I just got a 2007 Toyota Corolla from "Dirito Nissan" on Feb 20 around 6pm. I got a loan through my Credit Company for 15,500 but $2000 had to come out of my pocket for down payment. They wouldnt give me the full amount cause they said it was payin more then 10% of what the car is worth. I was reading a few of the other questions on the other Corolla's and everyone is says that the invoice price is around $15,400 or so and a 3 day return policy. I payed $15,999.95 plus taxes. Did i get ripped off and if i did, Can i take it back and have them fix the price on it? They wantted me to pay $600 when i signed the contract to have a 2 days to return it. Can they do that? I did a trade in on my other car which was a 2001 Saturn SL2 for $4900. Can i get it back if i return the 2007 Toyota? Can someone please help me on this? I live in Antioch California
For compact cars, lotta people pays couple hundred below the MSRP to walk out of the door... if it has a invoce at 15.4k, i assume its MSRP would be around 17.5K, which is what you paid to walk out of the door... Its a very normal deal, even tho you could've find better, but urs isnt bad.
You got a good price don't worry.
MSRP means Manufacturer's "SUGGESTED" Retail Price.
Many people do not pay full sticker price for any car. Car sales are DOWN and dealers are offering incentives to buy. Factory rebates - No sales tax - No money down... things like that.
Financing deals with YOUR credit. The car may have options or "DEALER ADDED" items. BY LAW (varies state to state) you have so many days to "back out of the deal". Read the contract for the specifics!
Also, call the bank and ask them directly WHY!
I like pitting car dealers against each other. I get prices from one dealer and check a second to see what they offer. Sometimes it is back and fourth until I get the BEST DEAL but it could mean a thousand or two that I can save.
Hope this helps!
Yes, you got ripped off. MSRP & Invoice price has NOTHING to do with a used car. For all you know they bought it at auction for $7000.
But nothing you can do about it since there is no "cooling off" period regarding car purchases. Since you live in CA, you had the OPTION of purchasing a "48 hour cooling off" period for around $150, so the $600 was a lie. But you said you got a 3 day return policy? If so, then return it for a refund and get your trade-in back.
You can get a brand new Corolla w/ auto & air for $11,900. Check the Saturday LA Times or local newspaper.
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