buyback program

So has anyone here done the buyback program? I got a note in the mail from toyota saying they will do the trade/buy back program and give me 25k for my truck. its an 07 and i only paid 26.5 or 27 for it (cant remember). i owe about 9 to 10k. KBB says my truck is worth about 21 to 22k. it seems to me like i would be an idiot not to do this, but i'm not sure.

also, when i got the truck my credit was on the border of good and excellent and i got stuck with 6% interest rate. if i buy another one i'm assuming i can get a super low rate since the economy has tanked since i got my truck and my credit has done nothing but go up. i welcome all feedback

 

What is this buyback you speak of? I havent heard of this.

 

here's how they explained it to my co worker. right now more people want used cars than new ones. so they contact people who bought new and offer them ALOT of money for their vehicle. they come in and trade out for a new one. this way, the lot now has a used vehicle to sell, and they got rid of a new one, which are hard to sell in this economy. i get lower payments an a newer vehicle with a warranty, and the lot gets a used car and gets rid of a new one. i dont think its a scam at all. my concern right now would be tansfering all my suspension parts and stuff over. i dont know if they would be willing to do that as part of the deal or if they'd want to charge me a fortune to do it. I also hate the LED tail lights

 

Yea, I figure its a marketing ploy, but if they submit in writing they will give nd 25k sight unseen it sounds like a good deal provided they arent marking up the price of a new truck. Curious if anyone has taken the bait and went to the dealer to research it further...

 

still don't see why they would be willing to pay 3 or 4 grand over the market value

 

Uh Oh, you have disapoiinted chris! With 2 i's!!!

 

I know...see it all the time. Some of them crack me up

 

Go git a brand new one and trade out those led tails!
Lots of folks on here want em'.
Also don't forget the new truck smell once you get to the dealer ...its a luring ploy for sure!

btw ...What color you gonna get?

 

The dealers pay a ton more to have a new car on the lot compared to a used one. They can afford a small loss by making an offer for your used truck an unloading a new one. Look and see how long their vehicles have been on the lot and that will give you an indication on how low you can make an offer.

 

i understand it would not benefit someone who was upside down on their loan. but i owe 9-10k, and i got a piece of paper with my VIN and an offer of $24,866 even if i bought a truck at MSRP i'd still have a smaller loan and lower interest rate than i do now, with a truck with a warranty. my point is, i owe so little, and they are willing to give me so much, it really kinda makes sense. i've never been the type to go and trade in cars or do leases or stupid shit like that. i like to buy something, pay it off, hten own it. but even if i pay MSRP it still seems to make sense.

well, i have a black truck now. and when its been sitting in the parking lot all day in these SC summers, you literally cannot breath when you get in. you know how in a sauna its hard to breath? thats how the truck is. So i'm thinking i would go with white and just add all black trim and accessories. (black rims, black badges, etc...)

 

Dude, if you want a new truck go buy it but trust me, you will not come out ahead on this offer. They will say 25K but then they will nit pick the hell out of your truck and try and beat you down on it. You may end up with 22K which is KBB so you wouldn't be coming out ahead of what you could sell if for in a private party transaction. I've had letters like this for years from dealers. I throw them away.

 

well thats just it, i wouldn't do it unless it was the full price, AND, they'd have to have their tech's transfer my suspension over as part of the deal. its not worth having to do all that shit again, i hate working on cars. Plus i'd have to get a damn good interest rate. i shopped around for weeks and played dealers against each other until i got a great deal on my current truck. strong arm sales tactics dont work on me, they just bring out colorful vocabulary.

just so we're clear, im a firm believer that if something is too good to be true, then it isn't. so my first thought was "this is bogus". but thats why i posted. instead of just assuming its bogus i was hoping i could get some first hand account of why it is or isn't a good idea. i may talk to someone up there (my best friends sister and mom work at my local dealership) but i'm not doing anything that will put me behind where i am now financially.

 

I've gotten the letters a couple times and one of the guys at my work has an 06 and gets them also.
I wondered if anyone had taken advantage of it, but I'm not interested in doing it. Update if you decide to follow up with them.

 

here's my update. I called the number on the paper and as soon as they said it was for an "event" i said "thanks for the info" and hung up. it sounded like i'd only have a weekend to do it and i dont rush on things like that.

i'd still like to know if anyone has done it and how it worked.