Oh! They call that district the rocket docket because cases go to trial so fast.
Extra, Extra....Read All About It!
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Transcripts of that trial may be worth reading. Would love to see how they spin greed into “unfair” practice
I will say I have never done this. It just seems like it would turn into a big mess real quick.
trib.al
US Car Buyers Are Deeper Underwater Than Ever on Their Old Loans
U.S. buyers are rolling record amounts of negative equity into their new car purchases.
trib.al
I will say I have never done this. It just seems like it would turn into a big mess real quick.
US Car Buyers Are Deeper Underwater Than Ever on Their Old Loans
U.S. buyers are rolling record amounts of negative equity into their new car purchases.
With all of the vehicles sold during covid, with huge dealer markups, this was inevitable.
I know someone at work who bought a Kia EV9, for something like full MSRP + $15k dealer markup. The hit on that... would just be brutal.
Tesla has been dealing with this for years. They have been successful in some states, not in others. The key here is if they can legally say that Scout=VW.Dealers file class-action lawsuit against VW, Scout Motors
Dealers file class-action lawsuit against VW, Scout Motors
Plaintiffs are seeking a jury trial, monetary damages, legal fees, and an injunction against Scout to stop it from selling vehicles directly to consumers. (5 min. read)news.dealershipguy.com
In the broader sense, there are workarounds. Tesla cannot sell cars in Oklahoma. But they have service centers and "galleries" wher eyou can go and look at the cars and do test drives. The person working there then guides you to a conveniently-placed computer with internet access so you can order your car through the website (that is located outside of Oklahoma). There are funny rules around financing (I think if you use Tesla Financing) that may force you into pickup your car in Kansas City but most of the time you can have it delivered to the Gallery.
I have a friend that sells Chevys and he says this is definitely a thing. He had someone try to trade in a truck that was $40k underwater!?I will say I have never done this. It just seems like it would turn into a big mess real quick.
US Car Buyers Are Deeper Underwater Than Ever on Their Old Loans
U.S. buyers are rolling record amounts of negative equity into their new car purchases.
$40k underwater! This is one thing I have made sure to instill in my kids. Don’t ever, ever do this. It’s never good.
It really doesn’t matter to me as far as my Scout is concerned since I’m planning on keeping her for the long run but found this interesting.
I personally think a lot of the depreciation hit on EV's in the US for the past few years, is because no one paid MSRP (ie, the effect of the tax credit when bought/leased new, reducing the price paid by $7500 for those that qualified). It also affected the used market too, because there was a $4k discount on the purchase of a used EV (if you qualified).
So I am curious if the depreciation will be as bad as it has been in the past.
I still think depreciation is larger for EV's. But all these are using MSRP for the starting point. But I paid 25% less than MSRP, which gives me a bit of wiggle room for depreciation.
Tell me you have never owned a Land Cruiser, without telling me you have never owned a Land Cruiser
Never but test drove one and it just didn’t feel like luxury to me. Just me I guess.Tell me you have never owned a Land Cruiser, without telling me you have never owned a Land Cruiser
I was basically homeless after my divorce and had to take out an 8% car loan to buy my 2004 GX470.I will say I have never done this. It just seems like it would turn into a big mess real quick.
US Car Buyers Are Deeper Underwater Than Ever on Their Old Loans
U.S. buyers are rolling record amounts of negative equity into their new car purchases.
Paid it off early last month.
Could not imagine trying to roll an old note into a new vehicle and be upside down with these current crazy interest rates.
Some people I know have $1,600/month note on their trucks because they trade them in every two years. Just can wrap my head around it. May as well be leasing.
They really stepped it up with the 200 Series. Very much a Luxury vehicle that can keep up with Jeeps Offroad. Heated and cooled leather seats. Super quiet cabin. Lots of features and creature comforts. Their traction control software is pretty incredible.Never but test drove one and it just didn’t feel like luxury to me. Just me I guess.
Definitely not a Rolls Royce but I wouldn't consider it a brutish utility vehicle.
People definitely have different opinions on Luxury vehicles.
Some people will argue that Rivians aren't Luxury vehicles despite all the fu fu features and an interior that feels like an Apple Store.
If anyone is interested in a deep dive into the DTC issue, I recommend the book Direct Hit by Daniel Crane. It's a fascinating look at the battles that mostly Tesla fought across the country in order to be able to sell direct to consumer. They had wins and losses in different states. It really lays bare the hypocrisy of the dealers and their lobbyists.
I bought the book on recommendation from Cody Thacker in one of his LinkedIn posts and I'm glad I did.
Absolutely!
My wife and I pay a car bank account every month and we only buy when we’ve saved enough to pay cash for the car.
Also never pay above MSRP when buying new, but I’ve been buying 1 or 2 year old cars the last few times…
The Scout will be my first new vehicle in 16 years!
It will be my first new car in 15 years. I can’t wait!
Y-OUCH!I will say I have never done this. It just seems like it would turn into a big mess real quick.
US Car Buyers Are Deeper Underwater Than Ever on Their Old Loans
U.S. buyers are rolling record amounts of negative equity into their new car purchases.
Yeah-blown away by how many people struggle to begin with financially then insist on new cars from predatory dealers
And they get the kids. We co-signed for the kids first cars because they were getting quotes of 18 to 20% interest!
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