Buying a new car

[airdata]

Does anybody take the first "Offer"?

My 6 month old HOnda Civic sustained light hail damage over the weekend. After filing a claim, my Honda salesman just happened to call me and ask how things were going. Apart from the hail damage, i told him it was good.

So then, he goes so on and tells me that the lease agreement has $1500 damage forgiveness in it, and that it would be possible to simply trade it for a new lease. Sounds too good to be true !

So, I go down there after work and spend the better part of an hour w\ the thought in the back of my head that I'm just wasting my time. Drive the new 2012 civic and it's nicer than the 2011.

And then he comes w\ the paperwork. Their ' Offer ' is that they're going to give me $13k for my 6 month old car I'm leasing from them. Then they assume that I'm putting $5k down on another card, and that I'm going to jump my payments from $265 to some $400+ to boot.

Are you kidding me? I went in thinking that their body shop could likely fix all of the hail damage w\ simple labor, probably just costing them a few hundred bucks which I'm assuming is the case since it's not very bad.

Who the hell is going to put $5000 down on a Honda civic? And if a new car loses so much value in 6 months, why do they not acknowledge that when they try to sell a used car for as much or more than a new car?

 

[HarryLui]

You have full coverage right? Use it to repair the hail damage and move on.

 

[airdata]

You have full coverage right? Use it to repair the hail damage and move on.

Waiting on a call from the adjuster.

BUT... the salesman tells me to come on down because they will allow you to turn in the lease w\ up to $1500 and forgive it.

If that were true, they shouldn't have treated it like I was just bringing in a random trade in car... not a 6 month old car from their lot that they devalue by $7k+ in 6 months time lol


If the car has lost 7k value in 6 months, I'd love to see how much it's worth at the end of my 36 month lease. If that's the case, it would be worth nothing and they would just let me keep the car after the 36 month lease.

 

[HarryLui]

Did you not do research about new cars?
http://www.ehow.com/how-does_4697247_value-after-driving-off-lot.html

It's a lease. You don't own the car. You pay your monthly due, and and the end, you either return the car or buy it. Concerning about the value of a lease car is a waste of time as you already agreed to pay whatever amount per the time period ahead of time.

 

[mvbighead]

Waiting on a call from the adjuster.

BUT... the salesman tells me to come on down because they will allow you to turn in the lease w\ up to $1500 and forgive it.

If that were true, they shouldn't have treated it like I was just bringing in a random trade in car... not a 6 month old car from their lot that they devalue by $7k+ in 6 months time lol


If the car has lost 7k value in 6 months, I'd love to see how much it's worth at the end of my 36 month lease. If that's the case, it would be worth nothing and they would just let me keep the car after the 36 month lease.

Of course the salesman tells you to come on down, he wants you to spend MORE money.

They can tell you anything they want, really. Sure, they will allow you to turn it in with up to 1500 and forgive it. That forgiveness is built into the next lease payment you sign up for.

Ever hear the schpeel that they'll give you 2000 more than your trade in is actually worth? They can do that because their cars are marked high enough to compensate for the difference. That is why, ultimately, you should always get to know what the value is if no other car is involved in the purchase (or re-newed lease) of the next. IE - You walk to the dealership and tell them you want to lease the same car without turning in your current lease, and get the figures. You go back the next day (to a different salesman) and determine what they are asking if you turn in your current lease.

Car salesmen are in the business of MAKING money. What salesman isn't? They want you to go in and out of their doors with a new car every year because every transaction they make brings money into the dealership (and out of your pocket). You could probably re-up your lease every single year if you wanted to, it would just get incrementally more expensive to do it.

In order for you to come through ahead on the deal, you should keep the lease to the full term, or up until the point isn't doesn't ding you on the next lease.

 

[LTC8K6]

Yeah, they weren't forgiving anything. They were tacking it on to your next loan/lease. You were going to pay for the hail damage...

 

[airdata]

Yeah, they weren't forgiving anything. They were tacking it on to your next loan/lease. You were going to pay for the hail damage...

Yeah. I just watched Fargo this past week and I was reliving the scene from the beginning when he's going back and forth and just pretending to ' talk to his boss' and jack up the previously agreed upon price.