I have a 2002 Dakota 5.9 R/T that I bought approx. 3 months ago. I would like to get into a new TC in the worst way. The gas is killing me in the Dakota. I paid $18,500 for the truck w/ the extended warranty. I am paying $309/month.

I was thinking maybe tradeing in the truck and hoping to keep the same payments for the TC. Or maybe try to sell the truck(my last resort, such a PITA) and hopefully make enough to pay it off.

Would it be possible to get out of my truck and into a TC w/o getting screwed? I'm trying to get some ideas down before going to talk with a salesrep. Any ideas?

Thanks in advance, Steve

 

how much do you still need to pay off on the truck?

 

Around $16,000

 

Because of Scion's "Bid-to-buy" method of value on trade-ins, you are looking at actual cash value for your Dakota -- the actual wholesale value of the truck.

If you look up the trade-in value on Kelly Blue Book, check the trade-in value, not retail value. And remember car dealers usually will tend to give less for a trade in general, and it is very apparent on the Scions. (I'm not saying it is fair, but it is reality, and that bites sometimes. Just being honest.)

However, don't hesitate to go in and have your truck appraised. Do it just so you will know what you would be getting into. Double-check their figures; selling it yourself may be the best way to get out of the situation and keep payments close. And be upfront with the salesperson about possibly being upside down, and tell them you are considering selling the truck yourself. That way, you let them know how interested you are in finding a vehicle. Especially if your salesman is old school and not into the "scion way."

Best of luck and let us know what happens.

PS Don't forget that your extended warranty can be discontinued at any time and the prorated balance will be applied to the payoff of your truck.

 

another thing you need to know
trading $ amount no TAX

sale your own, and buy tc. You will end up paying your local sale tax

 

Thanks for the tips, I didn't realize I coule cancle the warranty at any time. I'll look into that, and maybe aggressively seek a buyer.

 

I think you may end up getting screwed in the deal. You will always take a beating on anything new that you try to sell or trade.

I had a 2002 Sonoma ZR2 (probably around $20,000 I paid for it). I think ended up only getting around $16,000 for it (that was around X-mas of last year)
Good Luck

 

Toyota Finance will not take on any extra loan amount for the old trade-in (trust me, I tried). Meaning if you owe say $15,000 and your truck is only worth $10,000, you need to come up with that extra $5,000. No If's, and's, or buts.

I owe $6300 on my Cavalier, the dealer is giving me $4000 for it. I need to come up with that extra $2300, or Toyota Sales won't do it.

Maybe you can get a loan somewhere that will, who knows.

 

I'm doing exactly the same thing right now.

Trying to trade in a new car I bought before I knew about the tC, which I want badly enough to take a loss for.

I've found that although there is very little negotiating room on your trade in, if you get a higher quote from a different dealer, then you have a LITTLE bit of room to talk, but not much. What you need to do is to talk to every dealer in your area until one of them will give you all the benefits from the other dealers. You'll still get majorly screwed like I am, but to me its worth it. I'll be paying about the same amount for the scion as I will for my previous car. Although the scion is cheaper, I want it more than the other car so I figure, I can either pay X amount on the car I don't really want or X amount on the car I do want. When you look at it that way, it's worth it.

And I'm trading it in instead of selling privately because I got a reasonably fair quote for my trade in, plus you have to make sure to add in the tax break you'll receive (only pay tax on the amount of the new car minus the trade in value). With that break, it's pretty much the same price that I could have sold it privately for, with much less of a headache and work on my part.


Also, I think they told me that scions could carry a negative equity on your trade in for 125%


Get the car you really want. Just remember...
Life's too short to not have a tC!

 

well ur upside down on ur truck but like others said go in and get it looked at go to several dealers and get several quotes see whats best for you

 

Correct me if I am wrong:
So I will save roughly $1000 on taxes @ 6%
I can cancel the warranty that cost $1000, so I should be able to get some of that back.
That's roughly $2000. If the trade in value is $15000 then I will break almost even. Does that sound right?

Can anyone verify the warranty money back, I never heard of that? I did sign a contract.

 

This just is not true. Every situation is different. Maybe your credit is'nt good enough to add on to the MSRP, but I have gotten financing for people up to %25 over the purchase price through TFS

 

Yeah thats right

Just remember they aren't going to give you an extra $1000 on your trade for the tax break, you just wont have to pay that much extra tax on top of the final sale price. Its pretty much the same thing but depends on if you're looking at the price before or after you add on tax.

You should be able to flat cancel the warranty. I know at toyota, as long as you do it within 90 days you can get it all back and use it for a down payment on your next purchase. However, if you cancel it at one dealership and try to apply it to another, you can't do it directly. You'll have to wait 4-8 weeks or whatever the "processing" time is before they'll mail you your refund check. If you buy the new one at the same dealership they can use it as your down payment immediately.

 

The warranty was from a used car dealer...that make any difference?

 

Time to check the fine print on the paperwork. Depends on the company. Let us know what you find out.