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-   -   My local Ford dealer is hosting a buy-back program this month (http://www.focusfanatics.com/forum/showthread.php?t=310631)

unfocused1 03-02-2013 07:56 AM

My local Ford dealer is hosting a buy-back program this month
 
I didn't expect to get an email, which starts with "We're interested in your 2012 Ford...".

They say there is a demand for people selling used cars due to limited stock. The letter also says I would get "top dollar" for a trade-in to buy a new vehicle.

I've had my 2012 Focus for one year and adore it, but owe a bit of money on it. Getting a new car, with comparable features, would mean adding to the debt significantly - the only other option would be to get a Fiesta instead, but I prefer the Focus...

Has anyone gone through these buy-back programs? If so, what's your experience on them? Or what are your thoughts on this type of program?

Thanks!

dodgeguy 03-02-2013 08:22 AM

Its not really a program per se - you are trading in your car for a new one. Thats it. I dont think there is any difference other than the fancy name. Its a win/win for the dealer - the customer typically loses money on the trade-in and the dealer sells them a new car.

Unless you are really unhappy with your current car, or will make money on trading it in (most people dont), then I wouldnt do it. Just my opinion.

Jester1911 03-02-2013 09:22 AM

When I traded in my 03 dakota (in 2006) they were saying the same thing, and I ended up getting alot out of my truck, I had positive equity in it.

Give it a shot, you may be surprised.

pkj099 03-02-2013 09:26 AM

its a typical dealer scam, just like scotch-guarding your seats or laser etching the Vin on your windshield...

opies 03-02-2013 09:47 AM

We traded in a 2011 Kia Sorento on our 2012 Focus. We were given more than we owe on it and there was no special program going on. The Focus was a used vehicle. The difference between what we owed on the Kia and what they gave us for it covered in full the Premium Care extended warranty.

GN Prime 03-02-2013 12:23 PM

just go up and talk to them, it can't hurt:) just don't sign anything lol!

scott7278 03-02-2013 12:45 PM

Quote:

Originally Posted by unfocused1 (Post 4616325)
I didn't expect to get an email, which starts with "We're interested in your 2012 Ford...".

They say there is a demand for people selling used cars due to limited stock. The letter also says I would get "top dollar" for a trade-in to buy a new vehicle.

I've had my 2012 Focus for one year and adore it, but owe a bit of money on it. Getting a new car, with comparable features, would mean adding to the debt significantly - the only other option would be to get a Fiesta instead, but I prefer the Focus...

Has anyone gone through these buy-back programs? If so, what's your experience on them? Or what are your thoughts on this type of program?

Thanks!

It can't ever hurt to inquire, but to be honest, there's probably quite a gap between the amount you owe and how much your 2012 is worth, unless you put down a significant amount of money at the time of purchase. At this point of the loan, a good chunk of the money is going to interest, so the principal is not decreasing as rapidly as it will down the road.

People get shocked when they find out 1) How little the dealer wants to give them, combined with 2) How much they still owe (if they don't keep up with the balance).

Not wanting to rain on your parade, but don't get your hopes up, and don't go backwards in your loan just to go one year newer, unless you absolutely hate what you're driving.

suss6052 03-02-2013 12:54 PM

Quote:

Originally Posted by scott7278 (Post 4616646)
It can't ever hurt to inquire, but to be honest, there's probably quite a gap between the amount you owe and how much your 2012 is worth, unless you put down a significant amount of money at the time of purchase. At this point of the loan, a good chunk of the money is going to interest, so the principal is not decreasing as rapidly as it will down the road.

People get shocked when they find out 1) How little the dealer wants to give them, combined with 2) How much they still owe (if they don't keep up with the balance).

Not wanting to rain on your parade, but don't get your hopes up, and don't go backwards in your loan just to go one year newer, unless you absolutely hate what you're driving.

I was responsible, and had saved enough to put down a big enough deposit in order to secure financing, as I was a recent college graduate who needed a newer car but didn't want to take out another large loan if I could avoid it. So technically I wouldn't end up upside down, but unless I wanted to spend thousands and thousands more just to go to an ST after almost a year its just not worth it to me.

Now for the average person that's true, they may have been more concerned about $0 down and hitting a certain payment per month. I was more concerned about what I would still owe.

I couldn't have kept my old car going long enough to save enough to pay cash for the car just yet however.

kam327 03-02-2013 01:16 PM

Quote:

Originally Posted by pkj099 (Post 4616415)
its a typical dealer scam, just like scotch-guarding your seats or laser etching the Vin on your windshield...

Yep, it's a scam. They use the email to make you feel like you're special and try to hide the truth in the numbers.

I got a postcard in the mail from the local Honda dealer, saying they wanted my wife's '08 Taurus and would give us top dollar (>$1,000 over KBB value). Even had the approximate mileage of our car on our postcard. Must have gotten our info from KBB or NADA when I went online to value the car. When I took it in for an evaluation, sure enough they confirmed they'd give me top dollar, but it ended up they also wanted to rape me on the new vehicle purchase. Took a while to get to it since at first all they'd talk was monthly payments.

Can't hurt to talk to them, but be ready to walk at the first sniff of foul play.

unfocused1 03-02-2013 01:45 PM

Quote:

Originally Posted by suss6052 (Post 4616652)
I was responsible, and had saved enough to put down a big enough deposit in order to secure financing, as I was a recent college graduate who needed a newer car but didn't want to take out another large loan if I could avoid it. So technically I wouldn't end up upside down, but unless I wanted to spend thousands and thousands more just to go to an ST after almost a year its just not worth it to me.

Now for the average person that's true, they may have been more concerned about $0 down and hitting a certain payment per month. I was more concerned about what I would still owe.

I couldn't have kept my old car going long enough to save enough to pay cash for the car just yet however.

Like you, I too put down a sizable chunk of change as down payment. And I don't like loans any more than absolutely necessary... also being in college myself, in ways we're in the same boat...


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