Jakessweetthing
Kansas
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We thought everything was a go and we would pk-up our new Elkridge on the 16th. Dealer called today with payment and loan information and it was a lot more than what we thought. We asked why and found out that on the paper work it stated MSRP amount -trade in amount -$$ taken off MSRP, total due. We thought that would be amount financed right? Then when they called today he said payments would be more because they added back what we still owe on trade in ( not on paper work) and that was what would be financed, and determining our payment. NEVER had this happen before. Called the deal off. Later owner called to explain...still did not help ....very disappointing, they should have said all this up-front. And it should have been on paperwork...so we are checking out other dealers now.
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turninghawk
Orlando, FL
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Joined: 09/11/2003
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So, you thought you wouldn't be responsible for the amount owed on your trade-in?..............
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kernewek
Calgary, Alberta, Canada
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Sorry I must be missing something here, what did you think would happen to the amount you still owed on your trade in?
Kernewek
2006 Silverado 2500HD CC D/A 4x4
2007 Crossroads Zinger ZF27RL
"Just because I don't care, it doesn't mean I don't understand" Homer J Simpson
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skylos
Columbus, OH
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kernewek wrote:Sorry I must be missing something here, what did you think would happen to the amount you still owed on your trade in?
Ostensibly that it was already accounted for in the trade in removal - as in, 'your trade in has X net value', rather than 'gross value'.
I know I hate those games played by dealers too - I almost bought a Nissan XTerra once (right when they first came out). I was all stressed by their sales tactics, had finally made agreement and given them a deposit when they said 'oh, we forgot to add in the sales tax! it'll be more!'.
I was livid, took my deposit back, and left. Good on you for not putting up with their BS. Maybe you can keep the unit you have until its paid off, get a much better deal in the future.
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JRS & B
Florida/Michigan
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I agree.
It's not like rolling over a lease on an automobile early on a special deal where the old lease is terminated early and you just start over with a brand new lease.
You owe what you owe. Nothing is forgiven for the sake of the sale.
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kernewek
Calgary, Alberta, Canada
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skylos wrote:kernewek wrote:Sorry I must be missing something here, what did you think would happen to the amount you still owed on your trade in?
Ostensibly that it was already accounted for in the trade in removal - as in, 'your trade in has X net value', rather than 'gross value'.
I know I hate those games played by dealers too - I almost bought a Nissan XTerra once (right when they first came out). I was all stressed by their sales tactics, had finally made agreement and given them a deposit when they said 'oh, we forgot to add in the sales tax! it'll be more!'.
I was livid, took my deposit back, and left. Good on you for not putting up with their BS. Maybe you can keep the unit you have until its paid off, get a much better deal in the future.
Thanks for the clarification 
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JRS & B
Florida/Michigan
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I guess I should say I agree with kernewek.
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Jakessweetthing
Kansas
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We talked to other dealers and were told after we pay yours off this is your trade in amount. So I guess we thought that's what they were saying. And actually it was the same amount so why would we think any different.
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Allworth
Orlando, FL
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At least in this part of the country it is standard to add the blalnce due on the trade-in to the loan amount AFTER tax, tag, ect. has been computed.
You owed it before the trade; you owe it after tyhe trade. It doesn't just go away.
Formerly posting as "littleblackdog"
Martha, Allen, & Blackjack
2006 Chevy 3500 D/A LB SRW
2008 Titanium 30E35SA; EZ-Lube axles; wet bolts; spring hanger gussetts; BFG Commercial TAs
"Real Trucks Do Not Have Sparkplugs"
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The Mad Norsky
Yankton, South Dakota
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NEVER had this happen before???????????
I hate to be negative here, but as others said, what did you think was going to happen to the money you still owed on the trade in????????
Unless you make other arrangements beforehand with your old lender on the trade in, the dealer has no choice. He's got to account for that old loan money so he can get the title and sell the trade in. The dealer may even need to have the title for short term business loans so he can inventory the trade in.
And no, you cannot assume it was included in the previous trade amount UNLESS it was specifically mentioned and confirmed by you and the dealer.
Assumptions without confirmations cause business problems. You just had one.
The Mad Norsky, Doll, Logan, Korey & Rocky
2011 Ford F350 Power Stroke dually
RV'ing since 1991
We never know where we're going till we get there!
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