Question:
I have never bought a car before, but I see those deals sometimes where they offer you 3 grand for a total junker as a trade-in...what kind of scam is that, or is it one? My grandma is thinking of cosigning for me, and she has a 900 credit score (perfect), so does that mean, I have more room for negotiating a deal?
Answers:
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When the ad's read guarantee $3,000 for trade, look for the fine print that says not applicable with other offers. If you are buying a car that has $3,000 in rebates and your trade is worth $1,200 ACV (Actual Cash Value) then they can give you the $3,000 as advertised and basically take the trade for nothing! You were already entitled to the rebate.
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Others will run a program similar to ad's that say "No Credit Refused!"....which means nothing more than you can fill out a credit application...it doesn't mean you can actually get a loan. In this instance, the dealership will show on paper that your car is worth $3,000 but inflate the price of the new one to compensate.
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There are plenty more, however don't be fooled by them. If your trade is only worth $500, then you will get $500 real money applied towards your new loan. I hope this helps you.
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When dealers offer high trade in for junkers they don't lose anything. They are simply using advertising ploys to get people into the dealership.Which is the latest SUV in the market ?
Here's an example: You trade your junker in, and it's running. They take a look at it and determine it's to far gone for them to repair! They call up a junk man or a low level dealer and get rid of it... Doesn't matter if they get their money for it or not. Their profit is in the car you just bought!
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Dealers that advertise a big trade-in's or special rebates don't lose money... That's not the name of their game. Fact is: They make more money on used cars these days than on new.
If anyone writes in and says I'm wrong, they're a dealer!
It's not a scam so much as it is a gimmick. They have padded the price of the vehicle so that they won't lose on the deal in case your trade is a real piece of crap. There is always room for negotiation.
they are just overallowing on your trade - in Oklahoma "push, pull, and drag" is not allowed in advertising for car dealers any more
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avoid it if you can , go to Granny's bank and get a loan set up , then go to a dealer and negotiate , dont be afraid to walk out , get the best deal you can , dont get exited , if the salesman sees you "need" the car he's got you. be calm , you are in control. good luckHow much should i sell my "ancient silver lockets" for?
900?They'll give you 3k for a piece of junk, but they'll charge you 3k more than you should pay.
No one buys junk for any amount, except the junk man.
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Saleman will ALWAYS get you to buy used because the mark-up is so much. The guy can only make a few hundred on a new one, or a few thousand on a used one.FRAUD ALERT: DO NOT BUY A CAR, or have any business relations with Rico Smith or SRT International.?
It's not really a scam as much as it's a numbers game. If your trade is worth $500.00 in real money the dealer may show you $3,000.00 on paper. but the reality is that the remaining $2,500.00 is added to the sale price. It's like when people trade in vehicles that they owe more on then the vehicles are worth. The negative equity is added to the sale price. O.B.T.W. go to your grandmothers bank and find out how much they are willing to loan and at what interest rate before you go shopping. Then make your best deal and compair rates before you sign anything.More Questions & Answers ...
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