[relee]

My daughter has a 2020 Base Rav, she gets a call from the dealer saying we are willing to take your Rav and give you a new one keeping your original contract. They say big demand for used ones.
I said to her sure get it in writing, dont sign anything and lets see.
I say B.S.

 

[M70]

That sales ploy has been around for years with several versions. Some claim that they have a waiting list for the ones with the same color or options . There is almost no way she will have the same contract .

 

[relee]

That sales ploy has been around for years with several versions. Some claim that they have a waiting list for the ones with the same color or options . There is almost no way she will have the same contract .

I told her that, but Ill get the contract and see.

 

[katekebo]

It's a simple math "trick". Let's say your daughter's 2020 car is on a 60 months loan. So by now she has paid ~40% of the original value, assuming reasonable interest rate. What the dealer will offer you is to take your old car, and give you a new one on another 60 months loan, with the same monthly payment as the old one.
The dealer will cash whatever difference there is between the remaining loan balance and what they can sell the car for.
Some people fall for this trick because they like the idea of driving a new car without paying more every month. What they don't realize that instead of paying for a car for 5 years, not they are on the hook for 8 years (the 3 years they already paid + the 5 "new" years).

 

[relee]

I just got a copy of the contract, and as I thought its BS.
I told her tell the dealer to $%#@ OFF
katekebo is spot on
Thanks.

 

[got-rice]

I say B.S.

Dealers gonna do dealer things

 

[NameofUser]

… dealer saying we are willing to take your Rav and give you a new one keeping your original contract.

F’ them. Interpret original contract as the remaining time left. They want to give me a new car w/ only 3 yrs left to pay, as I am already two years into paying off the old one they want to take. Let’s trade.

Give them 1 star Yelp review by:you, daughter, friends, etc, pass the word
Give them 1 star Googlemaps review by: you, daughter, friends, etc, pass the word
Contact Toyota Canada to complain; just to lodge a complaint. Bastards won’t do crap.
Contact Canada Car dealer regulator.
Make A TicTok, Instagram, Tweet, etc video/post spreading the evils of this shady dealer.

Pile the crap onto crap dealer.

 

[Catanzaro]

What they are doing is starting fresh.

If she had a 5-year loan, she can walk into the dealership, and grab a new one with a 5-year loan for the same price. This does not mean anything until you get there, but if she only has say 36 months left on the loan payment, there is no way they will honor this.

 

[Yamahog]

It is possible, with used cars selling at new prices, but what would the dealer make out of the deal.

My toyota dealers don't have any NEW cars for sale, only trucks and SUV's on the lot.

I paid 38k for my 21 avalon hybrid NEW in January '21, and they are selling used at 43k

 

[Catanzaro]

I stopped by the Toyota dealer in Freehold NJ yesterday. A few weeks ago (3 weeks approximately) it appeared there were more used cars. To make matters worse, a 2020 Toyota Corolla Le or base model with 57,000 miles showed a sticker or market price of $25,700. This silver car had hub caps, and dings (at least 10) and was not the cleanest, let alone scratches. It is truly unbelievable how the market is and has not changed. Shoot, you can get a new one for $32,000 out the door, XSE for 2023 as long as you are not picky with the color, have time and patience, and do not need a car immediately.

I checked the website and not showing up, maybe a mistake. However, they are carrying a considerable premium these days. If someone has an extra $10,000 to put down, a new car is a way to go. You will retain the deposit in the vehicle. As long as you do not pay over MSRP.