I received the a quote for an Ariya Platinum AWD in the Seattle area and have a trade-in. I’m a total newbie. I owe $13,400 but want to trade it in for about $22,600. I got that from a quote from Carmax. So, they’ve increased my payoff to $20,600 and listing my equity to be $2,000 that will go towards upfront fees. So is it safe to assume the difference ($7,200) will be returned to me in a check?
Is this deal okay? I’m looking at the 36 month term. Should I try to negotiate more? I’m also in the hunt for an Ioniq but it’s been hard… No one in WA is willing to reduce their price.
Definitely NOT safe to assume that. The dealer can’t change your payoff. The way it’s listed it appears you only have $2k of equity and I would not expect to get any additional $$ back.
You need to clarify with the dealer why they show your payoff at $20,600 when it should be $13,400. Are you trading in a car you currently lease where the bank charges a different payoff to 3rd parties by chance?
I actually had $14,000 of equity when I bought this car so I went back to my finance contract and the dealership that I bought my current car from did the same thing. They up the payoff and during financing write an IOU.
Then I would just make doubly sure that the amount you are due back is in writing somewhere. The last time I did something similar I laid everything out in an email.
