Help-Dealer asked me for $. I traded car on new car. Dealer realized 9 days later they overpaid trade by $4800

Question

What should I do here? Dealer called and said they made a mistake - incorrectly read a figure on the trade-in car sheet that caused them to overvalue trade by $4800. The price they appraised that car at was only about $1000 more than I thought I could get if I sold the car myself. I thought they were trying to make the deal work. The car I traded is in high demand so I figured the market prices are out of whack because of gas prices. In the meantime, the car I traded has already been sold to a wholesaler who sold the car.

Dealer is obviously desperate and offered to split the error with me. I would have to write them a check for $2,400 which is not what I planned since I financed part of the car.

What do you all recommend? Do they have any recourse?

Answer 1

If you had made a $4000 plus error in their favor, they would have taken your money in an instant and told you "too bad". I'm sorry, the world of buying and selling cars has become a wildly competitive and unfriendly place. I would keep the money and tell them that you are unscrewing someone they robbed earlier in the month.

Answer 2

As long as the deal has been funded, you are OK. Once you fill all the necessary paperwork and take delivery of the vehicle, it is considered a complete purchase. However if vehicle financing falls through, then any prior contracts are void. <which would mean you would have to give them back the new car and they would return your trade>

In your case as long as the deal is funded, you are ok and do not have to pay them that money. If the roles were reversed, no dealership is going to cut you a check back for $2,400. Good luck and I hope this helps to clarify.

Answer 3

No. that is an error on their part. Call the BBB and see what you can do. also see if there is anything legal about this, maybe you might have to pay soem money back.

Answer 4

Tell them to get lost. They made the error; you did not contribute to it in any way, and it is entirely their responsibililty.

Answer 5

TEll them to leave you alone and call the BBB

This is a scam they always try

Answer 6

If your drove out (have the new car), the deal is done - their loss.

If you still don't have the new car yet, then you might try and fight them.  But given then have all the marbles (like new car, etc.) you will have an uphill battle (that you can win - if you can stick it out).

If you think the $2400 is a good deal, take it.  Other wise try to fight it.  Go see a lawyer.

Good Luck...

Answer 7

yes, i'd tell them to get lost. It would seem to me to be the same as if you were to drive the car off the lot then say they overcharged you, you got screwed and want some money back. The deal is what it is. As long as its in paper you should be fine. If the deal says a different amount in contract then you may have to pay, but i wouldn't until they took you to small claims (if they did which they prob wouldnt)