In and Out trade thru Dealership

harrolldean · 02-12-2008, 07:13 AM

Just need some advice.

I'm looking at selling my truck tomorrow. The buyers want to go to the dealership and do what's called an "in-and-out". I don't know much about how this process works, but from what I think I know, we will both meet at the dealership, the dealer buys the truck from me, then immediately turns around and sells it to the buyer.

Here's what I'm trying to find out:
(1) is this really how it works - seems way to easy
(2) I still owe money on my truck... does the dealership pay this off when they buy it from me?

**t22a80** · 02-12-2008, 07:25 AM

I'd talk to someone at the dealership and see how they would do it for you. I've never heard of this before.

Clancy · 02-12-2008, 08:09 AM

Dont understand that either - why would the dealer want the exposure if they're not making money on it?

EVO8 · 02-12-2008, 08:21 AM

Whatever the deal, just make sure that it's paid off from your bank and make sure you read everything you sign. Never heard of such a thing but there's always a first for everything.

harrolldean · 02-12-2008, 08:28 AM

the dealer will charge a fee of $500-$1000 to do the in-and-out.

for example: I owe 16,200 on my truck. The couple buying my truck agreed to buy it for 16,000. So, we meet at the dealer, and the dealer buys the truck from me for 16,200 (to pay it off and release the title), then they turn around and immediately sell it to the buyers for 16,200 + their fee ($500-1000). They buyer agreed to pay $16,000 + the fee... so I have to throw in the extra $200.

At least this is how I THINK it works. I'm trying to get my attorney on the phone as I type. I'll be danged if I'm getting screwed out of my titan!

MrJonMan · 02-12-2008, 12:31 PM

so you're selling your truck and paying $200 to do so? Not only will you not have the truck but not even a few bucks in hand to put towards anything else?

FireCapt103 · 02-12-2008, 06:39 PM

What's the "advantage" of doing this? Dealer financing? Seems like selling it outright would have worked out better for you.

FaFaFooey · 02-12-2008, 06:46 PM

Why can't the buyers just get their own financing and you sell directly to them for your payoff? I've never heard of doing it this way....seems like wasted money for you AND the buyers.

yscty · 02-12-2008, 07:02 PM

Quote:

Originally Posted by FaFaFooey

Why can't the buyers just get their own financing and you sell directly to them for your payoff? I've never heard of doing it this way....seems like wasted money for you AND the buyers.

Sometimes it's easier for buyers to purchase a used vehicle through a dealership, especially if they have sub par credit!!! Lot's of finance companies out there that deal with below avg credit only go through dealers and won't take on the consumer one on one. + because certain finance companies might have the LOT loans on that dealership they will hit the dealer with fees if that person with below avg credit defaults on the loan. So it is much safer for the lender that way.....JMHO

**Arachnid** · 02-12-2008, 07:15 PM

Quote:

Originally Posted by yscty

Sometimes it's easier for buyers to purchase a used vehicle through a dealership, especially if they have sub par credit!!! Lot's of finance companies out there that deal with below avg credit only go through dealers and won't take on the consumer one on one. + because certain finance companies might have the LOT loans on that dealership they will hit the dealer with fees if that person with below avg credit defaults on the loan. So it is much safer for the lender that way.....JMHO

That's it, and the dealer usually charges a flat flee to the buyer.

harrolldean · 02-13-2008, 12:24 PM

well, this in-and-out thing turned to crap. Last night my wife realized that she was the only one on the title, my name was not on the loan. So, we were concerned that the dealership wouldn't be able to do the deal w/ me (wife had to work, couldn't make the trip to Austin). So, this morning I call our attorney, and he says, "no problem, just have the dealership fax a power of attorney to your wife and she can fax it back". So I call the dealership and ask if they can do this. The guy there (who happens to be the GM) got very upset and said, "no, absolutely not. I have to witness the signature. I can't believe your lawyer would even suggest that!! Now I don't feel like helping you out. The deal is off!!" At this point I call our attorney back and he pretty much said the dealership was stupid. The whole point of a POA is to be there when someone CAN NOT sign something in person. Yes, my wife would have had to sign it in front of a notary public, but she should not have to be there in person. if she was, why have a POA. She could just sign the stuff herself. Dumb Dealership! Also, the attorney pointed out 2 things: (1) who is going to verify the check from the buyers?? it could be totally bogus or bounce (2) if the funds are good, whose to keep the dealership from not paying off my loan and just keeping the cash, or holding on to it too long and letting the payoff amount go up. He advised having the buyers send their payment direct to Nissan Motor Acceptance to pay off the loan, then meet at the county tax office (or w/ an attorney) to sign all the paperwork/title.

I told the buyers this was there only option if they still wanted the truck. Otherwise, its going back on the market.

So, if anyone wants my truck, I need $16,200!!

EVO8 · 02-13-2008, 05:32 PM

Why does your buyers want to go through this mess. Tell them to go to the bank and get themselves a loan and buy your truck.

yscty · 02-13-2008, 05:36 PM

Quote:

Originally Posted by EVO8

Why does your buyers want to go through this mess. Tell them to go to the bank and get themselves a loan and buy your truck.

It's not always that easy!!!

EVO8 · 02-13-2008, 06:22 PM

Then they obviousely can't afford it. Word to the wise, "don't buy something out of your price".

yscty · 02-13-2008, 06:35 PM

Quote:

Originally Posted by EVO8

Then they obviousely can't afford it. Word to the wise, "don't buy something out of your price".

That's absolutley not always the case!!! Do realize what type of credit you need to have to qualify for an Auto Loan from your local bank??? Word to the wise, "Just cause someone has sub_par credit doesn't by anymeans mean that they can't afford it!!!"