Welcome to Lowball City. Population: anyone trading in a vehicle.
Welcome to Lowball City. Population: anyone trading in a vehicle.
fasted58 said:The dealer trade-in offer didn't work out.
NADA had my truck at $31450, KBB was $30928- $34318 ($32624 avg.) I've always used both sites to get a 'ballpark' number on trading in (+/-), and I was always in range, never took a bath.
This dealer offered $27.5K, well short of what I expected of $31.5K- $32K... that's some coin right there. Salesman said they would only put my truck out on their lot for $29.5K because bank loans on a '16, something, something. NADA has CPO lot price at $35.6K.
I kinda figured low when he said they discussed my trade (sales manager). I think the salesman was really okay though, sales manager had the final word.
I'll keep on lookin'.
There is other talk on here about banks cutting off or only approving short loans at 2016. Might have to do with so many 2000s cars having timing belts and banks still being cautious even if they have been informed that most cars have since gone back to chains. Also time bomb V6s from both Chevrolet and Ford plus cylinder disable issues forcing engine replacements. Banks hate seeing a once-expensive as hell Equinox, Traverse or pickup rendered almost worthless in the hands of regular folks that don't know about this stuff. Things the banks never had to worry about in the everything has a small-block, 3.8, Lima, Iron Duke, 22RE, etc. days.
https://grassrootsmotorsports.com/forum/grm/penfed-loan-changes-where-else-to-look/182001/page1/
Considering how long loans for a lot of people have gotten due to high prices to get the payment down maybe the lenders don't want anything that they can't finance for over 60 months. Especially on a vehicle valued at over $30K.
You'll need to log in to post.
