Question Regarding a New Car Purchase

I don't really have anyone who's knowlegable enough in the automative field to speak with, so I figured I'd ask a few questions online.

My dad recently traded in his 2005 Toyota Corolla for a 2007 Toyota Camry. He'd already paid nearly $9,000 for his Corolla and only had a year or so (maybe 2, not sure about that, either) worth of payments left. He only had about 35,000 miles on the car and it was in absolute perfect condition. He used every excuse in the book as to why he wanted to trade it in, some I'm almost embarrased to tell others about. He doesn't speak english well and always does spontanous moves...BIG moves like buying a car, without asking a soul to help him. Anyway...

My question is this:

1.) Even tho' he owed about 7, 8, or $9,000 (not too sure how much), shouldn't he have gotten SOMETHING knocked off of the price of the 2007 Camry as a trade-in or does he completely lose out on what he paid for that vehicle? They pretty much just told him that they will pay the remaining balance. So he got nothing for his old car and ANOTHER freakin' five-year payment that's $100.00 more than what he was paying for his old vehicle.

2.) IF he wanted to (meaning if I was able to talk him into it), would it be possible to return the car and get our OLD vehicle back? Is it possible? Not possible? If possible, is there some kind of fee? Any info is greatly, greatly appreciated. I'm not sure whether I'm blowing this out of proportion or not, and that's why I thought I'd come on and ask you guys.

Thanks in advance,
-Anthony Taylor

1. They will give you what the car is worth to them so they can still make a profit. Trading in isn't always the smartest thing to do finacially because of this...you can sell privately and get more for it.

2. I think you have 3 days...after that they don't have to give you back anything at all. Within the 3 days all you could really do is take the car back anyways because they might've sold/auctioned the trade in.

I hate to be the bearer of bad news, but there is no cool of period in auto sales. Once he signed the contract for the financing and took delivery of the car, he owns it.

It is better to sell your trade privately, then buy a new one.

Anthony,

You did not say what kind of financing the Corolla had.

Was it a lease, where there is a "buyout" at the end of the lease period?

Cars on leases usually are worth the same or less than the amount owing on the lease, due to mileage and depreication. Whoever takes the car in trade is financially responsible for all remaining lease payments.

Therefore, the car has no value.

I hate to be the bearer of bad news, but there is no cool of period in auto sales. Once he signed the contract for the financing and took delivery of the car, he owns it.

It is better to sell your trade privately, then buy a new one.

I know in IL you have 3 days, but you have to pay for every mile you put on the car...it's not something they'll tell you at the signing but I know a couple people who've taken advantage of it.

Depends on your state. In KY, you have 24 hours (and you do have to pay a surcharge for miles put on the car).

While his trade in value didn't seem great...that's pretty much how it goes. Trade-ins take into account everything the dealer is going to have to do to the car service wise, as well as a lot fee, etc. It sounds like he should've gotten a bit more for it...but having not seen/driven the car, I can't tell you for sure.

Good luck on whatever happens.