I was wondering if anyone was dealing with the same thing I am with my trade in. I left a deposit on an 04' TL in the 3rd week of April. I was told that my car should be in around mid-May. The dealer gave me $20K for my trade-in back in April. At that time my car had 28,700 miles on it. The dealer told me I could bring my trade-in back to them whenever my TL came in. I just got a call last week saying that if I go over 29,700 miles that the price he gave me on the trade-in wouldn't stand. The dealer also told me that the build date of my car changed and now I should get the car by the end of May(2 weeks later than they originally said). So now I'm stuck renting a car for 2 weeks because I can't put any more miles on mine, which is roughly coming to $400. Both the dealer and I signed the papers back in April and I don't see anything on there about bringing the car back under a certain mileage. Any suggestions would be appreciated. Thanks.

 

If you signed something he is in a legal contract to buy the car for 20k. As for waiting, if you don't want to wait you can take your business elsewhere but you've already waited a month and if you went elsewhere obviously that contract wouldn't stand.

 

Your dealer should not had appraised your vehicle so early. They should've waited for your TL to come in first or at least wait for the VIN#.
If it's not stated in the contract that your trade in should be under a certain mileage than they should have to give you $20K for you trade in.

What car are you trading in?

 

6mtv6,

I'm trading in a 2002 Lexus IS300. I really don't want to shell out $400 to rent a car for 2 weeks until my car comes in, even though they said I would have it by mid-May. Since there is nothing in the contract about this, is the dealer obligated to give me the $20K for my car? I feel like calling the dealer back and just telling them that they'll get my trade-in as soon as my TL comes in, regardless on how many miles are on it. What do you think?

 

That's ridiculous. They're doing you wrong. I was going to have to wait for my TL and I'd just sold my old car. The dealer was going to give me a demo for 3wks until my car came in as a courtesy for giving them my business.

Your dealer should do the same for you if they're limiting your miles on YOUR car.

Thankfully a different dealer called me while I was on my way to sign my deal and told me he'd just gotten the car on the lot. The rest is history.

I'd ask about them giving you a demo until yours comes in.

 

One word. Carmax. Sell your car at a local Carmax. You will probably get more than $20,000 there.

 

The dealer told me that the best they could do was get me their "discounted" rate on whatever rental car place they use. I didn't like the fact that they all of a sudden changed their minds and now gave me a mileage restriction. I'm not sure what to do, anyone think I should just bring my IS300 in with whatever mileage I have on it when my TL comes in? I'd probably be about 500 miles over what they said. Thanks for your input.

 

Boy, that sucks. I'd take my business elsewhere. Forget that. Or at least threaten to take it elsewhere. Even so, the 400.00 for the rental has to be less than the amount they'd take off the 20K. It can't depreciate more than 400.00 in a month even if you put on an extra 1K in miles.

Carmax is fine, but by selling to Carmax and not trading in the car, you'll pay higher taxes on an all cash deal. You could go to Carmax and get an estimate (its free) to determine what the car is worth by someone independent. Who knows, maybe Carmax would give you enough over the 20K that it'll make up for the taxes in a cash deal. Also, I believe Carmax estimates are for 3 days and only 300 miles. Once you exceed that, you have to have it reappraised.

Good luck.

 

:smackhead

You know what happened here, don't you?

That dealer sold "your" car to someone else, and has ordered another car for you. Dealers play this little game all the time; once they have your deposit, they know you won't be shopping around (i.e. they have "taken you off the market") and so they feel they can sell your car out from under you and get away with it.

IMHO, you should take your deposit back and walk.

As far as getting a TL, call the fleet manager of every dealership within a comfortable driving distance, tell them what you want, and have them call you when they have one on the ground. You'll be AMAZED how quickly a car matching your specs becomes available to you when the dealer does not have your money yet. I got mine in about 2 weeks using this method, and this was last November when the NAVI cars were still in extremely short supply. I actually had TWO identical cars to choose from at two different dealerships, so if the deal had fallen through at the first one I could just go over to the second one.

Oh, and definitely shop your car to Carmax as well as some other used car dealers; compare the highest bid against the "trade-in allowance" your dealer is offering. If your dealer is offering more (doubtful) take the money and run; if your dealer is offering less, tell him to shove it and sell your old car to the dealer that gave you the high bid.

 

The Lexus holds it's resale value pretty good.

Which dealer did you go to?
There's one way that might work. Go back to your dealer and request your deposit back. Speak to the sales manager. Once they hear that you want your deposit back they will try whatever they can to keep your deposit. As in they might write up another contract stating the $20K trade in and ok to go over mileage. If they don't, they have to return your deposit because they couldn't satisfy the deal. I'm not saying it'll work, just that it might work.
Also know that if you sell the car yourself and put that amount as a down payment you will pay taxes on the selling price the dealer quoted you on the TL. If you use the IS300 as a trade in, you pay taxes on the price after the trade in.

 

I am dealing with Acura of Ocean(Ocean, NJ). They were pretty cool about everything until they started with this garbage with my trade in. But there is NOTHING in the SIGNED contract about mileage so I feel like they have to stick by the $20K they quoted me. All it says in the contract is something about re-appraising the car when I bring it back and checking for major engine issues or major exterior problems. This is stated on the back of that long "yellow" copy we all get once the deal is signed. So it's a standard thing for everyone. There is nothing special in there about mileage. Trust me, I want to go back down there and tell them that they'll get my Lexus when my TL comes in or I want my deposit back. But, I know you all can sympathize here, I want my TL!!! I've gotten a MUCH better price from this dealer than anyone else I've tried, I don't know if I'm ready to give that deal up. But on the other hand, I don't like being jerked around like this either.

 

As for the changed build date -- Either they made a mistake and accidently sold a car twice (unfortunately it does happen) or they could have made a mistake about the real build date or they did sell your car and pushed you back two weeks. Build dates do not get "moved". They are what they are. In any case if you have signed contracts on the car, and mileage on your trade is not noted, you should be fine. At our dealership if we don't want to cross over a deduct line on miles, we "de-horse" the customer and put them in a loaner car until the new one gets here.

I think the earlier suggestion was a good one. Go in and talk to the general mgr, and give him three options -- give you your deposit back, give you a comparable loaner to your current car or you stay in your Lexus with all numbers staying the same. Good luck

 

Exactly what I was going to say. Be prepared to walk away...it will show in your tone. You can always shop somewhere else. I'm guessing the dealer will give in to keep the deal.

 

Acura of Ocean! That's a really bad dealer to deal with. I dealt with them. They require $1000 deposit. Never deal with a dealer that requires $1000 deposit. They have the worst service. Well not worst than Paragon.

Go to Montclaire Acura and ask to speak to Jonathan.

 

Scummy dealers. Tell them that unless they honor the original deal, you'll expect your desposit back and they can cancel the deal. Check with a lawyer, if there's nothing on the contract, then they have to honor the original deal. THEY can provide a loaner car from their fleet if they want.