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Comments
Richard
Sometimes that wouldn't work, sometimes it will. Maintaining a mortgage to have the tax write off may not be the best financial move. You have to remember that there is a cost to maintaining that mortgage and tax savings won't come close to covering it.
Also depending on your tax situation and how your finances are structured you may have no tax benefit at all. You could not even have a taxable income after your standard deductions and personal exemptions. So having additional write offs would do you no good.
But since I do not know your tax and financial positions I cannot say one way or the other if it is good or bad for you.
2011 Hyundai Sonata, 2014 BMW 428i convertible, 2015 Honda CTX700D
R.
Hey, if it works, do it!
If the contract indicated a trade for $x.xx and no payoff, then he owed them a car, with a title. So, theoretically, couldn't the dealer claim that in this case, they buyer was responsible for the payoff? I know that dealers normally do it, but I assume that is more for convenience (and to get the deal done quicker, and the metal on the road!)
2020 Acura RDX tech SH-AWD, 2023 Maverick hybrid Lariat luxury package.
Sometimes it's not worth the sale for a bad survey. I have declined sales when I knew I was going to get a bad survey...
Customer: "OK, but if I can't get my price then you won't get a good survey"
Me: "Sir, I appreciate your time but we're going to have to decline the sale"
Customer: "WHAT?"
i don't want to beat a dead horse, but how typical is it for someone to trade a car with an outstanding balance and the dealer *NOT* include the payoff in the numbers for the deal?
the bottom line is the dealership made the error, not the customer, correct?
Mack
Yes, the dealer made an error! A MAJOR, DUMB error!
An error the buyer SHOULD have immediatly known had happened.
I'm sure lessons were learned on both sides.
Mack
Richard
-Moo
I guess you've never stood on one in third gear?
The S2000 is a little more Lotus-like in its application of the sporty car and the Z is more ehhh American I guess.
Your SM felt that $29,500. was a good price for the car and that this price would provide a fair profit for the dealership.
You chose to ignore/override his wishes because your commission might be reduced, thus, placing your best interest ahead of the customer and the dealership. I would call that arrogant, not to mention undermining your SM.
Replies to this message:
• im_brentwood (Sep 09, 2007 9:57 pm)
• mackabee (Sep 10, 2007 6:43 am)
Are you kidding me?
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2015 Kia Soul, 2021 Subaru Forester (kirstie_h), 2024 GMC Sierra 1500 (mr. kirstie_h)
Review your vehicle
You will know me, since I will be the guy driving a crappy G6 rental car that is going to walk in and announce "who wants to sell me a car today?" That, or I can wear a yellow carnation behind my ear!
2020 Acura RDX tech SH-AWD, 2023 Maverick hybrid Lariat luxury package.
Mackabee
I HATE when people do that. It is always soooo painful to sell them a car.
Hey, maybe you can sell me a car that I don't need, and I can drive home instead of flying. My wife would love that!
if you take the pontiac rental in trade, that should make an interesting story when you try to get the title! I will handle the payoff, OK?
2020 Acura RDX tech SH-AWD, 2023 Maverick hybrid Lariat luxury package.
Mack
A coworker and I were standing by the service desk talking and this guy came with the, "WHO WANTS TO SELL ME A CAR TODAY?" line.
He was loud, obnoxious and even did an over the top pose with his hands way up in the air when he said it.
I turned around and walked away. My coworker sold him a car but it took him the entire Saturday to do it. They guy came in at 9:00 am and the whole transaction was not completed till after 3:00. The guy wanted to take the car that very day and we just aren't set up for spot deliveries on Saturday. He wouldn't buy the car unless he could have it that very day though so it was pushed through but it wasn't detailed because no one was there to clean it.
He came back two weeks later to have it cleaned and some accessories put on. In the six hours it took my coworker to sell him that car I met three people and sold two of them arranging delivery for Monday and Thursday of next week.
Our other sales guide also sold one car and met two people one of whom bought a car the following week.
Our other guy wasted six hours and made 150 bucks while myself and the second most senior guy sold three cars that day and a fourth later on. :P
What that really means is "I am going to waste your time for a few hours and buy from a competitor in 6-9 months."
It's something Martin or Martin something Honda. My brother lives in Atlanta. At one time he and his wife bought a new Accord--perhaps from this same place.
Gogiboy
"I guarantee my trade is free and clear of all liens and understand I am responsible to deliver a clear title to the seller"
Or
I guarantee the payoff on my trade is $XXXX. If more I will pay the difference"
The buyer initials next to this statement on the buyers order. Guess that keeps things like this from happening.
practically speaking, I always thought a 4 cylinder high revving sports car was infinitely more enjoyable vehicle as you can run thru the gears everyday during your daily commute, whereas a vette or viper would be breaking a highway speed limit before you needed to shift into second gear, just my opinion
-Moo
I think this is definitely coming down to personal taste though. The S2000 just never got me excited.
-MOo
that is business law 101 speaking. Right?
You are correct. Just because a paper says "CONTRACT" on top, does not make it a legal contract.
If the bank turns you down - the deal is off. At that point you can either get your own loan, pay cash, or bring the car back.
This is what we cal a "Rollback" - a car that was delivered, but not funded, and the dealer had either to ask for it back, or to repocess it.
Never even heard the term "rollback".
When I was new in the biz I had one of those customers. He looked at a 4runner and his credit was crap. It took about a month and we called in a favor to TFS. The guy got approved but wouldn't return my calls. A year later he shows up in a Ford Exploder and wants to trade it on a 4runner. Sorry can't help you. He was so buried it was pathetic.
The only time I saw that a customer used that line and actually bought the same day was a few years later when I knew better. It was a cold evening in November and all the sales folks were inside the showroom where it was warm and toasty. A guy in his mid forties walks in and does the "Who wants to sell me a car today!" routine and everybody scrams. I go to service, others go to the lounge, and others go home. A newbie walks up to the guy and shows him a car. He leaves saying he's going to get his wife and of course we are all going: "Right!" Well lo and behold and hour later he walks in the showroom with his wife and two kids and buys the car! True story, haven't seen that again.
Mackabee
2013 LX 570 2016 LS 460
I know i'm days late, but i would think the customer would be responsible for the payoff. Basically what would happen if you don't take the new car back, is the dealership doesn't pay off your car, in a few months after missing payments, the bank would try to repo the trade in, and your credit would be a mess.
I heard of a dealer in cali doing this, not paying off trades, and just keeping the extra money. of course he wasn't around very long either.
Why did you get surrounded by those guys?
Expound on that story a little!
-Moo
Gee, Snakeweasel, I was sure it was the Uniform CPA exam when I took it...what uniform did you wear to sit the exam?
The law section is now "regulation" and is mostly ethics and tax.
All this is actually very simple. It's not an enforceable contract until both parties agree to it. In this case the parties are the buyer and bank and not the dealer. The dealer is an agent so to speak of the bank.
Mackabee aka as Perry Mason