trading in has to be 1985 or older to qualify?
Posted on 8/19/09 at 9:38 am to prplhze2000
Well I have done that and I'm still undecided. I don't have my own house, not married, no kids, and I have college loans that still must be paid off.
Posted on 8/19/09 at 9:39 am to Martavius
quote:
I thought the car you're trading in has to be 1985 or older to qualify?
No, it can be UP TO 25 years old, which would make my vehicle a qualifyer.
This post was edited on 8/19/09 at 9:40 am
Posted on 8/19/09 at 9:42 am to justinnevils
Posted on 8/19/09 at 9:46 am to BaylorTiger
Idk, I want a low monthly note...somewhere around $150-$200.
Possibility or fantasy?
Possibility or fantasy?
Posted on 8/19/09 at 9:46 am to justinnevils
Free money is usually a good deal, IMO.
Posted on 8/19/09 at 9:47 am to justinnevils
What are you looking to buy?
Posted on 8/19/09 at 9:47 am to LSURussian
Might be a good deal, but also may be bad timing for me...
Posted on 8/19/09 at 9:51 am to justinnevils
quote:How can anyone on a message board know what is good or bad timing for someone they've never met or know anything about? You asked if the price with the C4C $4,500 + the dealer discount sounds like a good deal?
may be bad timing for me...
Free money is usually a good deal.
Whether the timing is good or not, only you and someone who knows your situation in detail can possible know that.
Posted on 8/19/09 at 9:51 am to justinnevils
quote:
No, it can be UP TO 25 years old, which would make my vehicle a qualifyer.
Ah, I had it backwards. Thx.
Posted on 8/19/09 at 9:53 am to justinnevils
quote:
seems like a great deal to me. For my current vehicle (98' Chevy S-10), I can get $4,500 for it, trade-in value
Just hope that the gubament comes through on that 4500. If not - the dealership will come after you for it.
Posted on 8/19/09 at 9:54 am to threeputt
quote:Wait, what? Can dealers do that? Do you have a link on that?
Just hope that the gubament comes through on that 4500. If not - the dealership will come after you for it.
Posted on 8/19/09 at 9:56 am to LSURussian
quote:
Wait, what? Can dealers do that? Do you have a link on that?
Talked to a dealer friend yesterday who is waiting for payments for around 20 cars. According to him the buyer signs a note for the 4500 that is voided when they recieve the monies from the federal program. So if the money does not come through - the buyer is on the hook for it.
This post was edited on 8/19/09 at 9:57 am
Posted on 8/19/09 at 10:00 am to threeputt
I did not know that. Thanks. We may see some riots in the street this summer after all....
Posted on 8/19/09 at 10:10 am to threeputt
quote:
According to him the buyer signs a note for the 4500 that is voided when they recieve the monies from the federal program. So if the money does not come through - the buyer is on the hook for it
I rode through a Honda dealership the other day. In the back, they had a ton of new cars with sold signs in the window and the buyers names. Only thing I could figure out is they were holding them until the clunker money comes in.
3 Clunker Traps Car Buyers Should Avoid
quote:
1. Watch out for waivers
Fearing the government may not reimburse the $3,500 or $4,500 credits extended to buyers under the program, some dealers are putting buyers on the hook for that money. They’re asking buyers to sign waivers or purchase agreements, which stipulate that if the dealer doesn’t get reimbursed, the buyer will pay back the credit or return the new car. Some states’ industry associations, like the Minnesota Automobile Dealers Association and the Illinois Automobile Dealers Association, have published sample agreements (here and here) for their members’ convenience.
Watch out: The Department of Transportation explicitly states that buyers are under no obligation to sign such agreements.
This post was edited on 8/19/09 at 10:12 am
Posted on 8/19/09 at 10:10 am to threeputt
quote:
According to him the buyer signs a note for the 4500 that is voided when they recieve the monies from the federal program. So if the money does not come through - the buyer is on the hook for it.
I thought the feds released a statement saying this was not in accordance with the rules of the program.
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