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I bought a truck and paid too much, will my idea work?
boburnedham
Member Posts: 1
I purchased a used truck from a dealer recently and, this being my first dealership buy, made a very stupid mistake. I found the truck I wanted on their website, got pre-approved with my bank for a loan of 12,500, and went to the dealership ready to buy. After the test drive, I sat down with the sales rep. The truck was priced at 11,999 and I had planned on talking him down at least a grand. The kbb value was barely over half of the advertised price so I figured it would be easy. I figured wrong. After he started talking payments and lenders, I cut him off and, withough thinking, told him I was already approved for the loan. Confused, he asked me to see the paperwork. Woops. He saw the loan amount and I immediately realized how screwed I was. He knew I wasn't going to walk out of there without that truck and he already had the money. He just needed my signature. Long story short, he fed me a line of BS about his dealership being "unique" and that his sales manager prices all vehicles according to the fair market price so that there is no haggling and you know what you're paying when you walk in. I told him that's understandable but ANY dealer can come down in price. He said no, his boss puts the lowest price he is willing to accept on his vehicles. I also pointed out the blue book value and he said that kbb is based in California so they don't factor in the market for 4wd trucks in Vermont. Yeah, right. After an intense 20-30 minutes of him talking me in circles, I gave in and paid full price. What I'm wondering is this: I plan on speaking with his manager and trying to catch him in a lie. I'm going to tell him I'm pre approved to buy a different vehicle but only if the price is lowered by 2000. If that same manager tells me they can do that, I'm going to reveal to him the truth and explain what happened. I'm going to emphasize that I felt like his sales rep took advantage of me because of my young age and that he has sullied that dealerships name for me along with the idea of dealers in general. Finally, Im going to tell him that I've spoken with a lawyer who is a family friend and that, while I don't want the messiness of a court case, I'm willing to do what I must to be compensated. In most cases, big businesses like theirs will do anything to avoid that bad publicity. I only want the money I should have had if I didn't whip out that loan.
Will it work?
Will it work?
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Comments
No way to know for sure, but if you had started to walk out I bet there's a chance that a "re-evaluation of the market" might have resulted in a new fair-market value.
Besides - how do you know that isn't a fair price for that vehicle? Used trucks are really expensive. You can't get a really nice 1977 f100 for less than $5K. Ignore kbb and look at autotrader or craigslist to see what similar vehicles are selling for in your area. It doesn't sound all that bad.
The only statutory "cooling off" periods for used car purchases that I'm aware of fall under optional coverage that you have to purchase. At least that's how I understand they work (California, for one). Some shops (like AutoNation) offer return programs as a benefit of buying a used car at their dealerships.
KBB pricing is sometimes accurate and sometimes not. If you try to buy a nice ten year old Honda Accord or Civic for KBB you will find it to be near impossible.