Toyota sold me a frame-damaged IS
06-22-11, 09:20 AM
#106
Driver School Candidate
Join Date: Jun 2011
Location: IL
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Yeah, I don't seem this really helping you much, however, he is kinda right about the taxes/title thing.
In Illinois, you only pay tax on the net purchase. So if you buy a $25,000 car and trade in a car worth $20,000, you only pay taxes on the $5,000 (so your taxes on the new car would only be $350 vs $1750 based on 7%). Title and other fees would still apply (around $150 in IL.)
In Illinois, you only pay tax on the net purchase. So if you buy a $25,000 car and trade in a car worth $20,000, you only pay taxes on the $5,000 (so your taxes on the new car would only be $350 vs $1750 based on 7%). Title and other fees would still apply (around $150 in IL.)
06-22-11, 09:45 AM
#107
Hmmm, well then taking all this into account it seems to me that I'm just getting pushed onto another dealership.
He's gonna come with me to the other toyota dealership to help negotiate on my behalf for the best deal possible in terms of new vehicle price, old vehicle trade in and my apr loan rate.
Which means that my $2000 downpayment would be gone since it is at another dealership, unless then work out something to raise and lower the new car old car price to make up for this.
When I talked to this guy about my downpayment, he said that that just covered the titles taxes and fees. Which would mean that I would pay titles taxes and fees again on the new car.
And seeing as the car has been in an accident, the trade in value is going to drop quite a bit
He's gonna come with me to the other toyota dealership to help negotiate on my behalf for the best deal possible in terms of new vehicle price, old vehicle trade in and my apr loan rate.
Which means that my $2000 downpayment would be gone since it is at another dealership, unless then work out something to raise and lower the new car old car price to make up for this.
When I talked to this guy about my downpayment, he said that that just covered the titles taxes and fees. Which would mean that I would pay titles taxes and fees again on the new car.
And seeing as the car has been in an accident, the trade in value is going to drop quite a bit
You should be adamant that you are not taking a loss for trading your car due to the fact that its been in a crash. that is something they need to address.
based on my previous post, if you can determine those 3 values.. then at the end it doenst matter what they are "rolling" into your taxes and fees or adding into your trade in or giving you a break on the new price. As long as you have those 3 values and the net amount is that you do not take a loss, then you are good.
whether you can deduct the trade in value from the taxable value should not matter to the dealer but can only benefit you if that was the case where you only pay the tax on the difference of your trade in.
also keep in mind this article. Used car values currently are rising or at all time highs.
http://money.cnn.com/2011/06/21/news...cars/index.htm
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