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Old 07-31-2011, 04:44 PM   #1
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Trade-in?

Ok so my truck that I'm trading on my '12 is paid for. But I dont want to put the entire amount down on my jeep. I want to keep some cash out for mods. Will the dealer cut me a check for the difference between the trade value and what I want to put down? If so am I just giving the dealer another avenue to screw me over. I'm already approved for 2.9% financing.

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Old 07-31-2011, 06:38 PM   #2
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Why not sell it privately so you have the money going in and not giving the dealer the chance to make more overhead on your trade. Not sure of your timeline, but if you have the time, it may be better off in the long run. Good luck either way.

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Old 07-31-2011, 07:01 PM   #3
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You would do better selling it yourself but if that's not an option then it doesn't cost anything to try. The most they can say is no. I've never heard of a dealer in my area that would do that but it's worth a shot.
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Old 07-31-2011, 07:07 PM   #4
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You'll do better selling it yourself but if you're like me, it's not worth the hassle. No matter what the dealer tells you, KBB is a good indication of what you should get for your trade. There are many dealers out there that will match KBB and others that give something very close to it. If a dealer is telling you that your trade is worth thousands less, walk away.

I've never seen a dealer that wouldn't write a check for the value of your trade but maybe there are some out there. Again, if that's what you want and the dealer won't budge, look elsewhere.
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Old 07-31-2011, 07:33 PM   #5
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One thing you could do is go to autotrader.com and put in your vehicle specs, then go to a participating dealer and get a check handed to you for the truck for the "fair market value" which is good for 2 weeks or so. Then go buy the Jeep and have your money left over for the mods.
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Old 07-31-2011, 07:46 PM   #6
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I just got $1800 more than Kbb on my trade in and still got 1% below invoice and the 0% financing on my 2011 JKU
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Old 07-31-2011, 07:53 PM   #7
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They might do it for you. Just tell them you want a check for X amount. If it was me I would just save up the mod money and take the break on the taxes
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Old 07-31-2011, 07:59 PM   #8
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Just did the autotrader guaranteed offer. It came in $2k less than I was initially offered at the Ford dealership a couple of weeks ago when I was looking at a f150 platinum. I guess I will try to get them to cut a check for the difference if not I guess I'll have to walk and they lose a guaranteed sale.
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Old 07-31-2011, 10:36 PM   #9
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Do you have Carmax near you? They'll outright buy your vehicle even if you don't buy one from them. We've both bought and sold from them (different transactions, years apart). The selling process was very smooth and quick, and they offered a couple thousand more than I expected. It was much faster than selling ourselves and might be an option for you. Anytime you can deal on a new vehicle without a trade (cutting a check aside), you've got more leverage and less area for dealers to hide their profit (and empty your wallet). JMHO.
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Old 08-15-2011, 11:04 PM   #10
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I would trade it in. Usually they take the trade in value off of the new car before calculating the sales tax. So if you trade in a 10k car you save 1k on sales tax for the new car(10% sales tax here). Of course they give you less for you car too so you have to think about that. You can always have the dealer order the parts and add the cost to your purchase price as well.
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Old 08-15-2011, 11:22 PM   #11
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I would trade it in. Usually they take the trade in value off of the new car before calculating the sales tax. So if you trade in a 10k car you save 1k on sales tax for the new car(10% sales tax here). Of course they give you less for you car too so you have to think about that. You can always have the dealer order the parts and add the cost to your purchase price as well.
This is a huge deal. Saved me $1k, too. I might have been able to sell for $1500 more than the trade-in offered, but why bother with the hassle of having to show the thing to a bunch of non-serious inquiries who kick the tires, drive the thing, and waste my time?

It's a win for the dealer, a win for me, and a loss for .gov. I approve.
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Old 08-16-2011, 05:23 AM   #12
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This past Saturday, I received a letter in the mail from my local Jeep dealer stating in bold letters, highlighted in yellow, "We'll give you $1000 above Kelly Blue Book for your trade!" So, like a complete idiot, I took my excellent condition, accident free, original owner, fully paid for 2009 Jeep Wrangler Unlimited Rubicon to the dealership, along with the letter, walked in with a great big smile and said, "I'd like to take advantage of this offer letter I just received from your dealership!" The fat cheese in the corner said, "Sure, we'll take a look and then give you a number." Well, 10 minutes later, they came back with an offer that was exactly $5000 less than Kelly Blue Book good condition! I was completely stunned! I asked, "Why are you not honoring the letter? It's clearly written right here on the offer letter that you guys will give me $1000 ABOVE Kelly Blue Book." The fat cheese would give me no explanation, and simply said, "That's the offer! Take it or leave it!" I was completely flabbergasted, and mentioned that the offer seemed like false advertisement. They, of course, said, "That's just your opinion." We argued back and forth, but I got absolutely nowhere. So, I wrote a letter to the GM... We'll see what happens... Long story short, when something seems to good to be true, it usually is, however, in my opinion, if an establishment clearly puts something in writing, they should honor it!
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Old 08-16-2011, 08:12 AM   #13
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Yeah, it kills me how trade in value pricing seems to keep changing. Years ago, it was kbb which to me is the most accurate pricing. After black books and all the other ones out there, most dealers want to give you autotrader.com trade in pricing. I wondered why to begin with... well its because it just happens to be a couple grand less than kbb (at least on the vehicles I have considered trading.) I guess they will keep using this trade in guide until another company starts up and says vehicles are worth even less then autotrader.
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Old 08-16-2011, 10:26 AM   #14
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KBB/Nada both had my 01 valued at $5000 and I asked for atleast $4000, the vehicle had a soft top and soft doors at the time. They offered $3000. We settled at $3500 which was great because I still had position off the hard top and full steal doors, I sold them a week later for $1100.
Total $5100--WIN for me
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Old 08-16-2011, 10:33 AM   #15
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Didnt read all the posts but what you need to realize is just because the dealer said he is giving you 3k for your trade, doesn't mean thats what he is paying you for the car.

They show you 3k, but really its 1500 for the trade, and 1500 off the car your buying.

Just something to keep in mind.

Sell privately, you always get more.
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Old 08-16-2011, 10:35 AM   #16
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Quote:
Originally Posted by hypobid
This past Saturday, I received a letter in the mail from my local Jeep dealer stating in bold letters, highlighted in yellow, "We'll give you $1000 above Kelly Blue Book for your trade!" So, like a complete idiot, I took my excellent condition, accident free, original owner, fully paid for 2009 Jeep Wrangler Unlimited Rubicon to the dealership, along with the letter, walked in with a great big smile and said, "I'd like to take advantage of this offer letter I just received from your dealership!" The fat cheese in the corner said, "Sure, we'll take a look and then give you a number." Well, 10 minutes later, they came back with an offer that was exactly $5000 less than Kelly Blue Book good condition! I was completely stunned! I asked, "Why are you not honoring the letter? It's clearly written right here on the offer letter that you guys will give me $1000 ABOVE Kelly Blue Book." The fat cheese would give me no explanation, and simply said, "That's the offer! Take it or leave it!" I was completely flabbergasted, and mentioned that the offer seemed like false advertisement. They, of course, said, "That's just your opinion." We argued back and forth, but I got absolutely nowhere. So, I wrote a letter to the GM... We'll see what happens... Long story short, when something seems to good to be true, it usually is, however, in my opinion, if an establishment clearly puts something in writing, they should honor it!


Man I would have caused an everlasting seen. Hopefully the dealership had some kind of massive sale with balloons and free cookies. Thats what I did when I picked up my 01- the dealer mislead me thinking I still was going to get the soft top
evan though I chose the hard. The duel top had to be chosen to get both but the sales idiot explained it wrong. Well - I got my top FREE and also gave me a set of 30" tires of a salvage jeep, that sure shut me up
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Old 08-16-2011, 11:30 AM   #17
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Didnt read all the posts but what you need to realize is just because the dealer said he is giving you 3k for your trade, doesn't mean thats what he is paying you for the car.

They show you 3k, but really its 1500 for the trade, and 1500 off the car your buying.

Just something to keep in mind.

Sell privately, you always get more.
Exactly! If you must trade in, don't mention anything about trading in until you are happy with the price you are getting on the new purchase first. The numbers should be mutually exclusive. The dealers love to lump them into one transaction to make the trade in sound better, try to get you confused, and charge more for the new vehicle.
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Old 08-17-2011, 07:28 AM   #18
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Quote:
Originally Posted by hypobid
This past Saturday, I received a letter in the mail from my local Jeep dealer stating in bold letters, highlighted in yellow, "We'll give you $1000 above Kelly Blue Book for your trade!"
Who was the dealer?
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Old 08-17-2011, 07:37 AM   #19
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Who was the dealer?
This was at Royal Gate Dodge in Ellisvile, MO. I was trying to see if they'd give me more mooney for my 2009 Rubi over Lou Fusz Jeep. If they would've honored the letter, I was going to walk away from the Lou Fusz deal. I raised hell, yet they still would not honor the letter. I have written a letter to the GM, but have not heard back yet. If I don't hear back within the next couple of days, I'll probably go ahead and log a complaint with the BBB.
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Old 08-17-2011, 07:41 AM   #20
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Originally Posted by hypobid
I raised hell, yet they still would not honor the letter. I have written a letter to the GM, but have not heard back yet. If I don't hear back within the next couple of days, I'll probably go ahead and log a complaint with the BBB.
Now that's customer service!
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Old 08-17-2011, 07:49 AM   #21
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Exactly! If you must trade in, don't mention anything about trading in until you are happy with the price you are getting on the new purchase first. The numbers should be mutually exclusive. The dealers love to lump them into one transaction to make the trade in sound better, try to get you confused, and charge more for the new vehicle.
It's not always better to sell rather than trade. It depends on the value of your trade in and the state you live in and of course how much the actually are offering for your trade in compared to how much you can buy without trade. In some states, you only pay tax on the difference so that should be considered when deciding rather to sell or trade.
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Old 08-17-2011, 08:28 AM   #22
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It's not always better to sell rather than trade. It depends on the value of your trade in and the state you live in and of course how much the actually are offering for your trade in compared to how much you can buy without trade. In some states, you only pay tax on the difference so that should be considered when deciding rather to sell or trade.
Its definitely possible that you could get a better deal trading, but generally speaking, selling it out right is the way to go. My point was that if you do trade in your vehicle, don't tell them anything about wanting to trade until you have negotiated and are happy with your price on the new car. Then come back and say you want to trade. this way you can get more leverage and really see what your trade in is valued.
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Old 08-17-2011, 08:35 AM   #23
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Secure your financing elsewhere for the amount you want. Trade your vehicle for the amount you want. Pay for it with the financing you got elsewhere.
Put the difference in your pocket for mods, beer, bacon, & hookers.
Dealer financing usually includes a spiff for the F&I guy at the dealership; why pay for his Porsche?
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Old 08-17-2011, 12:28 PM   #24
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a few notes from my experience.

New vehicles often have more negotiation room than used. Not saying you can't get a discount below advertised price, but it's often a bigger discount going new. New vehicles have incentives from manufacturer to dealer that the buyer is not always aware.

Securing your financing elsewhere can be a good thing. If you do, know the interest rate, the payments for various terms (48/60/72 months). if you let the dealer know you will be financing, they *may* give you a better price since they will be thinking they will get some kickbacks from the financing of the vehicle. I did this and have gotten better deals than without financing. Boy was the finance guy surprised when i pulled out a check from the bank . It was still financed, just not through the dealer i bought the vehicle from.

Take your used vehicle to Carmax have them appraise it. some dealers will match other dealers appraisal values (local ford dealer here does for sure). If nothing else, you sell the vehicle to carmax and you can do what you want with the cash. worth a shot in my opinon. I have had carmax offer as much as 5k more for vehicles than dodge dealers.

if you have an extended warranty check out the terms. some have provisions for transferring. i know carmax warranties are transferable. this may be a good selling point when trying to sell private party!
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Old 08-17-2011, 01:02 PM   #25
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If you sell yourself or sell at Carmax, you'll pay the tax on the new vehicle vs not paying the tax on the trade amount. Just remember that as part of the "deal".
That can be worth alot. Some dealers will actually try to use that as leverage against you.
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Old 08-17-2011, 04:24 PM   #26
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Ok so my truck that I'm trading on my '12 is paid for. But I dont want to put the entire amount down on my jeep. I want to keep some cash out for mods. Will the dealer cut me a check for the difference between the trade value and what I want to put down? If so am I just giving the dealer another avenue to screw me over. I'm already approved for 2.9% financing.
It depends on your state. In IL if you want to take money back you only get the sales tax savings on the amount you are using as trade. If your trade is worth 15000 and you want 8000 back you only get tax savings on the 7000. Again this is in IL. Find out how your state works and see if you can get some money back for mods. If TX is like IL then send me a message and I'll give you a way to get around it.
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Old 09-08-2011, 12:36 PM   #27
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This was at Royal Gate Dodge in Ellisvile, MO. I was trying to see if they'd give me more mooney for my 2009 Rubi over Lou Fusz Jeep. If they would've honored the letter, I was going to walk away from the Lou Fusz deal. I raised hell, yet they still would not honor the letter. I have written a letter to the GM, but have not heard back yet. If I don't hear back within the next couple of days, I'll probably go ahead and log a complaint with the BBB.
Hypobid-

we might be a bit slow on the drawl here, but we wanted to extend an apology for the way you were treated at our Royal Gate- Ellisville location. We want all of our customers, or anybody who steps on the lot, to drive away satisfied and happy. We did have our GM follow up with you to try and resolve this situation and we sincerely hope this was helpful.
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Old 09-08-2011, 01:57 PM   #28
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I see someone is using Google alerts. LOL

From personal experience in selling a Honda Prelude SH, the Autotrader program paid a little better than the Carmax program by $750 but if you have the time, selling it on your own is your best bet - be sure to ask yourself though what your time and safety is worth: meeting up with people, making sure the car was always clean, risk associated with test drives, TIME).
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Old 09-08-2011, 03:36 PM   #29
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Hypobid-

we might be a bit slow on the drawl here, but we wanted to extend an apology for the way you were treated at our Royal Gate- Ellisville location. We want all of our customers, or anybody who steps on the lot, to drive away satisfied and happy. We did have our GM follow up with you to try and resolve this situation and we sincerely hope this was helpful.
Classy reply. Hope they did make it right since false advertising is a serious issue.
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Old 09-08-2011, 03:45 PM   #30
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For the purposes of the Motor Vehicle Sales and Use Tax collection, gross sales price includes the dealer processing fee. The gross sales price is the vehicle price after the manufacturers' discounts or dealer price discounts. Gross sales price does not include any other price reductions, such as credit for trade-ins, rebates, unpaid liens or other unpaid credits.

From VA tax. Guess it means we can't get the credit. We do only pay 3% on cars but it would be nice if we could take off the trade.

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