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The buyback saga continues...

R

rgramjet

Full Member
Joined
Sep 15, 2002
Messages
260
Ok, after having waited on GM to get the 04's in, I went back and forth with my GM rep. He said that he could do a "Straight Repurchase" of my AV. I was under the impression that I would get all the money that I have paid into my truck...they are saying not. Here are the exact figures and what their exact settlement is:

Purchase price: $33,121.00
Less usage 954.72
Less incentives 2,002.00
Total
Repurchase Price: $30,164.28

The payoff on my truck is $16,218.91

Total amount to customer: $13,945.37

What they are missing is that I put down $12,000 on the truck when I bought it and Ive been paying $450 per month since April of 2002. I brought that up to my "friendly customer service" rep. She explained to me that a repurchase is when GM pays off your vehicle. I told her I need to digest the deal but Im not liking it, unless I get to keep the truck. Isnt sitting right, any opinions or suggestions would be greatly appreciated.
 
If I understand this right, it sounds like a fair deal to me.

Sure you put down $12k and are getting almost $14k back, what they aren't likely to return of course is any interest you pay. As you know, when you make payments, the first thing they do is milk their interest money out of you so you were probably averaging about $250-$300/month towards your truck out of your $450 payments.

That minus your loss in value from use seems reasonable, IMHO.

David
 
Also think of it this way. 03's are getting very, VERY, cheap since the 04's are out. Discounts, rebates, etc. You should actually be able to make a much better deal today then when you originally purchased your AV.

But, if you have your heart set on an 04, you will most likely find that they are not willing to wheel & deal since these models are just coming out.

Reidan

 
aside from ussage, you have to keep in mind depretiation (or however you spell it) value, it's not an easy pill to swallow but american cars do loose their value pretty quick, good luck I hope you get a better deal.
 
rgramjet said:
Purchase price: $33,121.00
Less usage 954.72
Less incentives 2,002.00
Total
Repurchase Price: $30,164.28

The payoff on my truck is $16,218.91

Total amount to customer: $13,945.37
Click to expand...

You are getting $30,164.28 ....... Amount you owe (16218.91) plus Cash to you......(13,946.37) ...... Heck of a deal if you consider trading what woulkd you get or selling used to somebody.....you would not get that...

I would argue the incentives as that is why you bought it...due to the deal.....let them eat that.....you should pay for usage which is based on mileage.....but to make you pay back the rebate....NAHHHHHHHHHHHH......
 
Quite frankly, that's one of the best deals I've heard of.

No question about it, I'd jump on it.
 
Looking at that deal, your difference is $2,956.72. You've had it for 18 months. Essentially, you drove it for $164.26 per month or about $5.50 per day. Sounds pretty good when you look at it that way.

Forget the interest. That's your deal, not theirs. You're not asking nor expecting them to pay for the gas to run it, are you? Why should they cover interest? That's just another option (cost) that you chose to utilize.

If you had the money getting 1% at the bank, would you not have paid it on the truck?
 
I agree with ygmn. See if you can get them to add the incentives back in.

Then, make sure that you put the hard pressure on the dealership that you want the best deal they have ever given. I know the sales men on the board may hate this statement, but the salesman and dealership got their commissions from you on the sale of the first Av!

They are not going to have to work to make this sale since you already know what you want and they know you will have the money and are a good risk for financing. Of course no one wants them to loose money on the deal, but they should not make a huge profit on your misery. In my mind a break even after them taking out reasonable expenses sounds fair.


Reidan

 
Very carefullly read the lemonl laws that are applicable to your state. If you are dealing with the company, they will act as a company, and go minimums. If you are entitled to receiving the interest back then ask for it.
 
Good points made by all. Just painful to see the $19,000+ go into the truck and come out $14k. I do plan on asking my dealership for an awesome deal for all the BS Ive been through. Getting the check definitely gives me walking power which the replacement deal did not.
'03 Z71, here I come! Whats a good price on one nowadays?
Thanks
 
Let this be a lesson to us all. Do not change or put anything on or in our trucks until we know for sure it'll be around to get the benny's from them. I bought a 91 CHEV K1500 Z71 ext cab PU truck back 91 new. I had nothing but problems with the transmission that never got fixxed. Went through BBB so GM could buy it back and lost! All the up grades and time and money not to mention my sanity were gone. I ended up selling it to the next gunho chevy lover after having it 3 years and 36,000 miles . Not to worry, i sold him my ext warr. up to 75k with it! Now when I buy new, i keep the mods to a min till im sure I'll have it around to enjoy. Funny thing though, the 91 pu had a bad trans with a nasty 1-2 gear up shift after re accel between 10-20 mph, and I have an 03 AV with 4300 miles on it with the same damm thing! You would think after 12 model years they could fix something so simple, I guess thats what you get when you buy a PROFESSIONNEL GRADE truck!!!!
 
Don't feel so bad.........I bought a GM product too. My brother always buys foriegn cars and ends up winning the " Mine is a more reliable car then yours" award every time. If GM lets me down, it will be foreign for me next time!
 
I'm thinking of a DODGE with the CUMMINS deis in it, all my related up north that farm have em . Great engine and trans (it would have to be) with 100k on most of em and 2 with 250k on em. AND those with 250k still walk circles around any truck I've ever Owned. It feels like your driving a 2 1/2 ton duece from the ARMY ( long time ago when I was young and dumb lol), the ride is a little stiff but you can work it to death and then some! I've rode in em and they ride a lot better with the new gen of em than the old ones, say 93 and older. So DODGE will be next, shhhhhhhhhhhhhhh! Don't tell anyone one I'm jumping ship, but I think it's sinking, FAST! Hey, there is always TOYOTA! (but iI did'nt say that out loud! :) )
 
rgramjet said:
Ok, after having waited on GM to get the 04's in, I went back and forth with my GM rep. He said that he could do a "Straight Repurchase" of my AV. I was under the impression that I would get all the money that I have paid into my truck...they are saying not. Here are the exact figures and what their exact settlement is:

Purchase price: $33,121.00
Less usage 954.72
Less incentives 2,002.00
Total
Repurchase Price: $30,164.28

The payoff on my truck is $16,218.91

Total amount to customer: $13,945.37

What they are missing is that I put down $12,000 on the truck when I bought it and Ive been paying $450 per month since April of 2002. I brought that up to my "friendly customer service" rep. She explained to me that a repurchase is when GM pays off your vehicle. I told her I need to digest the deal but Im not liking it, unless I get to keep the truck. Isnt sitting right, any opinions or suggestions would be greatly appreciated.
Click to expand...

As an auditor/accountant let me try to figure this out:

You bought the Av for (33,121.00) less the ($2002.00) in incentives or rebates for a purchase price of $31,119.00.

You put down $12,000 and borrowed approx $19,119.00

GMAC (or your lender) says you owe $16,218.91
Your total of payments (including April '02 and September'03 - 18 payments @$450.00) total $8,100.00.

Interest is front loaded on any loan, so yeah you paid about $6,000 in interest. This is why everyone is upside down on their cars if they trade them in before 3 years.

Try to think of it this way.

You paid $8,100 to drive your Av for 18 months - you couldn't have leased it for that price.

You're getting back $13,945.37. Could you have earned nearly $2,000 on your $12,000 in 18 months in this market, no way!

Dude - Grab this deal and get the '04 you want the way you want it before they change their minds. Your payoff will be different depending on the accrural of interest and any payments.

I wish I could get this deal every time I want a new car. I always seem to have to re-fi something from the old one.

Peace!
 
It doesn't sound bad, however, in some states, the manufacturer of the vehicle is supposed to pay the finance charges incurred by the purchaser.
Wisconsin's law:
refund to the consumer and to any holder of a perfected security interest in the consumer's motor vehicle, as their interest may appear, the full purchase price plus any sales tax, finance charge, amount paid by the consumer at the point of sale and collateral costs, less a reasonable allowance for use.

So, my advice would be to research the lemon law for D.C. or have a lemon law attorney review the deal prior to accepting it.
 
Here is some more information, From Maryland's lemon law:? 14-1502.

...the manufacturer or factory branch, at the option of the consumer, shall:
(i) Replace the motor vehicle with a comparable motor vehicle acceptable to the consumer; or
(ii) Accept return of the motor vehicle from the consumer and refund to the consumer the full purchase price including all license fees, registration fees, and any similar governmental charges, less:

So, it appears it is your option to request a replacement vehicle. Again, the best person to see would be a lemon law attorney.
 
In FL it is purchase price (-) usage.

If you financed it, you get the entire amount paid back, less the mileage (usage) charge.

 
70f7, I was planning on going the replacement route. My truck only had one option, the locking rear differential. MSRP was 36,045. When they replace your vehicle they charge the difference between msrp's plus my usage fee of $954.

Msrp, on the truck I want is 41+. With incentives on the 2003s I should be able to get a killer deal and not have to pay msrp on all the options and Ill get a better interest rate this time.
Thanks and good kharma to all for responding....for whatever its worth...lol
 
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