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Message
Dealer wanting to know your payoff when trading in
Posted on 5/18/16 at 9:30 am
Posted on 5/18/16 at 9:30 am
What does what I owe matter when telling me what you're gonna offer me? It was the first question they asked & wanted to call the bank to see. Am I missing something? Or am I right in thinking it's just another potential way of low balling me if I owe less than what they would give?
19
Posted on 5/18/16 at 9:31 am to Schmelly
They want to know how low they go on the offer and to see if you're upside down.
There is no reason they need to know that number before making you an offer.
There is no reason they need to know that number before making you an offer.
Posted on 5/18/16 at 9:31 am to Schmelly
I would just tell them you owe nothing and go from there
Posted on 5/18/16 at 9:32 am to Schmelly
You should not even bring up trading your current vehicle in until you agree upon a price for the car you are buying.
Posted on 5/18/16 at 9:32 am to Schmelly
quote:
Schmelly
Normally they pay off what you owe. That's why they ask.
Posted on 5/18/16 at 9:33 am to Schmelly
quote:
What does what I owe matter when telling me what you're gonna offer me? It was the first question they asked & wanted to call the bank to see. Am I missing something? Or am I right in thinking it's just another potential way of low balling me if I owe less than what they would give?
Wait. You are honestly suspicious of why a dealer would want to know how much you owe on a car before they take it in on a trade? You can't be serious.
Posted on 5/18/16 at 9:33 am to Schmelly
given that most dealerships are slimy, i'm sure it's a tactic.
however, they have a legit interest in knowing they aren't wasting their time with someone who owes more than their car is "worth" (that's the rub--determining value) and the customer having to come up with or allocate the cash to make up the deficiency.
(they obviously will need the payoff to close, but asking during the negotiation process would render from me the answer: "It's not an issue." They either pay you or the bank, so that part doesn't matter during negotiations.)
however, they have a legit interest in knowing they aren't wasting their time with someone who owes more than their car is "worth" (that's the rub--determining value) and the customer having to come up with or allocate the cash to make up the deficiency.
(they obviously will need the payoff to close, but asking during the negotiation process would render from me the answer: "It's not an issue." They either pay you or the bank, so that part doesn't matter during negotiations.)
This post was edited on 5/18/16 at 9:35 am
Posted on 5/18/16 at 9:33 am to colorchangintiger
quote:
Normally they pay off what you owe. That's why they ask.
You are smarter than this.
Posted on 5/18/16 at 9:33 am to Schmelly
quote:
What does what I owe matter when telling me what you're gonna offer me? It was the first question they asked & wanted to call the bank to see. Am I missing something? Or am I right in thinking it's just another potential way of low balling me if I owe less than what they would give?
Tell them that's fair, if you can see dealer costs on the vehicle you're buying
Posted on 5/18/16 at 9:33 am to Schmelly
If you expect them to give you any accurate monthly payment figures or if you have already indicated that you have to stay within a certain monthly budget amount, then they need to know. If you are just negotiating total price, then it seems immaterial.
Posted on 5/18/16 at 9:33 am to N2cars
Trade in value & payoff are about even. I just want to walk away from it. But I don't want to say that until they make the first offer
Posted on 5/18/16 at 9:34 am to Schmelly
Owing money on a vehicle is trashy. Prob just wants to know if the vehicle is not paid for that your trashy and the transaction is going to be more of a headache. Also will let him know that you don't live within your means so can prob take you to the cleaners.
Posted on 5/18/16 at 9:34 am to Jack Bauers HnK
quote:it actually started as just selling it to them outright with me not buying anything in return
you are just negotiating total price, then it seems immaterial.
Posted on 5/18/16 at 9:35 am to Schmelly
They are looking for leverage on you before negotiations
Posted on 5/18/16 at 9:35 am to Schmelly
quote:
But I don't want to say that until they make the first offer
Of course.
When you play poker, do you show 2 of your cards?
Posted on 5/18/16 at 9:35 am to BabyTac
.5/10
Posted on 5/18/16 at 9:35 am to Schmelly
I think it's prudent to walk into a car dealership knowing that they are trying to make money.
If you do that, you won't have questions like this for the OT.
If you do that, you won't have questions like this for the OT.
Posted on 5/18/16 at 9:35 am to Schmelly
If the offer they would otherwise give is just a small amount away from your number, they can show you your number and make it back with less flexibility on the price of the new car. It's all negotiable.
Posted on 5/18/16 at 9:36 am to Displaced
quote:
You should not even bring up trading your current vehicle in until you agree upon a price for the car you are buying.
This. They are separate transactions no matter how much the dealership wants you to believe they aren't. You also should have came in with a guaranteed purchase offer from somewhere else so they will beat that.
Posted on 5/18/16 at 9:36 am to Schmelly
The just tell them what you want for it and they can meet it or you can be on your way.
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