So back last July I traded my 07 in for a new 2011 sport 4x4 quad. At the time I was pretty sure I was paying around 38,000 for the truck. This is with the aircanada employee pricing of course. Its pretty much fully loaded, you name it it probably has it.

Now I got a statement from the financing bank telling me my current balance on the truck. I owe just over 40,000 as of right now, so that's with a year of payments. I re-looked my financing and I was financed for close to 50,000. I really didn't pay attention to it at the time cause they monthly payments were changing by 9 dollars more. Didn't really pay attention too much, cause I was so excited to be getting into a new vehicle.

Now my question to you is did I overpay for an aircanada employee pricing?
I priced out a new 2012 and it came out to just under 39,000. My idea is yes I did, and I probably screwed up and am not getting that money back yes?

I kinda feel quite stupid, not looking info over, but at the new payments being 9 dollars more it sounded correct.


Suggestions? Opinions?

 

Might want to take a look at your copy of the paperwork and see what you signed. Did you still owe on the 07 when you traded it in?

 

certainly too many variables to give you an definite answer. as OJ said, look at your paperwork to see what you actually paid.
they are prone to simple math skills (usually in their favor). my transaction included a $1K error i caught just before i signed.

 

If it makes you feel any better, i paid $45,000.00 (w/1.9 intrest rate) for a 2010 fully loaded hemi sport quad cab 4x4, so i`m paying back close to $50,000.00 for a truck that i`ve owned for less than 2yrs and its already starting to rust out. Opened the tailgate last weekend and saw the paint bubbled up and rusting at the seam of the bed just below the tailgate area of the box. I`ve never put one single thing in this box either. Washed and waxed more than most people would do on a regular basis. I even waxed the inside of the box. Along with all the issues i`ve had with this truck, since owning this truck since brand new, and now seeing the box begin to rust out in LESS than 2yrs, i now know i made a very big mistake buying this truck. The price i paid does NOT match the quality.

 

I still had around 21,000 owing on the 07, but they have me 26,000 for the trade in. I also put 7,000 down on the truck. So basically I had 12,000 down. I have been looking through my papers, thats how I figured it out.

The sale price of the truck was 50,145. Add on top of that 1,046 in addons, side steps and mud flaps. It does not list anywhere the reduction of the truck from the employee pricing. It lists 26,201 as a trade in allowance, so I have a subtotal of 24,490. To add on that I got 875 secure ride plan, taxes and everything else. The total was 26,390. Then add on top of that the lean payout from the previous vehicle which was 20,991. So the Financing without insurances and everything was 48,702.

It then lists a 500 deposit, and a "payable on delivery" of 6,500. So that's my down payment right? Then they take life an disability and add that on. The total financed was 47,646.


But my real question to you guys, and thanks for understanding a little bit, but the sale price of the vehicle was 51,000. That's supposed to be on an aircanada deal, which is employee pricing, plus air Canada bonuses. So I get a better deal on a vehicle than the person selling me the truck. Which now that I look at it it was not the case. My understanding was that they pay out the old lean and I sign a whole new loan. So I thought the 47,000 that I was signing was for the insurance and disability and what not. Then they take the 7,000 down payment off of that. So I thought originally that ya it was going to be a 40,000 truck with insurance an disability. I feel pretty stupid right now, cause I am wanting to trade in for a 2013 in the fall. But I don't know if thats going to be real or not cause I still owe 40,000 for the truck. There is no way that I am ever going to get that for a used 2011 sport, that will have around 35,000kms on it.

Opinions guys?

 

Nate,

While it may be different in Canada, here in the States the selling price of the vehicle typically includes the discounts already taken off. The document that will give you the true information will be the finance agreement. From what I have read of your posts I figure you paid $59,856 for your vehicle. I have come to that conclusion from the following:

$47,646 Financed
$ 7,000 Down Payment
$ 5,210 Equity on trade in

If the financed amount as listed above is correct, that is what the bank fronted you for the truck with all other down payments and trade in equity factory in, so all you have to do is add these three items up to get total price.

I would suggest you examine your documents closely and see what they charged you for any life,disability, and service contracts on the vehicle. Keep in mind that these are all types of insurance that are cancelable and the proceeds would reduce your payoff amount. If the dealership gouged you on any or all of these items you may want to consider cancelling them to reduce your payoff, if not now, when you trade the vehicle in for sure.

 

Not sure if you over paid but that seems expensive. I bought my truck back in Dec 08 when they were in the hole. I had the employee discoutwhich was 5000 and the first 30 people to come in would get an extra 2000. So before tax it was 37 500 fora fully loaded sport, minus sunroof.. Came to 45000 with tax so I got a good deal.. As far as trading your 2011 you prob won't get much for it. Look at the Kelly blue book for an idea. Yourprobablybetter off waiting for a bit.

As far as rust goes lu I've got that magnet thingy and I live that is plugged to the battery and I've got no rust at all, and it goes through the salty ontario roads. So I guess those that ngs do what it's supposed to do.

 

Well considering that I just put in the info on the Chrysler canada preferred customer page, I can get into a brand new 2012 with the same options for around 38,000. You can go from there and check stock at a local dealer. It gives you prices that include disability and insurance, and for one pretty identical to mine, full financing price is around the 42000 mark. So yes, now that I have seen that I believe I got huffed, I am going to phone the dealership up. I don't think there is much I can do, but still.


Dodge Cares, do you think a fullyloaded sport is worth 59,000 with aircanada employee pricing discount? I think thats way too high with that, cause you can get into a brand new 2012 today for that, without any discounts...

 

I cannot really comment on worth of a vehicle as that all depends on what the buyer thinks. What I do think is that if the agreed on price was $38,000 as your original post suggests, how the price eventually rose to almost 60k is alarming. Hopefully they just overcharged you for the additional insurances that you can cancel and get much of your money back instead of jacking up the actual price of the vehicle.

 

I got my 2011 Sport 4x4 Hemi Crew Cab in Feb 2011, Loaded with EVERYTHING minus rear video screens in the head rest and rear heated seats and I Paid $43750 Out the door taxes included in Ontario. So ya I'd say somethings not right there..
With my $4k down payment total financed was $39750.. including loan insurance !