Trading my current car and ordering a sedan, can I cancel it later and get my money

[whym3]

Hi
I am trading in my current car and geeting a sedan built, if after a moth or so I decide to cancel the new m3 due to some reason , will the dealership pay me the trade in amount or hassle me?

Thanks

[ersin]

I'm not sure exactly what you're saying. You are trading the car in now? I'd put a deposit down instead. You can get this money back. I have no idea if you can get the money back that is promised as down-payment. If you wanted the trade-in than just sell it and get the cash. When the M3 comes in, use it. Or use it for the deposit.

[Davinhci]

Originally Posted by whym3

Hi
I am trading in my current car and geeting a sedan built, if after a moth or so I decide to cancel the new m3 due to some reason , will the dealership pay me the trade in amount or hassle me?

Thanks

Why not wait till the M3 get here to trade in your car? Shoot with all the time you have you can even try to sell your car yourself and not worry about being hassle by your dealer on your trade in.

[ArtPE]

the trade-in value is determined for each 'deal'...if you aren't trading it in against a new car, why would they just 'buy' it from you?
it's all part of the same deal...

[Seth_Horwitz]

Originally Posted by ArtPE

the trade-in value is determined for each 'deal'...if you aren't trading it in against a new car, why would they just 'buy' it from you?
it's all part of the same deal...

100% correct. There is zero chance that they pay you the agreed upon trade-in price, unless the trade-in number was very low and the new car markup is very high. Unlikely.

[whym3]

All I am saying is the dealer has somonne intersted in my porsche that I own the title to so they are giving me a good trade in Price and I am ordering a m3 so I pay tax only on the difference
I am wondering if after a month i can cencel my ordered m3 and get something else will they pay me the trade in amount back to me or hassel me

Thanks

[ArtPE]

Originally Posted by whym3

All I am saying is the dealer has somonne intersted in my porsche that I own the title to so they are giving me a good trade in Price and I am ordering a m3 so I pay tax only on the difference
I am wondering if after a month i can cencel my ordered m3 and get something else will they pay me the trade in amount back to me or hassel me

Thanks

I'm not sure what you are saying...

you are trading your car in BEFORE you get the new one?
and they determined a value that is not independent of the trade in...
and you want to cancel the order and want the full trade-in value?
I doubt they will do that...it's a contract...
the trade in is usually higher than they would pay to buy it outright...

it's probably defined in the contract you signed

[skierman64]

I think you need to ask your dealer, not us. They are the only ones that can tell you the real deal for sure.

[mkoesel]

Originally Posted by whym3

All I am saying is the dealer has somonne intersted in my porsche that I own the title to so they are giving me a good trade in Price and I am ordering a m3 so I pay tax only on the difference
I am wondering if after a month i can cencel my ordered m3 and get something else will they pay me the trade in amount back to me or hassel me

Thanks

The dealership won't have possession of your trade-in until you take delivery of your new M3. By that time you will not be able to "cancel and get something else". I.e. the two cars will change hands simulataneously, so there is really no case where you would cancel the M3 and they would already have your old car.

Well unless, that is, you are talking about returning the M3 after taking possession of it. I.e. the so called "cooling off period". But that's really not something you want to try and plan for and pull off in advance of closing a deal on a car. I mean, aside from it being a bit shady, it will also probably be a major pain in the ass depending on the law in your state. Plus, I don't think any state has provisions for returning a car a whole month later. I mean that would absolutely kill the dealerships if they had to put up with that.

[Seth_Horwitz]

^^^^^^^^^--- What's a cooling off period? Do certain states allow you to return a car if you have buyer's remorse? I bet it's a well kept secret for a reason.

[HotLap]

Originally Posted by Seth_Horwitz

^^^^^^^^^--- What's a cooling off period? Do certain states allow you to return a car if you have buyer's remorse? I bet it's a well kept secret for a reason.

In CA - there is NO cooling off period...generally it's in bolded type towards the bottom of the sales contract!

[HotLap]

Originally Posted by ArtPE

I'm not sure what you are saying...

you are trading your car in BEFORE you get the new one?
and they determined a value that is not independent of the trade in...
and you want to cancel the order and want the full trade-in value?
I doubt they will do that...it's a contract...
the trade in is usually higher than they would pay to buy it outright...

it's probably defined in the contract you signed

I think he's saying that his dealer would take his trade now, and sell it to their interested buyer before the M3 arrives...he's wondering what would the dealer do if he decided to pass on the M when it arrives? Would they credit him the agreed upon value of his trade or refund the amount? This is not all that uncommon, when I ordered my '08 535i the dealer would have taken my trade at the time I placed my order...I wasn't interested in doing that so I didn't really get into the terms and conditions of working my deal that way.

I would imagine the dealer's options with regard to the trade in allowance he is giving you for your trade would be spelled out in the contract that you would have to sign for him to take possession of your trade in advance and be able to sell it with a clear title to someone else??

[skierman64]

Originally Posted by HotLap

In CA - there is NO cooling off period...generally it's in bolded type towards the bottom of the sales contract!

In NJ there's even a 3 business day cooling off period on houses or real estate. In fact, the mortgage paperwork doesn't even go in until the cooling off period has expired. It's somewhat odd, but it's the law here.