MJones

Given the auto economy, and the used car market I see nothing wrong.
When you ordered the car the value of the trade was 67K
Now it's time to do the deal, some months later, the trade is now worth 54K.
You were expecting 'X' but in todays market it's only worth 'Y'.

Sorry no sympathy here

KBB use to update their pricing on a monthly basis, they are now updating on a weekly basis.

Buy the new car and sell your old one yourself at a retail value.
Think of the ad:

Mint condition 2006 c4s silver black six speed 13,000 miles 108k sticker(loaded)
$67,500

sws1

Again...could be wrong... but I doubt there was a Sales Agreement if he was still driving his old car. Conversely, if I'm a dealer, and I commit to a trade-in value of your car (with corresponding contract), I'm taking ownership of the car right then and there.

PogueMoHone

Just shop around for a new one at or below "invoice" to help make up the difference.

It is all swings and merry go rounds, used values fall then new values must also fall. Otherwise you'd be even more crazy to buy another new car in this environment and take a double hit. Think of the ACV (actual cash value) when you drive the new one off the lot. That is the perfect cure for new car fever!

It won't be too long before there is an enormous "fire sale" on all new cars, if things persist. Then you can get your fix.

CDH911C2S

Well,

I did have a written agreement...the person who signed it has been let go(not from this incident) for making promises that were too far reaching?

The trade-in value was agreed to in writing. How some people rationalize a lie or not keeping a promise? It was a WRITTEN, VERBAL, and SIGNED AGREEMENT...Should I hire a lawyer or enter into ESCROW to complete a car deal...this is not acceptable and it is not how reputable dealers respond.

I do appreciate the input for solutions...thanks

Ucube

Wait, so you mean to tell us they gave you a signed agreement on your trade-in with a firm price, and yet allowed you to keep the car in your possession until your new build-to-order car arrives? Whoa...either that sales guy really wanted your business or he failed at business dealings.

Stephenkng

I do feel your pain. This happened to me at the beginning of this year when I shopped for a 335i coupe for my son. One of the Bay Area BMW dealship agree on the trade and sale price. Look at the trade-in on Friday and agree with EVERYTHING. Bring the "pink slip" in on Saturday morning and they said the trade-in worth $3k less because they can sell their car at MSRP any time for the weekend. No further discussion, we walk out and got the car elsewhere. They actually call me back after the weekend and told me that they can talk about the prices. What a joke.

GeoT3

dealers usually and have always taken possession of the trade that day... at least from my experiences...

Alan Smithee

Don't bother getting a lawyer involved; unfortunately your case is not a slam-dunk, even with everything in writing. The law revolves around the term 'reasonable'. It is not 'reasonable' to expect them to buy your car today for more than it's worth.

Let it go. As others have said, sell your car privately, make them come down on the new car price, a combination of both, or go elsewhere.

PogueMoHone

^
No reason for you to be rude!

MichaelL

If you have ordered the new car with your trade-in for an agreed upon price, turn over the trade-in to them right away. The cost differential for sales tax will hold for whatever period your state law decrees and the new car net price will be locked in. Just make sure that any increase in manufacturer's list price for future deliveries is excluded from the contract and if they fail to deliver the ordered car, you receive the entire trade-in value.

It looks like you left room for a less than honest dealership to take advantage of you. Shame on them, but at your cost.

I hate to suggest it, but anyone closing a deal on a car with this dealership should seriously consider having a lawyer review it first.

Alan Smithee

There is no cost differential for sales tax in CA. Sales tax is paid on the full purchase price of the new car regardless of any trade in.

Both trade-in prices quoted are very fair given the market at the time. I wouldn't pan the dealer just yet; I'm guessing there was miscommunication or fine print; even CarMax's trade-in quotes are only valid for seven days.

pmgoodwin

I get the feeling we're not getting the whole story. I don't know any dealer that is going to guarantee the future value of a trade-in. There are a lot of things that affect the trade-in value. You assumed the risk by not turning the car in when you made the deal. Would you still be griping if you got in a fender bender. Market conditions affect the trade-in as much as the physical condition.

Sadiq

+1

kevinrubin

I purchased my 2006 C4 Cab from Rusnak Westlake and had no issues. In fact, I found them to be very fair and easy to deal with...and got a great deal. As stated above, I suspect there is contract language that allowed them to reassess the fair value of the trade at the time the deal closed. While I feel for you, it doesn't exactly sound like they "changed the deal."

BTW, I sold my 2000 996 privately and got substantially more than what they offered me...that is definitely the way to go. I posted the car on autotrader.com and in the LA Times and it sold in 2 weeks at asking. Now granted that isn't in today's environment, but if your car is truly in mint condition, it will sell.

PogueMoHone

^

Just sell it before you buy another one.