Part ex deal agreed with dealer but another offer received
Discussion
daemon said:
750turbo said:
Pretty sharp practise by the Dealer?
Loving how you've concluded its "sharp practice" by the dealer, yet its the buyer here trying to get out of a commitment.....(And did you notice my ? at the end of my initial comment?)
Dimebars said:
You'd have signed the finance docs among other things to allow them to register your new car in November. They've been paid out on the finance deal so have settled your PX off as is normal practice (certainly not sharp as has been suggested)
What I'd do is
1. phone the dealer you've bought the new car from and explain that your PX is now off the table and you will BACS him the same value before collection
2. take your PX to the Indy and have him BACS you the agreed value and sell him the car.
3. collect your new car and enjoy the extra £2k
That relies on this third party paying out £2K more than the dealer. If he changes the deal once hes seen the car, then you've the trade in "off the table" with the dealer by that stage.What I'd do is
1. phone the dealer you've bought the new car from and explain that your PX is now off the table and you will BACS him the same value before collection
2. take your PX to the Indy and have him BACS you the agreed value and sell him the car.
3. collect your new car and enjoy the extra £2k
I'd take the car to the third party first and get a firm commitment on price.
daemon said:
That relies on this third party paying out £2K more than the dealer. If he changes the deal once hes seen the car, then you've the trade in "off the table" with the dealer by that stage.
I'd take the car to the third party first and get a firm commitment on price.
Hence "BACS the agreed value"I'd take the car to the third party first and get a firm commitment on price.
Essentially it sounds like EVERYTHING has been done except delivery. This is 11th hour if ever there was one.
To undo this would essentially mean the dealer selling it back to you I think and I very much doubt you'll be able to "unsettle" the finance.
There's no harm asking but I expect the dealer knows the value of your px so is unlikely to let you make the quick a buck. If they've bought it £2k below trade price they'll be looking forward to selling it.
To undo this would essentially mean the dealer selling it back to you I think and I very much doubt you'll be able to "unsettle" the finance.
There's no harm asking but I expect the dealer knows the value of your px so is unlikely to let you make the quick a buck. If they've bought it £2k below trade price they'll be looking forward to selling it.
Dimebars said:
You'd have signed the finance docs among other things to allow them to register your new car in November. They've been paid out on the finance deal so have settled your PX off as is normal practice (certainly not sharp as has been suggested)
What I'd do is
1. phone the dealer you've bought the new car from and explain that your PX is now off the table and you will BACS him the same value before collection
2. take your PX to the Indy and have him BACS you the agreed value and sell him the car.
3. collect your new car and enjoy the extra £2k
This,What I'd do is
1. phone the dealer you've bought the new car from and explain that your PX is now off the table and you will BACS him the same value before collection
2. take your PX to the Indy and have him BACS you the agreed value and sell him the car.
3. collect your new car and enjoy the extra £2k
Easy solution and everyone gets the money.
BigLion said:
So the independent garage want to buy your car outright without you buying anything from them?
I don't buy it - they haven't seen the car and offer 2k more - be careful if that's the case as they are unlikely to honour the dea. Guy is prob trying to mess your deal up.
What is 2k as a % of the part ex price?
Yes, normal practice. Dealer bids over phone and agrees price. Dealer travels to inspect car and if satisfactory then pays out or deducts an agreed amount due to defects not advised at time of verbal offer.I don't buy it - they haven't seen the car and offer 2k more - be careful if that's the case as they are unlikely to honour the dea. Guy is prob trying to mess your deal up.
What is 2k as a % of the part ex price?
Learn2MergeInTurn said:
Dimebars said:
You'd have signed the finance docs among other things to allow them to register your new car in November. They've been paid out on the finance deal so have settled your PX off as is normal practice (certainly not sharp as has been suggested)
What I'd do is
1. phone the dealer you've bought the new car from and explain that your PX is now off the table and you will BACS him the same value before collection
2. take your PX to the Indy and have him BACS you the agreed value and sell him the car.
3. collect your new car and enjoy the extra £2k
This,What I'd do is
1. phone the dealer you've bought the new car from and explain that your PX is now off the table and you will BACS him the same value before collection
2. take your PX to the Indy and have him BACS you the agreed value and sell him the car.
3. collect your new car and enjoy the extra £2k
Easy solution and everyone gets the money.
.....have we yet established whether a contract has been signed ?
Even if it hasn't, maybe the low (?) PX was part of the deal ?
An would a dealer really clear the o/s finance unless he was sure the deal was binding ?
Most odd ! Suspect if the OP tries to unravel the deal the whole thing will turn into a buggers muddle.... !!
Even if it hasn't, maybe the low (?) PX was part of the deal ?
An would a dealer really clear the o/s finance unless he was sure the deal was binding ?
Most odd ! Suspect if the OP tries to unravel the deal the whole thing will turn into a buggers muddle.... !!
Dimebars said:
daemon said:
That relies on this third party paying out £2K more than the dealer. If he changes the deal once hes seen the car, then you've the trade in "off the table" with the dealer by that stage.
I'd take the car to the third party first and get a firm commitment on price.
Hence "BACS the agreed value"I'd take the car to the third party first and get a firm commitment on price.
THATS my point - if the other party reneges or varies the price significantly (which they could do) then you've already told the dealer the trade in is off the table. Leaves you very vulnerable between steps 1 and 2.
1. phone the dealer you've bought the new car from and explain that your PX is now off the table and you will BACS him the same value before collection
2. take your PX to the Indy ...
Learn2MergeInTurn said:
Dimebars said:
You'd have signed the finance docs among other things to allow them to register your new car in November. They've been paid out on the finance deal so have settled your PX off as is normal practice (certainly not sharp as has been suggested)
What I'd do is
1. phone the dealer you've bought the new car from and explain that your PX is now off the table and you will BACS him the same value before collection
2. take your PX to the Indy and have him BACS you the agreed value and sell him the car.
3. collect your new car and enjoy the extra £2k
This,What I'd do is
1. phone the dealer you've bought the new car from and explain that your PX is now off the table and you will BACS him the same value before collection
2. take your PX to the Indy and have him BACS you the agreed value and sell him the car.
3. collect your new car and enjoy the extra £2k
Easy solution and everyone gets the money.
BigLion said:
Unless you got completely shafted on the part ex, there is no way some garage would bid £2k more over the phone without seeing the car.
I suspect you'll end up with 2 cars if you back out the part ex!
Its not beyond the realms of possibility. We'd a trade bid of £15,800 for our 370Z GT and we ended up getting £18K for it.I suspect you'll end up with 2 cars if you back out the part ex!
£2000 isnt a big percentage variance of £59,500.
BUT - unless the other party has seen and finalised a price for the car, i wouldnt be ringing the dealer and saying the trade in is off the cards.
Why not say to dealer 1 (who you px'd it to) that you've had an offer from someone for £2k more, and will split the difference with them? You put dealer2 in contact with them, if they buy it for that much, you get half of the profit.
Zero hassle and risk to you, dealer 1 gets the vehicle gone straight away (and I assume a fellow dealer buying it saves them potential consumer rights comebacks on a normal used sale?), dealer 2 gets the car for the price they say they're willing to pay, you get an extra grand.
If dealer 2 turns out to be a total chancer who won't actually do what they say, no-one's worse off than they are right now, and you're not saddled with trying to move on the car you've taken off the table in your deal with dealer 1.
If dealer 1 is uninterested, ah well, it's what, about 3% difference? Chalk it up to the cost of a (hopefully) seamless change of vehicle.
Zero hassle and risk to you, dealer 1 gets the vehicle gone straight away (and I assume a fellow dealer buying it saves them potential consumer rights comebacks on a normal used sale?), dealer 2 gets the car for the price they say they're willing to pay, you get an extra grand.
If dealer 2 turns out to be a total chancer who won't actually do what they say, no-one's worse off than they are right now, and you're not saddled with trying to move on the car you've taken off the table in your deal with dealer 1.
If dealer 1 is uninterested, ah well, it's what, about 3% difference? Chalk it up to the cost of a (hopefully) seamless change of vehicle.
InitialDave said:
Why not say to dealer 1 (who you px'd it to) that you've had an offer from someone for £2k more, and will split the difference with them? You put dealer2 in contact with them, if they buy it for that much, you get half of the profit.
In that scenario, the dealer still gets the car, so why would the dealer want to give away a car for £1K profit, when theres probably £5K in it for them if they retail it (plus all the profit on the other cars traded in against the original deal down the line?daemon said:
Irrespective. According to your 3 step plan you've told the dealer the trade in is off the cards BEFORE the other party has seen and committed to the firm price.
THATS my point - if the other party reneges or varies the price significantly (which they could do) then you've already told the dealer the trade in is off the table. Leaves you very vulnerable between steps 1 and 2.
1. phone the dealer you've bought the new car from and explain that your PX is now off the table and you will BACS him the same value before collection
2. take your PX to the Indy ...
Whichever way you approach it, the dealer is only interested in getting his money back for settling the finance. THATS my point - if the other party reneges or varies the price significantly (which they could do) then you've already told the dealer the trade in is off the table. Leaves you very vulnerable between steps 1 and 2.
1. phone the dealer you've bought the new car from and explain that your PX is now off the table and you will BACS him the same value before collection
2. take your PX to the Indy ...
daemon said:
In that scenario, the dealer still gets the car, so why would the dealer want to give away a car for £1K profit, when theres probably £5K in it for them if they retail it (plus all the profit on the other cars traded in against the original deal down the line?
Well, that's for them to decide. But it would be gone instantly, no need to clean/prep it, sort out advertising, deal with potential buyers, or (and, as I said, this is my assumption about a trader-to-trader sale) have the hassle that may come from a private buyer of the car having a problem with it.I'm not saying it's what would make anyone the most money, but it's an option that would eliminate most of the pitfalls people have rightly pointed out over trying to change the deal.
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