04-26-2011, 11:00 AM | #1 |
Drives: '91 RS Vert, '11 Grand Cherokee Join Date: May 2009
Location: Connecticut
Posts: 2,343
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Car Trade In Question for Dealers
When I had placed the order for my 1LT last month the dealer inquired whether I would trade the my current vehicle in or not. I had told him I would consider it and not 100% sure if I would keep it or trade it in. When the order and contract was drafted it they had placed the trade in value on the contract along with my down payment and the price of the 1LT I am purchasing.
This basically showed what the price of the car is out the door with the registration, trade, down payment and options. my question is am I now locked into trading the car with the dealer? Do I have the option to keep my trade in without altering the price we had greed apon for the 1LT car? |
04-26-2011, 12:37 PM | #2 | |
Quote:
You should let them know the minute you make your decision though, just as a courtesy. The price of the new car is the price of the car...that should NOT change. |
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04-26-2011, 12:50 PM | #3 |
Drives: 2011 Camaro 2LT RS in Red Jewel Join Date: Dec 2010
Location: Modesto, CA
Posts: 463
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AnnaBear is 100% on the money.
The trade is considered basically a seperate part of the transaction and no reputable dealer would change the price of the new car based on the trade in. If they do, it means they were adding profit by "stealing" the trade and you should immediately walk away from the entire deal.
__________________
Yes, this is my Camaro parked in front of the Infiniti Dealership that I run. No, my boss is not happy...
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04-27-2011, 01:02 PM | #4 |
Drives: '91 RS Vert, '11 Grand Cherokee Join Date: May 2009
Location: Connecticut
Posts: 2,343
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Well I called and they are going to charge me the sales tax on what my trade in was quoted at if I choose to keep the car. I dont quite understand it. Basically they gave me a $5000 value on the car and in CT sales tax is 6%. So they want me to pay them $300 if I dont trade my car in.
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04-27-2011, 01:06 PM | #5 |
Drives: SS,PaceCar,ZL1,1LE,C7Z51,Z06,17-ZL1 Join Date: Jun 2009
Location: Detroit, Mich
Posts: 68,623
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If your state has a "tax on the difference"
then the amount would be $300. That is basically a tax break for individuals that use a trade-in. Some states, ie: Michigan...the tax is always on the total, before the trade. |
04-27-2011, 01:16 PM | #6 |
Drives: '91 RS Vert, '11 Grand Cherokee Join Date: May 2009
Location: Connecticut
Posts: 2,343
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OK so they took the total price of the Camaro, subtracted the $5000 for the cost of the trade in, then taxed the price of the Camaro.
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04-27-2011, 01:18 PM | #7 | |
Drives: SS,PaceCar,ZL1,1LE,C7Z51,Z06,17-ZL1 Join Date: Jun 2009
Location: Detroit, Mich
Posts: 68,623
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Quote:
that would be the calculation in your state. If no trade is used...tax is on the total. |
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04-27-2011, 01:19 PM | #8 |
Drives: '91 RS Vert, '11 Grand Cherokee Join Date: May 2009
Location: Connecticut
Posts: 2,343
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Thanks, that clears it up.
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04-27-2011, 01:21 PM | #9 |
Drives: SS,PaceCar,ZL1,1LE,C7Z51,Z06,17-ZL1 Join Date: Jun 2009
Location: Detroit, Mich
Posts: 68,623
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05-10-2011, 08:52 AM | #10 | |
Drives: 2010 Camaro 2SS/RS RJT, 6speed Join Date: May 2011
Location: South Florida
Posts: 887
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Quote:
If the trade is pulled from the deal, the tax you saved due to the trade allowance is back in the deal so you are taxed on the full amount of your new car. |
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