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3219 messages,  Last post on May 19, 2013 at 1:46 PM

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What is this discussion about? Car Buying, Car Selling

Messages Page 314 of 323

#3128 of 3219 Re: Privacy Law Violations [boomchek] by isellhondas

Feb 10, 2013 (2:14 pm)

Replying to: boomchek (Feb 10, 2013 12:37 pm)
Before my car selling days, I was a fairly high level manager with a Fortune 300 company. I had over 200 people to babysit and a 30 million dollar P& L.
 
Through the years the pressure increased and we went through several "restructurings". People were having heart attacks and strokes.
 
The final straw for me was the last restructuring when I was told I could take a lesser job and move at my expense to Chicago.
 
I left and ended up making more money six miles from my home.
 
I was home every night. No more constant travel, crowded airports, lonelyu hotel rooms and intense board room meetings.
 
I tell our son..." The only thing for certain in your job will be change"
 
The days of working your way up the ladder and staying with a company for 40 years, getting a gold watch and a pension are no more.

#3129 of 3219 Re: Privacy Law Violations [isellhondas] by boomchek

Feb 10, 2013 (2:19 pm)

Replying to: isellhondas (Feb 10, 2013 2:14 pm)
The days of working your way up the ladder and staying with a company for 40 years, getting a gold watch and a pension are no more.
 
I agree. I always have a few things on the go on the side, but right now I'm at home stress free and haven't been happier. I'm far from retirement as I'm in my 30s but now when coming up with ways of having an income I look at what will pay me the most with the least amount of stress. Especially after having a job with a fancy title at a local exotic car dealership but having to deal with a ton of stress and a GM that didn't "get" what my job involved as I was hired before he started.

#3130 of 3219 Did I get ripped off? (I'm pretty sure I did) by thatautguy

Feb 10, 2013 (2:31 pm)

Hi,
  
I really needed to find some people that actually know what they're doing - because it's definitely not me :p
  
I leased a new C-Max this past Wednesday; my wife and I just had a baby, and my car (a Fiesta) ended up being way, way too small for the baby + car seat + stroller + my wife's wheelchair.
  
We actually went to look for the Escape, but I fell in love with the C-Max - and then I did just about everything wrong. I went for the SE because it had really everything I needed.
  
My first big mistake was that I was in a rush - with my wife tired from her day, and the newborn baby with us (and fussy). I made the big, big mistake of focusing on the payment, not the price - and kind of accepted a payment that was about $90 more than my Fiesta's payment. I know we passingly talked about the sticker price of the car, but that was it.
  
As I keep going, I realize I'm definitely the dumb one in this story - I know I did everything wrong in the book, and deserve whatever the outcome is if I really got ripped off...
  
We signed the lease paperwork, etc. (which of course took forever, and both my wife and I made the mistake of reading through it but only focusing on the payments).
  
When I got a chance to look at it in detail at home, it shows under "Agreed Value" of the car a price of $30,000 plus some change. The interest rate charged is super low, so the payment comes to what I expected - but it seems the dealer just flat out charged $4000 over sticker.
  
I reached out to the sales person who said something about the residual value being the reason for the $30,000 price; after researching it more I really feel like I was just severely ripped off though.
  
Again, I know: I did everything wrong in the book here, and I deserve whatever happened (I'm not an experienced car buyer). I just wanted to see if anyone can tell me if I really got ripped off as badly as I think I was.
 
Mike

#3131 of 3219 Re: Did I get ripped off? (I'm pretty sure I did) [thatautguy] by boomchek

Feb 10, 2013 (2:40 pm)

Replying to: thatautguy (Feb 10, 2013 2:31 pm)
Few questions:
 
Were you leasing or financing your Fiesta? Did you have equity in it or were you upside down on it? If you were upside down on it it's quite possible the negative equity of the Fiesta was added onto the MSRP of the CMax making it seem more expensive than sticker price and the payments calculated from there.
 
What was the sticker price of the CMax with the options you wanted? If you don't recall then go to Ford's website and build one on there to see.

#3132 of 3219 Re: Did I get ripped off? (I'm pretty sure I did) [thatautguy] by stickguy

Feb 10, 2013 (2:42 pm)

Replying to: thatautguy (Feb 10, 2013 2:31 pm)
well, you would have to post all of the details to even jump to a conclusion.
 
But, for your sake, I will say no, you did fine, now just enjoy the car for the next 3 years, your baby for the next 60 or so, and prepare better before your next purchase.

#3133 of 3219 Re: Did I get ripped off? (I'm pretty sure I did) [boomchek] by thatautguy

Feb 10, 2013 (2:44 pm)

Replying to: boomchek (Feb 10, 2013 2:40 pm)
Hi!
 
I was leasing the Fiesta. On the Lease agreement it shows up as a even trade, with no money owed.
 
The sticker (I actually have it in front of me) is $25,995. I know they added a maintenance plan and Ford's "Wear Care" for a total of about $1100 to the purchase price.
 
The complete terms for the lease are:
 
Monthly payment $399
36 months long, $3000 down, $1750 in dealer incentives, Residual Value $14817, 10,500 miles / year
  
Gross Capitalized cost including Wear & Care, Maintenance, and acquisition fee is 31,925. Net Capitalized cost is $27175 after the money down.
  
The money factor is 0.00075, so effectively about 1.8% financing charge.
  
On the itemization of the cost, "agreed upon value of the vehicle", is listed as $30,125 + cost for maintenance plan, etc...

#3134 of 3219 Re: Did I get ripped off? (I'm pretty sure I did) [thatautguy] by boomchek

Feb 10, 2013 (3:05 pm)

Replying to: thatautguy (Feb 10, 2013 2:44 pm)
I was leasing the Fiesta. On the Lease agreement it shows up as a even trade, with no money owed.
 
When was your Fiesta lease supposed to end?
 
Sometimes trade ins will show as "even trades" on paper because banks won't finance negative equity in some cases. However the negative equity is just added to the MSRP of the new vehicle and it shows the price to be higher than MSRP.

#3135 of 3219 Re: Did I get ripped off? (I'm pretty sure I did) [boomchek] by thatautguy

Feb 10, 2013 (3:28 pm)

Replying to: boomchek (Feb 10, 2013 3:05 pm)
That's a good point - the lease was ending next year. The amount that was supposedly paid off on it by the dealership matches with the pay-off amount from my last lease statement; but I was wondering about that as well.

#3136 of 3219 Re: Did I get ripped off? (I'm pretty sure I did) [thatautguy] by boomchek

Feb 10, 2013 (3:58 pm)

Replying to: thatautguy (Feb 10, 2013 3:28 pm)
Well there you go, the money owing did not vanish into thin air to put it bluntly.
 
If your Fiesta lease you said was about $90/month less so let's say $300/month. Times it by at least 12 months and that's $3600 that you still owed.
 
Take the $25999 + $3600 + protection package + other fees etc = your $31000 price.
 
I can see that maybe there's a $1000 squeezed in there for extra dealer markup but it looks like most of the additional cost are your previous lease payments.
 
When you go car shopping for your next car just get the dealer to break down all the costs/price etc... so that there wouldn't be any confusion.
 
You can still go back to that dealer and just ask them to break it down for you. I bet you it will look very similiar to my estimate here.
 
EDIT: If the dealer bought out your car then the numbers could also look like this (just guesstimating about your Fiesta):
 
Payout amount $15600 ($12000 residual + $3600 payments)
ACV (Trade in value of Fiesta) $12000
Negative Equity $3600
 
$25999 + $15600 payout less $12000 trade in value + protection pkg, fees etc... = $31000
 
Either way the bottom line would be same as my first calculation.

#3137 of 3219 Re: Did I get ripped off? (I'm pretty sure I did) [boomchek] by thatautguy

Feb 10, 2013 (3:44 pm)

Replying to: boomchek (Feb 10, 2013 3:58 pm)
That makes a TON of sense. I just wish someone had broken that down for me. The thing that confused me is that the lease contract makes it look like a completely even trade with no money owed on the lease; but your calculation really matches up 100% with my lease payment and what I would have paid for the next year....

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