airjar replied: "There is a difference in the dollar amount a dealer will pay for a trade in versus what you would sell it for because the dealer will have to recondition the vehicle. They run it through service (oil change, etc.), repair anything (brakes, tires, etc.), detail it so it looks good and then have to sell it and make a profit.
You can sell it yourself and get a little more than trading it. However, this will take some time and a 2001 will require either someone with cash, or someone that can get a bank loan regardless of the year of the car (8 yrs. old). When you trade it, the sales tax amount of the value of the car will be deducted from the sales tax you pay on the 'new' car.
Say your car is worth $4000 and your local sales tax rate is 7%. You get a $280.00 sales tax credit against the sales tax you will pay for the new car. Say the new car is $10,000 and the tax would be $700. Now your tax is $420. So instead of trading your car for $4000, you got $4420 for it.
Go to kbb.com and put in your car's details. Select 'private party value' for an idea of what you can expect to sell your car for on the open market and then select 'trade in value' to see a range of what a dealership would give you for your car. Make an informed decision.
If there is a large difference and you feel your car is above average, advertise it for sale and do a few things to make it attractive to the next owner. If there is not a lot of $ difference, look around and take the best deal."
UCANTCME replied: "Negotiation is the process of discussing the price and terms of a used car, eventually arriving at an agreement between the buyer and seller. Any well-informed buyer can negotiate a fair deal using the following steps.
Make an offer. It should be 15% to 20% below the maximum amount you would pay so that there is room to bargain. You may be asked about a trade-in or be urged to sign up for dealer financing. To both questions, say you are undecided. Your goal at this point is to get agreement on the car price.
Your first offer will likely be rejected. Your second offer should not split the difference between your first offer and the seller's counter offer. It should split the difference between your first offer and the maximum amount you will spend. You can use the cost estimates of repairs supplied by your mechanic to help negotiations.
Making an offer at a used car Superstore with no-haggle prices requires a different strategy. If you cannot negotiate on price, consider other aspects of the sale, such as more attractive financing, a higher trade-in price, or a longer/more inclusive warranty.
If you reach a price standoff, change the situation by taking another look at the car. Using the Buyers Inspection Checklist, you may notice problems you overlooked previously. At this point, do not agree to a deposit since you have no contract, only your offer. A deposit may give the seller the leisure to negotiate a higher price.
Some buyers feel at ease making several offers and counter-offers, simultaneously negotiating for better warranty coverage or additional equipment. They may give up $50 to $l00, but they expect something in return. If that is the case, be sure to write down any promises made by the salesperson.
Your last offer should be close to the maximum amount you would pay for the car. Be ready to justify your offer as reasonable and fair by showing how you arrived at it. Make it clear that this offer is final. If the dealership rejects it, be prepared to walk away. The salesperson may catch you in the parking lot or phone you the next day.
If the salesperson accepts an early offer but then says that the sales manager will not approve the deal, it is likely that you are being low-balled. That is, a low offer is initially accepted by the salesperson who knows it will be rejected so that a higher price can be reached in further negotiations. If that happens, leave, because low-balling is a form of dishonesty."
CHASE CREDIT CARD:adversary proceeding? My parents, aged 78 and 74, were forced to file bankruptcy in April 08, after my mom's second stroke. They had previously purchased a motor home where the seller had taken gross advantage of them-and found a lender to oblige. They owed much more than what it was worth, and after my dad spoke with the bank trying to get them to simply repossess it, he found that they could not due to the fact that they would still be reponsible for the remaining balance (which would be approximately $40,000.00) after the bank would re-sell at its current value. He recommended they file bankruptcy. They filed on only what they needed to, the motorhome and their credit cards. Three months prior to the bankruptcy, (before they had a clue they were going to have to do this) dad traded their truck for a Ford Taurus that Mom could get into more easily. He put $7,500.00 on his Chase credit card to make up the difference between what he got from the truck and the price of the car. The car loan was not included in the bankruptcy and they are still paying for that, but the $7,500.00 was included, as it was a credit card charge. At the time of this transaction, he had no idea he was going to be filing bankruptcy. Now Chase has filed an adversay proceeding against them for the $7,500.00 amount. Their bankruptcy attorney is wanting them to retain him for an additional $1,500.00 which they do not have. Do you have any suggestions on how to persuade Chase to drop this without making my parents make another long trip (2 hrs) to New Albany? They are already very embarrassed about the entire bankruptcy, and now to be called a thief is almost more than they can endure. My dad is hard of hearing and my mom can no longer walk without assistance. This is absurd. Any advice you can give will be greatly appreciated.
Frank Thosmas replied: "Creditors can object for recent usage just prior to a bankruptcy, and Chase has done so. Usually, the creditor will be willing to negotiate a settlement, where they would make monthly payments to pay back the recent usage amount over time. Now, you can also fight the adversary -say the usage was outside the statutory time frame, large payments were made, etc. etc. That is the $1500 fee the attorney is charging, as that is basically a trial within the bankruptcy proceeding.
Reccomend Reading About Chase Credit Card:
Review:Chase Credit Card Article:
Chasing a Chase Credit Card Articile"
Watch IT! replied: "To say it's absurd is a gross understatement."
need help with accounting question? 1. Which of the following should be included in the acquisition cost of land?
A. Delinquent property taxes.
B. Title transfer and insurance fees.
C. Sales commissions.
D. Surveying fees.
E. All of the above.
2. Recording depreciation expense
A. reduces both net income and the amount of cash generated by a company.
B. does not affect net income or the amount of cash generated by a company.
C. reduces net income and increases the amount of cash generated by a company.
D. reduces net income but does not affect the amount of cash generated by a company.
E. None of the above is correct.
3.A company that has a policy of trading in its fleet of delivery trucks every three years in comparison to another company with a policy of trading in their trucks every five years would most likely have
A. a higher estimate of residual value at the beginning of their useful lives.
B. a lower book value at the end of their useful lives.
C. more in accumulated depreciation at the end of their useful lives.
D. Both B and C.
E. All of the above.
4.Which of the following would be classified as an operational (fixed) asset?
A. Land purchased and held for sale by a realtor.
B. Land purchased and held for development by Wal-Mart as a new store site.
C. Land and buildings owned by Toys “R” Us that are store sites closed due to restructuring and consolidating operations.
D. A Ford Motor Company manufacturing plant used to manufacture the Taurus line in Dearborn, Michigan.
E. All of the above are classified as operational (fixed) assets.
5. KK Company bought a delivery truck for $62,000 on January 1, 2009. They installed a rear hydraulic lift for $8,000 and paid sales tax of $3,000. In addition, KK paid $2,400 for a one-year insurance policy and $500 for registration fees. They estimate the useful life of the truck to be 10 years and its residual value to be $8,000.
What amounts connected to the truck's acquisition should be expensed during 2009 other than depreciation for the year?
A. $5,900
B. $13,900
C. $500
D. $2,900
6. On April 1, 2009, Kolbe purchased a car that cost $35,000 which had an estimated residual value of $5,000 and an estimated useful life of five years. To the nearest dollar, what is the amount of depreciation that should be recorded on the car for 2009 using the straight-line method?
A. $4,500
B. $5,000
C. $5,200
D. $5,600
E. None of the above
tacoeater24 replied: "1. E
2. D
3. A
4. D
5. D
6. A"
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