Early trade-in handover/payment procedure ??

[bluefrog]

Dealer wants me to hand over my trade-in car a month before delivery of the new car so that the trade-in keeps it's value, and will supply me with a loan car until delivery time. Does anyone know what the usual procedure is regarding payment for trade-in, ie. do they pay my finance/lease company prior to me handing over my car???

I'm extremely reluctant to handover without payment in case the Skoda dealership goes belly up.

Thanks in advance.

[brad]

I've handed over my car early a couple of times. No dramas. The first time they even gave me a mini-bus because I had friends coming from O/S & we needed extra seats. Did 3,000km in 4 weeks.

In both cases I negotiated a reduced insurance excess of $1000.

[wai]

I'm extremely reluctant to handover without payment in case the Skoda dealership goes belly up.

I would be asking for the value of the trade in to be deposited to my bank account before I did this. Dealerships can go at any time, and once they have your car in their hands, if thing go bad, you will never see the car or the money.

This does not mean they will go bad, it is a balancing of the risks.

In line with your query, I would not. When the trade in was valued, this would or should have been taken into account.

[bluefrog]

thanks, I've decided that they won't be laying eyes on my car without the $$$ in the bank first ; )

[peedman]

Looks like you have already decided what to do but normally they offer to either give you a cheque for the trade in or they take that amount off the balance of the car.