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If i'm receiving credit on a vehicle should that show on contract? and should the total amount owed on the trade in be added rather than just the diff

1 Answers. Asked on Jan 14th, 2017 on Consumer Law - New York
More details to this question:
I recently visited a used car dealership looking to trade in my old vehicle for another. I owed $14,950 on my old car loan, the dealer told me they would pay $6,000 for my trade, which left me with a difference of $8,950. The finance manager said they would tack on the difference of the amount owed on the old vehicle to the price of the new one (which originally was $23,600) making the total selling price of the new vehicle $32,550(23,000+8950). He did this off contract so the subtraction of $6,000 is no where on paper. Since that calculation was done off paper the starting selling price of the vehicle on the actual contract is $32,550. What I noticed was they also added the whole $14,950 to that price as well as boosting the total with taxes and fees ($1,763.91 NY tax, $37 inspection, $265 registration, $75 doc fee) which totaled $36,965. I argued the final price and the finance guy explained the math saying that his numbers were right, I feel he charged me the 8,950 twice.
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Answered on Jan 15th, 2017 at 9:14 AM

He did charge you twice, but you agreed in the contract.  If you signed it, you are going to have a tough time now showing there was a different deal.

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Consumer Law
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