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Started By
Message
re: Dealer wanting to know your payoff when trading in
Posted on 5/18/16 at 9:58 am to Darth_Vader
Posted on 5/18/16 at 9:58 am to Darth_Vader
quote:
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.
How is this getting so many downvotes??? It's true!
1
Posted on 5/18/16 at 9:59 am to Nado Jenkins83
quote:
I would just tell them you owe nothing and go from there
Then the dealer would ask you to furnish the title and you would be fricked.
Posted on 5/18/16 at 9:59 am to LSUfanNkaty
quote:
How is this getting so many downvotes??? It's true!
Because it's not a necessary first step in the process, and is frankly a bullshite tactic IMO as a first step, which is why OP is asking about it.
Posted on 5/18/16 at 10:00 am to N2cars
quote:
There is no reason they need to know that number before making you an offer.
Technically, this is correct. But they will need to know prior to any transaction taking place, so it does make sense to ask.
quote:
They want to know how low they go on the offer
This is a big factor in why they do ask ahead of time.
quote:
and to see if you're upside down.
This is also significant to their finance department, if they have to payoff part of your debt, that means more they finance and possibly charging a higher finance rate.
They are all at least a little slimy, IMO.
This post was edited on 5/18/16 at 10:05 am
Posted on 5/18/16 at 10:00 am to Schmelly
quote:
Whether it's paid for or I'm upside down like a mofo makes no difference
not true. If you are upside down, they tack the extra on the financing of the vehicle you are trying to purchase. If you are already borderline with the loan on the new vehicle, then you may not be able to purchase and the whole thing is a circle jerk.
That said, they ask for the payoff so that they can lowball you on the offer as much as possible.
Posted on 5/18/16 at 10:01 am to LNCHBOX
quote:
Because it's not a necessary first step in the process,
Agreed there...BUT, it is something that is required when dealing with payoffs...further down the line in the process.
So I guess it would depend on what stage in the buying/trading in process the OP is in.
Posted on 5/18/16 at 10:01 am to N2cars
quote:
The definition of two way street is to be honest about trading it in, not revealing payoff.
Tell me then, what did y'all pay for the car?
(Hint: no one at the dealership actually knows true cost)
Point I was trying to make, if the dealership want's all of the numbers on the table...then put ALL of the numbers on the table
Posted on 5/18/16 at 10:02 am to LSUfanNkaty
quote:
Agreed there...BUT, it is something that is required when dealing with payoffs...further down the line in the process.
So I guess it would depend on what stage in the buying/trading in process the OP is in.
In the OP he clearly said it's the first thing they asked him, hence this thread. Now I feel like I'm the one taking crazy pills.
Posted on 5/18/16 at 10:05 am to LNCHBOX
quote:
In the OP he clearly said it's the first thing they asked him, hence this thread. Now I feel like I'm the one taking crazy pills.
Burn... I got nothing....
Posted on 5/18/16 at 10:06 am to N2cars
quote:
You are smarter than this.
You'd be the only one on the board to believe this.
Posted on 5/18/16 at 10:06 am to LNCHBOX
quote:I don't understand this line of thinking at all.
Because it's not a necessary first step in the process, and is frankly a bullshite tactic IMO as a first step, which is why OP is asking about it.
Posted on 5/18/16 at 10:09 am to Spilled Milk
Yeah....I sold my last truck outright, but actually considered trading it with the thought that it would just be easier...
On autotrader, similar trucks were being asked 19k for. I told them my payoff (11K) and their offer, after "conducting some detailed research" was, "we can pretty much do payoff." To me, there was no reason wasting any more time with them.
Know what your vehicle is worth, what you're willing to accept, and what the vehicle you want is worth, along with what you're willing to pay.
Go check out willcover's car buying thread on the money talk board.
On autotrader, similar trucks were being asked 19k for. I told them my payoff (11K) and their offer, after "conducting some detailed research" was, "we can pretty much do payoff." To me, there was no reason wasting any more time with them.
Know what your vehicle is worth, what you're willing to accept, and what the vehicle you want is worth, along with what you're willing to pay.
Go check out willcover's car buying thread on the money talk board.
Posted on 5/18/16 at 10:11 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 x1000.
quote:
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
Never fvcking EVER tell them what you're planning to spend monthly. You tell them that, and you might as well get some lube cause you're about to get pounded. You're discussing the VALUE of an asset, NOT how you finance it.
Posted on 5/18/16 at 10:11 am to AUjim
Just go to Carmax.
Posted on 5/18/16 at 10:12 am to PokerPastime
quote:
Disagree, tried this approach and got where I wanted on the new vehicle but then they just low balled the shite out of me on trade. I walked out of 2 dealerships after trying this and getting the same result both times.
Better off know what you want to pay for new vehicle and what you want for trade. Tell dealer to get there than figure out how you want to handle payments
quote:
Then you should have sold your old vehicle somewhere else. Pretty simple?
Yes, it's that simple
.Posted on 5/18/16 at 10:14 am to AUjim
quote:
Yeah....I sold my last truck outright, but actually considered trading it with the thought that it would just be easier...
On autotrader, similar trucks were being asked 19k for. I told them my payoff (11K) and their offer, after "conducting some detailed research" was, "we can pretty much do payoff." To me, there was no reason wasting any more time with them.
Know what your vehicle is worth, what you're willing to accept, and what the vehicle you want is worth, along with what you're willing to pay.
It's so easy to sell cars nowadays, it boggles my mind people still get fricked by dealers on trade-ins.
quote:
Go check out willcover's car buying thread on the money talk board.
One of tGOAT threads. I went step by step through that thing and took the dealer to the cleaners on my last purchase. There's so much information out there right now folks, use it!
Posted on 5/18/16 at 10:15 am to PokerPastime
quote:
got where I wanted on the new vehicle but then they just low balled the shite out of me on trade.
2 separate deals IMO. I wouldn't take less than what the car is worth on the trade.
quote:
Better off know what you want to pay for new vehicle and what you want for trade
well yeh
Posted on 5/18/16 at 10:16 am to FootballNostradamus
quote:Then you lose the tax benefit of trading it in.
Then you should have sold your old vehicle somewhere else. Pretty simple?
Yes, it's that simple
Posted on 5/18/16 at 10:18 am to N2cars
quote:I was told by a really good friend that used to be a manager at a HUGE Dodge dealer in Austin that the actual cost is sometimes not known for a while, the manufacturers give bonuses back based on the number of cars sold per month, quarter or year. They pumped out some serious cars selling 300+ per month new cars. The advertise everything well below "invoice" so it's important to hit the numbers for the month. He finally bowed out and opened his own high end used lot after not having a life for 17 yrs. At least he was smart enough to not have kids.
(Hint: no one at the dealership actually knows true cost)
Posted on 5/18/16 at 10:20 am to The Mick
quote:
Then you lose the tax benefit of trading it in.
But you get 10-20% more for it.
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