My best option for trading in a vehicle not in my name

[Anonymous]

By the way, using the Kelly link you provided, I found this:

Price $5,495   Body Style Sport Utility Mileage 51,559 Exterior Color Toreador Red-Mint Interior Color Prairie Tan Engine 8 Cylinder Gasoline

half the miles and a dealership is selling it for 5495....yeah you aren't getting 3K for it.

[valley_man0505]

I am not sure where you are from, but that is not how things work by me.  Not only is Kelley a pretty good starting point, but a lot of dealers are actually too lazy to even figure out on their own what the value is--the first thing they do is log into KBB and basically spout off whatever KBB tells them for a trade-in value (yes, I have actually seen a dealer go to the KBB website, ask a customer for the details, and then turn the monitor so the customer could see and said, "that is what we will give you".  There is a reason that value given by KBB is a "trade-in value" (you did notice that my link was to TRADE-IN value, not MSRP, right?).   The KBB trade-in value already accounts for the fact that dealers don't give you what it's "worth" for trade-in.  That is the whole point of the KBB trade-in value--if dealers aren't giving that in your area, I guess that is your loss.  Anyone I have ever known that has traded in a vehicle has gotten very close to the KBB trade-in value, and sometimes even more (yes, even more).  I also have an old college roommate who owns a dealership that also agrees that KBB is an excellent starting point for figuring trade-in values.

As for banks not financing vehicles, again, not sure where you are from, but they do here (CU's especially)--the rates aren't as good as you would get for financing new vehicles, but they do finance them and these vehicles in this price range do have a pretty big target audience. By the way, the KBB MSRP for this vehicle is $6200.  Once again, vehicles in my area are typically priced VERY close to KBB MSRP.

If you are going to continue to spout off about my not getting $3000 for my trade-in, make sure you consider that just because something happens for you doesn't mean it will happen for everyone.

Now, can we go back to the original point of my post instead of bickering over what I already KNOW I can get as a trade-in value for my vehicle?

[Anonymous]

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Now, can we go back to the original point of my post instead of bickering over what I already KNOW I can get as a trade-in value for my vehicle?

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You already have the answer. It was given to you by the dealership. And everyone else:
1- pay off current loan on your car and keep or dispose of as you will and go into fresh auto loan

2- roll current loan on your old car into new car transaction  and trade old vehicle in

3- open a new line of credit on a new car while maintaining payments on your old car. keeping both vehicles and disposing of as you will

at some point your dad has to do "something" as the car is in his name, so if the old car is traded in or sold- dad will have to sign paperwork to facilitate that. if you decide to just pay off the old car you can either keep it if dad is willing or give it to him

There really is not much else. There are some constructed variations you can come up with, but really- 3 options thats about it.

[Anonymous]

Oh and:

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@valley_man0505 wrote:

I am not sure where you are from,

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4 years working for one of the largest Ford Dealerships in Ohio, in Sales, Internet Sales, and Secondary Financing.

And yes I did see people get Kelly For their trade. and those were whales we made a killing on in either the sale price of the vehicle they bought or on the back end or both.

or if they were the store GM, he somehow always got Kelly. But since the $2,000 vehicle gross difference for him translated to a $5 difference in his bonus check for that month, he could sign that over ride slip and be happy to lose $5.00 to save himself a few thousands.

Message Edited by usmc58555 on 05-01-2009 10:27 AM

[valley_man0505]

Guess things are done differently in Ohio then (or at the dealership you were at, at least)

Message Edited by valley_man0505 on 05-01-2009 01:34 PM

[Eager2Learn]

I don't think things are necessarily done "different".  If a salesman can get you to focus on a trade-in value, they just don't get you as good of a price on the vehicle you are purchasing.    The difference is what the focus of the sale is on, not really the price given for the trade or the price paid for the new vehicle.  If I demand $20K for my '86 Chevette as a stipulation for making a purchase, I am sure the dealer would be willing to sell me a $20K vehicle for $39,500 just so I get what I want for my trade.  

Don't get wrapped around the axle on the value of your trade, focus on the overall deal and let the numbers fall where they may.  Usually the buyer is better off having both amounts lowered just to save on sales tax.