Well , good ole'Brenda Boyd called me today at work from the NCDS .
Brenda was a very cheerful woman and very polite , if not fully informed .
I had originally indicated on my reply that I wanted more info on both the
buyback and the trade , but she led straight to the buyback option .
She broke it down like this :
1) Reimbursement of all payments made
2) Reimbursement of all downpayments
3) Reimbursement of net-trade value
4) reimbursement of any and all fees and taxes paid at lease inception
5) reimbursement of any mods with receipts
6) no mileage charge
7) Minus any rebates that applied to the original deal
Well , it sounded very good at first , but the term 'net-trade value'
bothers me . I asked her if that is what they pay to pay the truck off ,
and she was honest and said she didn't know exactly what the term meant . I
told her that if she didn't know for sure , I would rather her not tell me
anything definite . She agreed and said that she was at the first level of
contact , which just meant that she was basically the one that makes first
contact and gets the owner/lessor to submit all the paperwork . After that
, she said that it goes to another level of people who actually crunch the
numbers .
She gave me two fax numbers to send the stuff she needed to , along with
her full name and number and extension number , as well as the mailing
address .
She said that there is nothing binding by submiting the paperwork and that
you can always back out of the deal .
I did not mention anything about the CALS at this time .
My fear here is that when they say 'net-trade value' that they mean what
the current trade-in value is for the truck . Now after checking with Kelly
Blue Book , Edmund's , and the NADA web sites , I came up with an average
retail value for all three of only $18603 and an average trade-in value of
only $15352 ( NADA only gives retail and not trade-in on their site , so
only the other two were used for trade-in) !!
Now I have made 17 payments at $476.25 for a total of $8096 .
Total paid at lease inception was $988.38 + or - .
There were no rebates indicated on the lease .
Mods come out to about $900 or less .
I believe when I called before and asked First Union about payoff because
there was a factory defect , which is *MUCH* less than if you try and buy
the contract out , it was about $24k give or take .
So here is how I would shake out if my theory about 'net-trade value' is
correct :
Payoff : $24,000
- Payments made: $8096
-'Net-Trade Value': $15352
- Initial fees: $988
- mods: $900
------------------------------
Jack gets back: $1336
If this is indeed how they are gonna try and rig it , *FORGET ABOUT IT*!
Now , if they would payoff the truck and give me back all the other money ,
then *maybe* I would do it , but not this way .
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W. Jack Hilton III
http://webpages.charter.net/hemi/jbd1.html
ICQ#: 32611901
AOL Instant Messenger: "DwnSth69"
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This archive was generated by hypermail 2b29 : Fri Jun 20 2003 - 12:17:52 EDT