2007 Toyota Corolla Question?

Question

I just got a 2007 Toyota Corolla from "Dirito Nissan" on Feb 20 around 6pm. I got a loan through my Credit Company for 15,500 but $2000 had to come out of my pocket for down payment. They wouldnt give me the full amount cause they said it was payin more then 10% of what the car is worth. I was reading a few of the other questions on the other Corolla's and everyone is says that the invoice price is around $15,400 or so and a 3 day return policy. I payed $15,999.95 plus taxes. Did i get ripped off and if i did, Can i take it back and have them fix the price on it? They wantted me to pay $600 when i signed the contract to have a 2 days to return it. Can they do that? I did a trade in on my other car which was a 2001 Saturn SL2 for $4900. Can i get it back if i return the 2007 Toyota? Can someone please help me on this? I live in Antioch California

See, I didnt buy it at toyota. I got it at Nissan. So i know they didnt pay full price for it. They told me they couldnt lower the price because they are buying my car which was a 2001 Saturn SL2 for $4900. I checked the invoice prices online and they were about the same price.

Answer 1

Not really... usually dealer doesnt sell a car base on the invoice price. The negotiation is based on MSRP instead for New vehicle.
For compact cars, lotta people pays couple hundred below the MSRP to walk out of the door... if it has a invoce at 15.4k, i assume its MSRP would be around 17.5K, which is what you paid to walk out of the door... Its a very normal deal, even tho you could've find better, but urs isnt bad.

Answer 2

So you bought the Corolla at a Nissan dealership, which should tell everyone that it was a USED car.

Yes, you got ripped off. MSRP & Invoice price has NOTHING to do with a used car. For all you know they bought it at auction for $7000.

But nothing you can do about it since there is no "cooling off" period regarding car purchases. Since you live in CA, you had the OPTION of purchasing a "48 hour cooling off" period for around $150, so the $600 was a lie. But you said you got a 3 day return policy? If so, then return it for a refund and get your trade-in back.

You can get a brand new Corolla w/ auto & air for $11,900. Check the Saturday LA Times or local newspaper.

Answer 3

In 2007, we bought a brand new Hyundai Santa Fe. We were very skeptical at first, but since we have had our car, we have about 22k on it and not one problem has arose, It has been great! However, now that the Elantra is off the list (and yes, I'd be a bet reluctant to buy an Elantra as well) its between the Corolla and the Civic. I personally have not had an encounter with a Corolla but I know that they are good cars. However, I used to have a 1995 Honda Civic LX and there were absolutely NO problems with it at all - besides a stuck door lock at 98,000 - we had no problems. It made it to 130,000 miles and we sold it in 2005 due to wanting a larger car, and purchased a 2005 Toyota Camry LE (which also has been very good, at 50,000 miles now, no problems besides sometimes having soft breaks, which were fixed easily with a free adjustment by the dealer). Speaking of Hondas, my Aunt had a 1998 Honda CR-V, which they had for 180,000 miles (they towed it with a boat, and I'll admit, it could barely do it, but still, with that, it lasted) and traded it in for a Honda Pilot due to the growing size of their family. I know in the 2002 year or around that of Civics, there was this one transmission they used of which was extremely unreliable and in return, many complaints were pointed towards Honda. However, I think they fixed this with the new Honda Civics, including the 2007. To be perfectly honest, its a toss up. Pick the one that you think looks better/rides better/prices better, whichever. Both are very good cars.

Answer 4

You need to realize ONE thing.
MSRP means Manufacturer's "SUGGESTED" Retail Price.
Many people do not pay full sticker price for any car. Car sales are DOWN and dealers are offering incentives to buy. Factory rebates - No sales tax - No money down... things like that.
Financing deals with YOUR credit. The car may have options or "DEALER ADDED" items. BY LAW (varies state to state) you have so many days to "back out of the deal". Read the contract for the specifics!
Also, call the bank and ask them directly WHY!
I like pitting car dealers against each other. I get prices from one dealer and check a second to see what they offer. Sometimes it is back and fourth until I get the BEST DEAL but it could mean a thousand or two that I can save.
Hope this helps!

Answer 5

No you didn't get ripped off. Invoice price isn't the retail price. You got a fair deal. You might have been able to haggle them down to the invoice price but it depends on how desperate the dealership is to sell. Usually new car dealerships will not do this unless they are getting rid of last years model, but this is an 07.

You got a good price don't worry.

Answer 6

i own a shop,and basically you didn't get ripped of,but you gave them your trade in,and still bought this one strait out,,you almost payed them to take your trade in ,that's the way the car business works,you would have been better off keeping your old car and selling it strait out,as far as the price of the car goes,you just about paid full price for it,and its to late to change your mind now,i think,you could call and find out,really the only bad part of it was you gave your older car away and paid full price for the other one,you should have read the small print on the contract more closer,they wind up the winner always on a deal like this one,its just called business,they have to make money in order to keep the doors open,same as any other business does,good luck i hope this help,s.