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Info for selling or trading-in

djevox

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This might be common knowledge, but I’ve made it almost 40 years in my life without knowing this until last week, so I’m posting here in case others haven’t heard of this either.

The normal process at a dealer when buying a vehicle from the lot is having a last step of talking to the “finance guy” (who in reality is just the upsell of extra packages guy). If you decide to buy any thing extra like key protection or service contracts and decide to sell your vehicle anytime before those extras expire, you are entitled to get the remainder of the money back from the dealer you purchased it from.

I’ve purchased extras on four vehicles in a row, and traded 3 of the 4 vehicles in within 2 years. However, all of those contracts were for 7 years/ 100,000 miles.

When I traded-in on the RAM, the upsell guy was nice enough to tell me that I can request a refund on the remaining amount of the extras. I thought it would be a small amount, like $20 or $40. It was $2103, which floored me and also upset me that 2 other times, I wasted thousands of dollars by not knowing. Don’t be like me.
 

Hydroblueguy

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This might be common knowledge, but I’ve made it almost 40 years in my life without knowing this until last week, so I’m posting here in case others haven’t heard of this either.

The normal process at a dealer when buying a vehicle from the lot is having a last step of talking to the “finance guy” (who in reality is just the upsell of extra packages guy). If you decide to buy any thing extra like key protection or service contracts and decide to sell your vehicle anytime before those extras expire, you are entitled to get the remainder of the money back from the dealer you purchased it from.

I’ve purchased extras on four vehicles in a row, and traded 3 of the 4 vehicles in within 2 years. However, all of those contracts were for 7 years/ 100,000 miles.

When I traded-in on the RAM, the upsell guy was nice enough to tell me that I can request a refund on the remaining amount of the extras. I thought it would be a small amount, like $20 or $40. It was $2103, which floored me and also upset me that 2 other times, I wasted thousands of dollars by not knowing. Don’t be like me.
I know everyone is different, but I’ve always been told, by my father to never buy anything extra at that time. It’s all up charged anyway! What I’ve done is try to sweeten up my deal by negotiating some of them options in with the price, before I even got that that person. But honestly by the time I’m done negotiating the price of the vehicle and what my trade in is worth, the last thing I want to do is think about purchasing all this extra crap😩 I just want out of there to go enjoy my new vehicle! The other things dealers like to do is not really tell you what you are paying for these extras, they just tell you how much more a month it adds to your payment. Plus your paying interest on everything you add to the loan. I believe everything they try to sell you at that time can be purchase at a latter time at a better price. Think a bout it, why do you need to buy extended warranty the day you buy a new car with a 3 year/36,000 mile warranty? Maybe these days a extended warranty has some more coverage because the 3/36000 might not cover bumper to bumper these days! Bottom line don’t purchase any of the crap on the day of purchase 👍🏻 Maybe different if your purchasing a used vehicle with no warranty!
 

mikeru82

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I guess I was fortunate enough to have an honest finance guy when I bought my first financed vehicle. I opted for the extended warranty and was told that I could get a pro-rated refund if I sold or traded that car in before the extended warranty expired. Guess I just took it for granted it was something everyone knew about. Thanks for posting this. Hopefully it benefits other members here. (y)
 

SD Rebel

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My finance guy was pretty good, I got such a great deal on my truck at the time (paid $38,500 from a $53,000 MSRP) that he told me not to buy the GAP Insurance. Essentially that my truck is already worth more than what I owe from day 1. This was well before the Covid market came around and increased it's value even more.

He did say I could get it if I wanted, but I can get a prorated refund anytime before my finance period ends. I of course decided not to buy the plan.
 

GregHBNA

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Think a bout it, why do you need to buy extended warranty the day you buy a new car with a 3 year/36,000 mile warranty? Maybe these days a extended warranty has some more coverage because the 3/36000 might not cover bumper to bumper these days! Bottom line don’t purchase any of the crap on the day of purchase 👍🏻 Maybe different if your purchasing a used vehicle with no warranty!

You can potentially get a better price on an extended warranty when you purchasing the truck, and you will avoid the $200-300 increase every year(over 12000miles/12 months) over the 36000/3yr manufacturer warranty. The plan still goes from "in-service" date.

Best way to to know you are getting the best possible price is to say NO to the finance manager at the dealer, waiting about a week til your truck gets registered by FCA, then go online to one to the ESP dealers like Zeigler, and save A LOT of money. I've never see a local finance manager sell at the same price an online dealer would, and there's no tax either.

Zeigler still had a big discount using the forum code "PAYINFULL", using a credit card. It will take $365 off the listed prices online.


www.chryslerfactoryplans.com/process/quickquote.aspx?type=primary
 

mikeru82

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My finance guy was pretty good, I got such a great deal on my truck at the time (paid $38,500 from a $53,000 MSRP) that he told me not to buy the GAP Insurance. Essentially that my truck is already worth more than what I owe from day 1. This was well before the Covid market came around and increased it's value even more.

He did say I could get it if I wanted, but I can get a prorated refund anytime before my finance period ends. I of course decided not to buy the plan.
Glad to hear you didn't buy it. I'm surprised he even mentioned GAP to be honest. The whole purpose of it is to cover the difference between what you owe versus what it's worth. There is zero reason to even consider it if you're already in the black when you buy. Anyone who even thinks about getting GAP in your situation either doesn't understand what it is for or doesn't understand much about numbers.
 

firemedic10584

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I received a check just a week or two ago for the remainder of GAP coverage we purchased on a 2018 Grand Cherokee that we bought back in 2018. I think my wife traded it in like a year later, if that. Was definitely surprised when a 700$ check showed up just recently for it lol. I would of never been the wiser had they never sent it to me. But I guess there are still a couple honest dealers out there.
 

IvoryHemi

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You can also still get money back even if you’ve used the coverage too.

I had about $1,900 of work done under MaxCare on my Durango. Cancelled it when I sold it and got a refund check back for about $1,500
 

DocR

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After reading these, have to add what I did to avoid dealer hassles that I'm tired of after 60 years driving: decided on a used 2019 New style 1500 with several upgrade packages, crew, and long bed from online purchase (Carvana) and am totally pleased. Factory warranty in force and a GREAT dealer 4 miles from home honors it without a question.
 

djevox

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After reading these, have to add what I did to avoid dealer hassles that I'm tired of after 60 years driving: decided on a used 2019 New style 1500 with several upgrade packages, crew, and long bed from online purchase (Carvana) and am totally pleased. Factory warranty in force and a GREAT dealer 4 miles from home honors it without a question.
I wanted to use carvana just to try them out, but couldn’t find what I wanted. Good to hear you had a pleasant experience.
 

jdmartin

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The only extra thing I've ever bought in the finance department was when I bought my Ram, I bought a package of 6 oil changes/balance&rotation/some other maintenance stuff for $200. I figured an oil change & rotation was worth at least 30 bucks, and I had read on the forums that the filter changes tend to be messy and I didn't really feel like dealing with that any more in life. Besides, I had already drove the price of this truck down below $37k and planned to get the maintenance done there anyway so I figured it made them feel good and it was a fair price for the product.

Beyond that, my father sold cars his whole life so I know the show inside and out.
 

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