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ED and trade-ins
Hi everyone - I am a newbie on this forum but I am happy I found a discussion on this topic..
I am considering bringing X3 from Europe this fall (or buy FX35 here)I am still undecided between the two and I keep changing my mind.
But what I really wanted to ask is can you do trade-ins with ED? How does it work? If you can do you turn in your trade-in when the BMW gets delivered here?
Thanks!
| | Reply » ED and trade-ins |
Quote: Hi everyone - I am a newbie on this forum but I am happy I found a discussion on this topic..
I am considering bringing X3 from Europe this fall (or buy FX35 here)I am still undecided between the two and I keep changing my mind.
But what I really wanted to ask is can you do trade-ins with ED? How does it work? If you can do you turn in your trade-in when the BMW gets delivered here?
Thanks! | When you do ED the actual purchase date is 15 days prior to pick up in Europe. At that time the car must be paid in full. That day you give your down payment, trade-in, and sign financing papers. Since it will be another 2-3 months until you get your X3 stateside, the tricky part is that you cannot just tell the dealer that you will turn in your car when you get you X3 since that will literally mean he is giving you a free loan for that period of time. BMW drafts the total purchase price against the dealers account 15 days prior to ED delivery. So if he giving you $8,000 for your trade-in, he will have to cover that difference.
An option would be keep your car and give as much downpayment as you can. When your X3 gets redelivered then sell your other car. You wil get a lot more for you car that way than trading it in. I did that and got thousand of dollars more for my previous car. I then refinanced my loan and even got a better interest rate.
| | Reply » ED and trade-ins |
Quote: When you do ED the actual purchase date is 15 days prior to pick up in Europe. At that time the car must be paid in full. That day you give your down payment, trade-in, and sign financing papers. Since it will be another 2-3 months until you get your X3 stateside, the tricky part is that you cannot just tell the dealer that you will turn in your car when you get you X3 since that will literally mean he is giving you a free loan for that period of time. BMW drafts the total purchase price against the dealers account 15 days prior to ED delivery. So if he giving you $8,000 for your trade-in, he will have to cover that difference.
An option would be keep your car and give as much downpayment as you can. When your X3 gets redelivered then sell your other car. You wil get a lot more for you car that way than trading it in. I did that and got thousand of dollars more for my previous car. I then refinanced my loan and even got a better interest rate. | Or, if you are set on "trading it in", make an agreement in writing with the dealer (ideally on your purchase agreement for the new car) that states that the dealer will guarantee to buy the car for $xx up to a certain date, which can be timed with your expected redelivery date. Of course, you'll have to pay everything up front and won't get the credit for the trade, but you are making arangements for the dealer to buy the old car off of you when the new one arrives in the US.
Or, you could try selling it to a used car store like Carmax, etc. They might even pay a little bit more.
| | Reply » ED and trade-ins |
Quote: Hi everyone - I am a newbie on this forum but I am happy I found a discussion on this topic..
I am considering bringing X3 from Europe this fall (or buy FX35 here)I am still undecided between the two and I keep changing my mind.
But what I really wanted to ask is can you do trade-ins with ED? How does it work? If you can do you turn in your trade-in when the BMW gets delivered here?
Thanks! | I think the trading in part can jeopardize your ED pricing. Seing that many dealers are not very fond of Ed, I would try to sell the car on my own and you will likely get a better deal on both. I have found when dealing with trade-ins I try to negotiate the purchase price first and then bring up the trade-in, but that tends to be tough to do. Don't recommend trading in with ED. I also doubt the dealer wil let you drive the car until your ED vehicle arrives at home. Just my opinion and experience with trade-ins. 
| | Reply » ED and trade-ins |
Quote: | I think the trading in part can jeopardize your ED pricing. Seing that many dealers are not very fond of Ed, I would try to sell the car on my own and you will likely get a better deal on both. I have found when dealing with trade-ins I try to negotiate the purchase price first and then bring up the trade-in, but that tends to be tough to do. Don't recommend trading in with ED. I also dought the dealer wil let you drive the car until your ED vehicle arrives at home. Just my opinion and experience with trade-ins. | Just to make his point. The dealer assessed my 96 328 with 77K miles to be $7,500
I sold it on my own in 2 weeks for $10,500 I would of sold it in 3 days if I didn't have to fix the ABS pump. I sold the car to the 2nd guy I showed to and the trouble is well under $3k I end up getting over trade in.
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ED and trade-ins