Regular Contributor
xthatgamerguyx
Posts: 118
Registered: ‎07-22-2012
Dealer Buy Back Question...

I've searched around on here, and haven't found an answer so I thought I would ask.

 

I bought a Suzuki Kizashi in 2012. I'm not happy with the vehicle, and the current bank does not refinance. I received a high interest rate because of my low credit score, and have never been late on a payment :smileyhappy:

 

Anywho, with all the news about Suzuki leaving the US car business, I gave the dealership a call.

 

They offered to buy back my car and take care of the loan.

 

I started asking questions about the negative equity, and how the loan was paid off - the young lady said that I would owe nothing and that the loan would been satisfied. She said they would make a deal with the bank and give me 29 days to get another car else where.

 

She made it a point to say that that the buy back offer was not related to the Suzuki bankruptcy, it was just something they did for their customers.

 

Now doesn't really jive with me. The car had a low resell value to begin with, and now with the recent announcement - it's even lower.

 

With me owing $24K on the car, and expecting at least $5K-$7K negative equity, how is that resolved? I know the dealership isn't going to do me any favors - someone will have to take a hit some where.

 

I asked her if they expected me to purchase a vehicle there, and she said "no" that would be a trade and not a buy back.

 

So is this a ploy to get me back into the dealership, and into another endless loan?

 

All opinions are welcome. Thanks!

February 2012: 480 across the board (before I found this site and started working on my scores)
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Starting Scores: TU FAKO: 543 (06/16/2012) EX FAKO: 547 (06/16/2012) EQ FAKO: 528 (06/16/2012)
Current Scores:TU FICO: 639 (11/20/2012) EQ FICO: 617 (11/20/2012)
TU FAKO: 606 (8/30/2012) EX FAKO: 574 (09/04/2012) EQ FAKO: 564 (09/30/2012)