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Buyback process?

jamin87ss

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jamin87ss Senior Enthusiast

jamin87ss

Posted
Posted

Can someone explain to me the buyback process, where they get the numbers from? Do they charge for mileage, and how long the process usually takes,

Thanks in advance, I tried searching but it's hard on my phone

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darkfox1 Senior Enthusiast

darkfox1

Posted
Posted

Are you replacing or refunding?

 

If you are replacing, they will "buy back" the vehicle by basically swapping collateral at your bank (if applicable) OR you will have to refinance the new vehicle, like a glorified trade in.

 

If the new vehicle has one PENNY of price difference they will ask you to pay it,but if you push back they may waive this. TTT are covered in a replacement.

 

In a refund (I did a replacement, not a refund.. cos I had negative equity.. otherwise I would have taken my business elsewhere) they buy out the original loan amount minus any trade value. So if you bought your truck for $32k and had $8k negative on your trade, you're left holding $8k. They also deduct dollar value based on mileage driven on the repurchased vehicle. I dont know the details of that dollar value or how its calculated however.

jamin87ss Senior Enthusiast

jamin87ss

Posted
  • Author
Posted

I will be replacing it, unfortunately there is a sticker increase, mine was 47950 sle crew all terrain, the same truck in a 2016 I can find for about 50800, unless I choose to up into a slt

20L8TSierra24 Senior Enthusiast

20L8TSierra24

Posted
Posted

If you have sufficient service records we thout a resolution, GM has a "trade in Assistance" program if you buy another. I got 5k from GM on top of the 35 that the dealer gave me for my truck. I paid 38500 otd for an LT 4wd and got 40 back for it. However, the incentives were less on the truck that I ended up with so it was pretty much an even swap and my payment went up $18 after every thing was said and done. I now have an LTZ Z71 4wd cc

TJay74 Senior Enthusiast

TJay74

Posted
Posted

As said there are 2 options, straight out buyback or trade assistance. I was told I was getting a buyback but when the deal was in mid process the dealer said it was a trade assistance deal.

 

As long as the number I had in my head was hit I didn't care one way or the other. Dealer appraised my vehicle and gave me a number. They gave that # to the GM Corp people that handle the buyback / trade assistance and they kicked back an assistance number. It was at the number I had in my head so I took the offer and gave the dealer my truck and picked up a new truck.

 

Dealer said GM is rarely doing a full on buyback since they have to re-title the vehicle and then GM has to auction it off, he said typically they (GM) will push for a trade assistance offer instead which then leave the dealer holding the vehicle and having to sell it down the road.

Haus_Z71 Enthusiast

Haus_Z71

Posted
Posted

Are you replacing or refunding?

 

If you are replacing, they will "buy back" the vehicle by basically swapping collateral at your bank (if applicable) OR you will have to refinance the new vehicle, like a glorified trade in.

 

If the new vehicle has one PENNY of price difference they will ask you to pay it,but if you push back they may waive this. TTT are covered in a replacement.

 

In a refund (I did a replacement, not a refund.. cos I had negative equity.. otherwise I would have taken my business elsewhere) they buy out the original loan amount minus any trade value. So if you bought your truck for $32k and had $8k negative on your trade, you're left holding $8k. They also deduct dollar value based on mileage driven on the repurchased vehicle. I dont know the details of that dollar value or how its calculated however.

 

When you say a penny more, is this based off of retail price or sale price ?

darkfox1 Senior Enthusiast

darkfox1

Posted
Posted

It's based on MSRP.

 

I got a good bit off on my 15, and then when they had no more 15s, applied that discount basically to my 16, even tho it was not on sale to that level.

 

In that way, this can be a "made out like a bandit" moment, I suppose.

darkfox1 Senior Enthusiast

darkfox1

Posted
Posted

As said there are 2 options, straight out buyback or trade assistance. I was told I was getting a buyback but when the deal was in mid process the dealer said it was a trade assistance deal.

 

As long as the number I had in my head was hit I didn't care one way or the other. Dealer appraised my vehicle and gave me a number. They gave that # to the GM Corp people that handle the buyback / trade assistance and they kicked back an assistance number. It was at the number I had in my head so I took the offer and gave the dealer my truck and picked up a new truck.

 

Dealer said GM is rarely doing a full on buyback since they have to re-title the vehicle and then GM has to auction it off, he said typically they (GM) will push for a trade assistance offer instead which then leave the dealer holding the vehicle and having to sell it down the road.

 

 

The repurchase is basically a fancy trade-in. But its fancy in all the right ways.

 

My swap didn't cost me a penny, I picked one out, waited about 3 weeks , they covered tax tag title collateral swap paperwork etc. I dropped off the loaner I'd been in for 2 months, and picked up my truck.

 

That being said........ I dont have my 2016's registration yet.... and I'm not sure why. I am going to call the tag people tomorrow to find out.

Haus_Z71 Enthusiast

Haus_Z71

Posted
Posted

It's based on MSRP.

 

I got a good bit off on my 15, and then when they had no more 15s, applied that discount basically to my 16, even tho it was not on sale to that level.

 

In that way, this can be a "made out like a bandit" moment, I suppose.

 

Man I was so excited when I thought they were going to offer a buy back and get me in a 2016. But instead they are just going to redo my rusty frame again. And once again it will peel off and I'll be back in there.. Hoping for that buy back.

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