Positive equity trade question - off topic
10-21-2010, 04:22 PM
#17
Three Wheelin'
"If you want my car title out of my left hand, then my right hand better have just the right amount of green stuff in it".
10-21-2010, 08:15 PM
#18
Rennlist Member
I dont think they would let you leave with out paying them. I am trying to think if I ever ran into that when i was in that ***** industry.
When we would whole sale cars whole salers ALWAYS paid us the day they got the cars. If we bought a car we had to pay for it.
Im going to say no... I dont like the deal... Basically it is like you walking off the street and selling them a car.... If someone was doing that, they wouldnt not pay the guy... Somthing is fishy here.. Either the used car manager is playing with numbers becasue of a bonus. Or the ruthless bastards dont want to be out 10,500 for a few days till they flip it tot eh whole saler or another dealer..... 10,500 is nothing to a dealer. Unless he is a small used dealer and is using the auction house to finance his used car inventory.
When we would whole sale cars whole salers ALWAYS paid us the day they got the cars. If we bought a car we had to pay for it.
Im going to say no... I dont like the deal... Basically it is like you walking off the street and selling them a car.... If someone was doing that, they wouldnt not pay the guy... Somthing is fishy here.. Either the used car manager is playing with numbers becasue of a bonus. Or the ruthless bastards dont want to be out 10,500 for a few days till they flip it tot eh whole saler or another dealer..... 10,500 is nothing to a dealer. Unless he is a small used dealer and is using the auction house to finance his used car inventory.
10-22-2010, 12:01 AM
#19
Optical TDI: Your Spidey senses are tingling for a reason. I've learned from experience that when something doesn't feel right it usually isn't. It doesn't matter that you can't figure out a motive or how they could screw you or otherwise profit from this. They know. This is my motto: "Just because you can't think of how someone can f### you, doesn't mean they're not going to F### you."
Here is an example. A few years ago, we bought a new minivan from a local Ford dealer. My wife was going to pick up the car and give them the check (no financing). This way I wouldn't have to take off from work. Just before I was about to leave for the office, the dealer called. They were going to raise the price of the car by $1500, but give us a $1500 discount, due to some clerical error. The net amount would be the same. I told the dealer "I don't know how you're F###ing me, but you're F###ing me." After I hung up and thought about if for a moment I realized what the scam was. There was $1500 rebate that Ford was giving. The dealer was going to keep it for himself.
Here is an example. A few years ago, we bought a new minivan from a local Ford dealer. My wife was going to pick up the car and give them the check (no financing). This way I wouldn't have to take off from work. Just before I was about to leave for the office, the dealer called. They were going to raise the price of the car by $1500, but give us a $1500 discount, due to some clerical error. The net amount would be the same. I told the dealer "I don't know how you're F###ing me, but you're F###ing me." After I hung up and thought about if for a moment I realized what the scam was. There was $1500 rebate that Ford was giving. The dealer was going to keep it for himself.
10-22-2010, 12:10 AM
#20
Rennlist Member
The Dealer is trying to manage his cash flow. This is not your problem. You give him the title, you get cash. If the cash will come a week later, you hold the title until you receive the cash.
10-22-2010, 02:21 AM
#21
Three Wheelin'
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It is normal. Car dealerships don't just write up a check like you do at home. A check request needs to be submitted, and that goes to either the GM or CFO to be approved. Usually, 2 signatures are needed on a check. Nobody at the dealership is going to rush through the process for you. I wouldn't worry about you not getting your money if it is a reputable dealership. Other things, paperwork need to be processed as well, such as verifying that your trade/title is clear, and everything is in order. Your lease contract needs to be finalized and submitted to the bank as well.
Dealership's perspective: What if your title is fake, what if you still have a lien on the vehicle, what if your lease is not approved (if it hasn't already yet been submitted and preapproved. That happens often with late deals). If they gave you your money right away, and you are a fraud, you could be gone! But the dealership is not going anywhere if you don't get your money after a week.
And YES, dealerships will let you leave with their vehicle without you paying them first, provided your credit report checks out good. That happens ALL the time, customers bring in their downpayment the next day or two. Not everybody walks into a dealership all prepared to buy a car.
Dealership's perspective: What if your title is fake, what if you still have a lien on the vehicle, what if your lease is not approved (if it hasn't already yet been submitted and preapproved. That happens often with late deals). If they gave you your money right away, and you are a fraud, you could be gone! But the dealership is not going anywhere if you don't get your money after a week.
And YES, dealerships will let you leave with their vehicle without you paying them first, provided your credit report checks out good. That happens ALL the time, customers bring in their downpayment the next day or two. Not everybody walks into a dealership all prepared to buy a car.
10-22-2010, 05:16 AM
#22
Rennlist Member
Couldn't agree less. I've traded in cars with equity towards a lease many times, and I have NEVER left the finance office without a check in my hand for my car. Car dealers scratch out checks every day - there is no mysterious process to it at all, especially not for $10k. If the dealer doesn't want to rush through the process for the customer to get the sale done, then he can take a flying leap.
No way no how do I walk out of that dealership with no car and no money.
No way no how do I walk out of that dealership with no car and no money.
It is normal. Car dealerships don't just write up a check like you do at home. A check request needs to be submitted, and that goes to either the GM or CFO to be approved. Usually, 2 signatures are needed on a check. Nobody at the dealership is going to rush through the process for you. I wouldn't worry about you not getting your money if it is a reputable dealership. Other things, paperwork need to be processed as well, such as verifying that your trade/title is clear, and everything is in order. Your lease contract needs to be finalized and submitted to the bank as well.
Dealership's perspective: What if your title is fake, what if you still have a lien on the vehicle, what if your lease is not approved (if it hasn't already yet been submitted and preapproved. That happens often with late deals). If they gave you your money right away, and you are a fraud, you could be gone! But the dealership is not going anywhere if you don't get your money after a week.
And YES, dealerships will let you leave with their vehicle without you paying them first, provided your credit report checks out good. That happens ALL the time, customers bring in their downpayment the next day or two. Not everybody walks into a dealership all prepared to buy a car.
Dealership's perspective: What if your title is fake, what if you still have a lien on the vehicle, what if your lease is not approved (if it hasn't already yet been submitted and preapproved. That happens often with late deals). If they gave you your money right away, and you are a fraud, you could be gone! But the dealership is not going anywhere if you don't get your money after a week.
And YES, dealerships will let you leave with their vehicle without you paying them first, provided your credit report checks out good. That happens ALL the time, customers bring in their downpayment the next day or two. Not everybody walks into a dealership all prepared to buy a car.
10-22-2010, 09:02 AM
#23
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Sounds fishy to me at first blush. Would they let you have a car for a week before paying for it? I doubt it. My hunch is they are selling it at auction or already have a buyer and are pretty sure they are going to get more then what they are offering you.
Pete
Pete
10-22-2010, 11:23 AM
#24
It is normal. Car dealerships don't just write up a check like you do at home. A check request needs to be submitted, and that goes to either the GM or CFO to be approved. Usually, 2 signatures are needed on a check. Nobody at the dealership is going to rush through the process for you. I wouldn't worry about you not getting your money if it is a reputable dealership. Other things, paperwork need to be processed as well, such as verifying that your trade/title is clear, and everything is in order. Your lease contract needs to be finalized and submitted to the bank as well.
10-23-2010, 10:42 AM
#25
Rennlist Member
It is normal. Car dealerships don't just write up a check like you do at home. A check request needs to be submitted, and that goes to either the GM or CFO to be approved. Usually, 2 signatures are needed on a check. Nobody at the dealership is going to rush through the process for you. I wouldn't worry about you not getting your money if it is a reputable dealership. Other things, paperwork need to be processed as well, such as verifying that your trade/title is clear, and everything is in order. Your lease contract needs to be finalized and submitted to the bank as well.
Dealership's perspective: What if your title is fake, what if you still have a lien on the vehicle, what if your lease is not approved (if it hasn't already yet been submitted and preapproved. That happens often with late deals). If they gave you your money right away, and you are a fraud, you could be gone! But the dealership is not going anywhere if you don't get your money after a week.
And YES, dealerships will let you leave with their vehicle without you paying them first, provided your credit report checks out good. That happens ALL the time, customers bring in their downpayment the next day or two. Not everybody walks into a dealership all prepared to buy a car.
Dealership's perspective: What if your title is fake, what if you still have a lien on the vehicle, what if your lease is not approved (if it hasn't already yet been submitted and preapproved. That happens often with late deals). If they gave you your money right away, and you are a fraud, you could be gone! But the dealership is not going anywhere if you don't get your money after a week.
And YES, dealerships will let you leave with their vehicle without you paying them first, provided your credit report checks out good. That happens ALL the time, customers bring in their downpayment the next day or two. Not everybody walks into a dealership all prepared to buy a car.
10-23-2010, 11:26 AM
#26
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Well...no point arguing about this. I wasn't stating my opinion, just what I know from experience. Some dealerships might work differently. I've also worked at dealerships, and still do. I actually just went around this morning asking people who've worked in the business for many years and all over the place, all of them agreed with what I stated. It is just the normal and correct/safe way to process a deal.
The OP will get his money back, if it's a reputable dealership. Just wait and we'll all know.
Kyle: Buyers can write checks, of course, that's the way they do business. Controllers can write checks, of course, they are the ones that do that. But will they do that for a customer who just walked in for a car deal with a trade, without first verifying that all documents/title/payoffs are in order, and are accurate? Generally, No. Some dealerships might do that, I'm sure. Now, if you raise hell, like an uncivilized customer...you might be able to get your check the same day.
The OP will get his money back, if it's a reputable dealership. Just wait and we'll all know.
Kyle: Buyers can write checks, of course, that's the way they do business. Controllers can write checks, of course, they are the ones that do that. But will they do that for a customer who just walked in for a car deal with a trade, without first verifying that all documents/title/payoffs are in order, and are accurate? Generally, No. Some dealerships might do that, I'm sure. Now, if you raise hell, like an uncivilized customer...you might be able to get your check the same day.
10-23-2010, 11:44 AM
#27
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To the OP:
Are you still driving your trade, or have you turned it in? If you have already turned it in to the dealership, and waiting for the new vehicle, then they should have time to be able to have the check ready at delivery, if you want to request for the check to be ready at that time. They could at least verify that the title is clear and good, if they want to accomodate your request.
One more thing, the contract is not "complete" until you take delivery of the new car. So, you could actually change your mind and decide not to get the new car. The more reason why the dealership will want to wait till the deal is finalized/funded before cutting you a check.
Funny how everyone is stating their opinion on what they think, and what should be the way. I know, I would want my money right away too! But your question was if it is normal to have to wait a week for your check. My answer is yes, it is normal (or it is not uncommon, if you want to put it that way) for dealerships to operate that way. No fishy thingy going on, especially if it's a reputable dealership that is going nowhere, and is not going to cheat you out of your $10500 to end up in court! Really...how much interest can you lose or make on $10500 in a week???
Are you still driving your trade, or have you turned it in? If you have already turned it in to the dealership, and waiting for the new vehicle, then they should have time to be able to have the check ready at delivery, if you want to request for the check to be ready at that time. They could at least verify that the title is clear and good, if they want to accomodate your request.
One more thing, the contract is not "complete" until you take delivery of the new car. So, you could actually change your mind and decide not to get the new car. The more reason why the dealership will want to wait till the deal is finalized/funded before cutting you a check.
Funny how everyone is stating their opinion on what they think, and what should be the way. I know, I would want my money right away too! But your question was if it is normal to have to wait a week for your check. My answer is yes, it is normal (or it is not uncommon, if you want to put it that way) for dealerships to operate that way. No fishy thingy going on, especially if it's a reputable dealership that is going nowhere, and is not going to cheat you out of your $10500 to end up in court! Really...how much interest can you lose or make on $10500 in a week???
10-23-2010, 05:14 PM
#28
Rennlist Member
@Cosmosc4s, we did hit you kinda hard huh? LoL sorry.
But in your last post How much can you make or lose on 10,5 in a week.. I think its more of, What if the car gets stolen, or total loss damage while in the posession of the dealer that "bought it"....... Lets say his drunk *** sales person takes it out and kills someone with it? Their is a lot more invloved here that the money. I still say... No they get nothing until they pay for it. The van, the titile, nothing. Whatever you do TAKE YOUR PLATE ALSO
But in your last post How much can you make or lose on 10,5 in a week.. I think its more of, What if the car gets stolen, or total loss damage while in the posession of the dealer that "bought it"....... Lets say his drunk *** sales person takes it out and kills someone with it? Their is a lot more invloved here that the money. I still say... No they get nothing until they pay for it. The van, the titile, nothing. Whatever you do TAKE YOUR PLATE ALSO
