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#1 of 35 Watching out for Fraud
Jul 28, 2009 (12:27 pm)
Have you or anyone you know been the victim of fraud in relation to buying, leasing or maintaining a vehicle? Let's discuss it here.
SUVs and Smart Shopper
#3 of 35 Cash for Clunkers Trickery?
Jul 29, 2009 (3:32 am)
Cash for Clunkers (CFC) failed me yesterday.
Last week I got email quotes for a Honda CR-V from 3 dealers. All about 21,300 out the door (Base model LX, automatic). Didn't mention CFC. Last Friday went to a different dealer in person and agreed on a final OTD cost of 21,600 (had added options). I even told them about the $4,500 I'd need for CFC. They said they had to finalize the program over the weekend.
But, they agreed to sell the car for a final price of $17,188. Before going to pick it up yesterday, they called and the owner wants another $1,100 if I want to use CFC. Otherwise, they'll do the same price without CFC. Owner says they don't want to "loan" the Gov/t the $4,500 for an unknown number of days till they get the money back.
Okay, I can see that. I offered to pay them 6% of the $4,500 for 90 days ($68) plus an extra $100 just so I wouldn't have to start over. They still want $1,100 more. I told them no.
Funny, another dealer told me last week they would only sell a car at MSRP if someone wanted to use CFC. Same thing about floating a free loan to the Gov't. So, I gotta start all over.
#4 of 35 Re: Cash for Clunkers Trickery? [howardp2]
Jul 29, 2009 (4:20 am)
25% interest for what is supposed to be a 10 day delay in getting the money from the government seems just a bit ridiculous.
This sort of thing and the post about the person waiting to get their $4500 check from the dealer (which is not the way this is supposed to be done, according to the rules) are some examples of how this deal might not turn out to be what it appears to be for some. For the person waiting for a check, I wonder what happens if the dealer does not get the $4500 and has already destroyed the clunker (which I think they may need to do before they can get the money)?
I was figuring there would be a mad rush of people doing deals with absolute junk vehicles so they'd not care if the new car was $500 or $1000 higher than it otherwise would be. With the rush of buyers, the dealers may not need to offer as big of discounts as otherwise to sell cars.
So in my case, with a $2000-2500 vehicle and only $3500 in C4C money available on the only cars my kid might want to use it for currently, we decided not to worry about jumping in to this.
#5 of 35 Re: Cash for Clunkers Trickery? [howardp2]
Jul 29, 2009 (4:22 am)
Those dealers have the option of doing that if they so choose. My guess is that they will lose sales by taking this position but they might come out ahead profit-wise / cost-wise in the short term. But it's their business to run.
#6 of 35 Re: Cash for Clunkers Trickery? [howardp2]
Jul 29, 2009 (6:02 am)
Payments to dealers are ALREADY being made through the system so in my personal opinion the dealers are really being dorks on this.
#7 of 35 Trade in values
Jul 29, 2009 (7:17 am)
I did my deal over the weekend, no issues. But have a question to pose to the world. The law states that the dealer is to estimate the scrap value of the trade in and pass it along to the purchaser less $50. In my case, the estimated scrap value of my trade (1998 Ford Ranger, 233K miles) was listed at $50. What experience has everyone else had with this? Is this typical?
#8 of 35 Re: Cash for Clunkers Trickery? [Sylvia]
Jul 29, 2009 (7:19 am)
Are they? I keep looking for evidence that things are moving ahead, haven't seen anything much in the news. On my deal, we did it Saturday, on Monday it took the dealership five hours for one submission, and they lost the system in the afternoon. Finally got my stuff submitted yesterday afternoon.
No real surprise (I think it's pretty impressive the gov't put the whole system in place in basically 30 days), but I haven't seen anything when the payments will process once submitted, assuming clean paperwork.
#9 of 35 Re: Cash for Clunkers Trickery? [Sylvia]
Jul 29, 2009 (7:36 am)
"...by Sylvia STAFF..."
I've never seen that title before. Is that the Edmunds equivalent of "Boss" as in "Boss of the Hosts"? If I get mad at a Host can I get them in trouble if I complain to you?
Please let me know, some of them have been mean to me and I'd like to tattle.
#10 of 35 Re: Cash for Clunkers Trickery? [Sylvia]
Jul 29, 2009 (11:11 am)
What dealers. Please name some????