Question:
I am thinking about getting a different car and everytime I test drive they ask if I have a trade and how much I owe. What gives? Any of you ever been a salesman? Is this a bargaining stratagy they use? Thanks for the help!!
Answers:
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I am a Mark of Excellence Award winning Sales Consultant.I've got Ferrari full F1 uniform with cap, how much it is worth?
It is more an attempt to determine whether to take off a discount or to pad the trade's actual cash value. If you owe too much on your trade, he may decide that his time is better spent elsewhere.
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no they are only giving you a certain amount on trade say 4000 but if you owe 7000 the price of the car your buying will go up by 3000 to make up difference they use that to figure your price and paymentsDoes anyone with carfax want to help me out? Please!? EASY 10 PTS!?
They want to know how much upside down you are on the car so they can finance the difference into the price of the new car. Basically, they're trying to milk every penny out of you.Mazda 3, VW jetta, toyota camry, nissan sentra----which one?
If you are window shopping - tell the salesman that the car is paid in full and to leave you alone.
They ask how much you owe because they are going to take the amount of your trade & deduct it from the amount you owe. The remaining balance owee will be added to your new loan - they don't tell you that up front.
My cousin is $2,000 upside down on her minivan.
If you owe money on a trade in your not very smart..your not using your money wisely and your at his mercy for finaceing...wo be prepared to get ripped off...never owe money on a trade in. Always get external financeing.
I want buy used car model honda ek?
sometimes customers owe more than the car is worth. some people are taking out 60 month loans.really they just want to know how much more to add to the one your buying,or if its one of those deals where they,ll pay off your trade they need to know, so they know if they can deal with you or not,good luck,i hope this help,s.
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Ha! I just went through the same thing. My car isn't paid off yet and I was in the market for a new one. I owed $4400 on a Honda and was offered $3000 for it. I sold it to my brother for $4400 and bought a 07 Dodge Nitro.If you're not serious about buying one yet, tell them its paid for so they'll leave you alone.
If you owe more on your car than its worth, try selling it first. Remember, salesmen are NOT your friend. If your car is "upside down" they'll make more money by financing you.
Another hint from the granddaughter of a car salesman - anything on the car that is added on (not stock to the car) tell them you are not willing to pay for it and to take it off. Most time it is more expensive for them to remove it and they'll throw it in for free. I got a $400 car alarm this way.
Nissan sentra or toyota corolla?
Car salesmen need to know how much you owe on your trade b/c they basically pay it off. And if you owe more than they are going to give you they add the difference to the new price of the car. It's called being up-side down in your trade-in. But be careful not to tell them how much you owe before they tell you how much they are willing to give you because they might go lower on purpose. Good luckBuying 1966 Chevelle, Nova or El Camino?
Please don't lie to salesmen like everyone is telling you to. The main reason a salesman is asking you how much you owe is to properly qualify you as a buyer. If you owe more than the cars value it's not very easy to get you financed because the bank will question the loan amount. Also there is only a certain amount of negative equity that can be rolled into the new loan. If you are too far upside down there is no reason to proceed with test drives and numbers if there is no chance of getting you bought by the bank. It's an important question that needs to be answered honestly because if you decide you want to replace your current vehicle you are going to have to disclose it anyway and won't you look silly when you tell the salesman you lied. All of the answers above just proves that consumers are just as bad if not worse than the sleazeball car salesman that have given the car business a bad rep. Anyway we know your lying keep in mind a good salesman sells about 20 cars per month and has heard ever story in the book.Is it still possible to get a roof console for a car and where?
Q:When do you know a customer is lying?
A: When they open up their mouth.
To figure out if you OWE more on your current loan than what the car is worth.
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It's not a bargaining tool.
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If you're upside down on your current loan you'll have two choices:
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1. Pay off your loan and then give a downpayment for new car.
2. Use any equity AS a downpayment for the new car.
I need a car that fits my budget!?
Basically that's the short story of it.
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ditto to TONY J.How do I get out of a bad car purchase decision?
how can you expect to get correct figures if you dont give them correct information.
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This question is used to determine the type of buyer you are. True, some salesmen like our Mark of Excellence winner above, will move onto someone else if they are to far upside down in their trade. The true fact, provided by industry data, is that almost 85% of all car owners are upside down in their trades. With long term financing the norm nowadays, this is the end result. When negotiating, the best customer trick you can keep in your back pocket is to never mention the trade. Work your best deal out on the vehicle you are interested in. Then, bring in the trade, and work it as a seperate item. Dealerships will show you more on a trade upfront, in the beginning of negotiations because they can simply work off of MSRP. If they have already haggled a lower price, they are forced to show you actual cash value for your trade. All in all, the difference number (the new car minus your trade) is the deal that you should be negotiating.More Questions & Answers ...
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