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Old 10-12-2013, 02:46 PM
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Deal adjustments as a result of declining value of trade

Since there seems to be a fair number of dealer employees here perhaps some of them can answer this question for me.

Our deal was signed on Aug 1. By the time we get delivery it is likely to be over three months later, if not more.

What is the obligation of a dealer to honour the trade in value? Can they wiggle out of it regardless of how long it takes or how many additional miles are put on the trade from the date of the deal?

We've been doing our best to keep the miles down. I have a feeling our dealer is going to want to increase the difference.

Any view on this. I would expect it to become more common the longer the deliveries are dragged out.

GR
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Old 10-12-2013, 03:00 PM
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Re: Deal adjustments as a result of declining value of trade

The trade in value is only good for 30 days as values change from month to month. That being said it depends on your dealer, was the value for your trade Fair? You can find several resources on line to determine the trade value (most dealer low ball the trade if they are giving a large discount on the new truck. You need to view the trade and purchase as 2 different transactions. I was offered 52,000.00 for my 2011 Cadillac escalade and sold it with in a week for 57800.00 on Ebay. I was in a unique situation because this was a second truck for me. You might check with your dealer and ask him the same question if he is willing to hold the value of your trade? I would think if it is going to take 3-months he will try and get a few 100 dollars out of you doe to the reduced value of your trade. Hope this helps
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Old 10-12-2013, 03:25 PM
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Re: Deal adjustments as a result of declining value of trade

Nothing on the contract whatsoever about any time limit with respect to the value of the trade. No notes on the back of the contract. I went back to my purchase last year of a T&C and no limitations noted on the small print on the back there either (that I could see with a magnifying glass).

While I expect the deal to be honoured I would, in the spirit of fair play, be prepared to add as much as 500 to the difference - but NOT a few thousand.

The 30 days you refer to is not something I've heard before (over the years I've done over 25 dealer audits of the D3 and imports and have never seen that condition - or certainly don't recall it). That may be a difference in the way biz is done north of your border. I also have to say that I've always taken a vehicle from stock (often a dealer trade was done to get what I wanted ) and this is the first factory order - but I have placed an order for a motorhome that cost significantly more and the delivery time was almost four months and there was never any question about increasing the difference.

GR.
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Old 10-12-2013, 03:27 PM
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Re: Deal adjustments as a result of declining value of trade

When I ordered the trade in value was locked in with only two conditions. Going over a preset mileage or having an accident were the only things that could lower it.

If you don't have it specified in writing on the front of your contract, make sure you read the entire back of the contract before you sign it. Pretty much everything is covered there.


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Old 10-12-2013, 03:46 PM
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Re: Deal adjustments as a result of declining value of trade

As I noted above, nothing on the back of the contract and no existing mileage shown for the trade. On Aug 1 the order system had not been activated so it is not on the standard form.

I'm going to have to get them to discuss this issue since I get the feeling they are reluctant to open a possible can of worms before we see the vehicle and fall in love with it. That won't work since years ago I decided I'd never "have to have" something like a specific car as there are lots of fish in the sea.

GR
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Old 10-12-2013, 08:44 PM
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Re: Deal adjustments as a result of declining value of trade

Get it in writing! Enough said some form of a legal document stating this is the Amount we will give yadadada
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Old 10-12-2013, 08:51 PM
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Re: Deal adjustments as a result of declining value of trade

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Originally Posted by xJoshxx View Post
Get it in writing! Enough said some form of a legal document stating this is the Amount we will give yadadada
That is exactly what I have. That is why I think they are a bit sheepish because a deal that may have had a profit may be very thin now - very thin. That is why I am prepared to add a bit more. I don't mind paying a FAIR price (don't want to overpay - which is why the negotiations stretched out for a month and we were two minutes from signing for a new Edge when they sweetened the deal - perhaps a bit too much.

GR
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Old 10-13-2013, 06:20 AM
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Re: Deal adjustments as a result of declining value of trade

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Originally Posted by bill_de View Post
When I ordered the trade in value was locked in with only two conditions. Going over a preset mileage or having an accident were the only things that could lower it.
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Same here when I ordered a vehicle and planned to trade the current one in on it. The dealer asked that I not exceed a set # of miles before the vehicle arrived or the trade value would change. Obviously damage to the vehicle would cause them to not honor it as well.
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Old 10-13-2013, 07:31 AM
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Re: Deal adjustments as a result of declining value of trade

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Originally Posted by grandriver125 View Post
As I noted above, nothing on the back of the contract and no existing mileage shown for the trade.
I missed that. Looking at the time stamp I think I was typing while you were posting.


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Old 10-15-2013, 07:41 AM
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Re: Deal adjustments as a result of declining value of trade

Another dealer here with the same answer. Trade appraisals are good for 30 days here, but I know of no law or other external force that makes that standard for all dealers. I can think of one deal in the past year where we honored a 3-month-old appraisal, but it's usually not the case. That said, unless you put a ton of miles on or had damage, I think $500 is a pretty fair adjustment over that time period. Not knowing your specific situation or your trade vehicle, of course.

I am glad you didn't buy the Edge, it's not a car I would buy personally. Don't ask me to elaborate though.
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Old 10-15-2013, 12:44 PM
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Re: Deal adjustments as a result of declining value of trade

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Originally Posted by providenceautos View Post
Another dealer here with the same answer. Trade appraisals are good for 30 days here, but I know of no law or other external force that makes that standard for all dealers. I can think of one deal in the past year where we honored a 3-month-old appraisal, but it's usually not the case. That said, unless you put a ton of miles on or had damage, I think $500 is a pretty fair adjustment over that time period. Not knowing your specific situation or your trade vehicle, of course.

I am glad you didn't buy the Edge, it's not a car I would buy personally. Don't ask me to elaborate though.
Trade is a 2011 Escape Limited 4WD (really AWD - no idea why they call it 4WD) with less than 21,000 miles on it and still has 2 years of powertrain warranty. Has leather, sunroof, bu camera, 3L V6, Sirius,etc. Escapes have been really good sellers in our area. The new models are really selling well. For those who don't need a vehicle for offroading but want AWD for winter, it will give the Cherokee a run for its money - more so the longer it takes to get Cherokees on the road.

IMO the Edge is a bit to large for DW and kind of bulky. It had a good array of options though and DW was reasonably pleased with it during her test drive. It can be towed flat BUT, I concluded I wanted a transfer case with NEUTRAL for towing if at all possible.

If I'd known the headaches I'm having from buying Aug 1, I'm not too sure what I'd have done. I like to buy our two passenger vehicles in pairs from the same manufacturer and preferably the same dealer. Moving to the Cherokee would complete that switch from Ford (a few years earlier we made the same switch from GM in one day). We seem to buy in pairs and have had pairs of Chrysler/Jeep products, Ford/Lincolns and CM's several times in the past as well.

I'm prepared to be fair with the dealer as I was very satisfied with the price on my 2012 T&C and on the Cherokee. If I start getting a lot of flack and they want thousands more, I won't worry about legalities, we'll just ask for our $2k deposit back and by next spring DW will have a CR-V (flat towable) and I'll have an Odyssey (meets our space needs). That would be a last resort move because my view is that I buy domestic (owned and built) for patriotic reasons. The last import we had was a Dodge Challenger in about 1981 - made by Mitsubishi of course (a very solid vehicle). If I didn't have that prohibition I'd likely have a Mercedes 350GL Bluetec.

So, like thousand of others, we will keep our fingers crossed that the roadblock ends soon.

GR
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Old 10-15-2013, 12:57 PM
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Re: Deal adjustments as a result of declining value of trade

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Originally Posted by providenceautos View Post
Another dealer here with the same answer. Trade appraisals are good for 30 days here, but I know of no law or other external force that makes that standard for all dealers. I can think of one deal in the past year where we honored a 3-month-old appraisal, but it's usually not the case. That said, unless you put a ton of miles on or had damage, I think $500 is a pretty fair adjustment over that time period. Not knowing your specific situation or your trade vehicle, of course.

I am glad you didn't buy the Edge, it's not a car I would buy personally. Don't ask me to elaborate though.
I sure might be tempted to lay a guilt trip on the dealer if they tried to decrease my trade.

Gee, Mr. Dealer, yes, I kept using the old vehicle, BUT THAT'S BECAUSE YOU DID NOT DELIVER THE NEW ONE ON TIME.

So, can we discuss perhaps a compromise?
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