THAT's a grand idea! A dealershiop will not risk getting a bad rep on the local TV stations.

 

I agree with Wags 100 percent. When I purchased my extremely low-mileage MINI from CarMax last year, part of the deal was my trade-in of an '03 Hyundai Santa Fe. Of course, they skillfully conducted the trade-in assessment while I was out looking, test driving, and falling in love with the MINI. By the time I saw the proposed trade-in value in the process, I was willing to concede some $$ to close the deal--they already had me "hooked." I probably ended up settling for ~$1.5K less than what I could have acquired if I'd sold it myself.

I'm convinced that this is where the big, industrial used auto factory outlets make most of their profits, to the point that I will never again trade in a vehicle as part of a new purchase. Private sales is the only way to go.

Louie -- Put it behind you, and enjoy the heck out of your MINI!

 

In the end, you got rid of two craptastic vehicles and now drive the car that brings everyone here joy. Drive the wheels off of it and smile at everyone that slows down to look at your MINI wishing they too had a "fun" car.

 

When I picked up my MINI I had a fairly good idea of the trade value, thus I knew approximately how much I was upsidedown. So I think that helped alot. I didn't go in saying how much I thought the car would resale for, but I went in with the actual trade-in value, approximately. I ended up getting about 1k more than I was hoping for. Granted that was to help me get in the car. My MA was great with my trade.

 

Louie, don't waste your time with all this going back and forth - there is no 3 day right of recision in any state on a motor vehicle bought from a dealer - it's a myth.

Take your lumps and go drive your MINI and enjoy it, as others have said, we've all done a deal we've later regetted, but the good news is that you got a car you can really enjoy, so do so, and let the deal fade back...........

And for those who are castigating the dealer - they did nothing wrong. I know that's not gonna be a popular statement, but Mr. Louie here is an adult, he did this to himself.........

I'm not defending the dealer, but nobody put a gun to his head and made him sign the deal, at any time he could have walked out keys in hand and started over. He thought he was only so much upside down, but he's not the one making that determination - the market is. Did the dealer steal his trade-in? Maybe, but in the end he signed the papers and drove away. Nuff said............

 

Every time I've bought from a dealer, I felt like crap. It's never a pleasant experience. So glad I got Swifty privately.

Let me know when you come to Prescott! I get you to forget that experience.

 

If you can't find a legal loophole to get out of that deal, at least shop around for a better finance rate and get out from under that awful rate the dealer gave you.

You should be able to find a rate around 5% right now. You'd be amazed how much that'll save you over the life of the loan.

And even if the best rate you can find is 8%, that's still a large savings.

 

UPDATE:


I called the sales manager of the dealership today and gave him my story, he of course said there was nothing he could do. But then I started reasoning with him on the CRX. Told him I knew as well as he did that a car that old, with just primer, and as "beat up" as it was (he hadn't seen the car so I may have exaggerated a bit on this part) was worthless to them. The wholesaler would probably only give them $100 or so for it but it's got sentimental value for me.

Well, he agreed and gave me my CRX back!

It's still far from making things "allright", but at least I can try to salvage some of the money back by selling or parting out the CRX.

 

Good idea, If I can find another bank that's willing to finance 135% of the blue book value of the car. Might be tricky but worth a try.

 

Dynamic Mini Collective is doing a fun run to prescott this Sunday. I'm hopping to join them, but can't get onto thier forums. so I may have to just show up and hope they let me. (why wouldn't they??)