I was asked to surrender my 1998 Toyota Tacoma to a local dealer today because there was sever frame rot. I was told that Toyota will buy back the Truck for 1.5 times the Maximum KBB retail value regardless of the mileage or condition.
Can you tell me where I can get detailed information and guidlines to this new buy back program that Toyota just implemented this past week?
Thank You
http://www.autospies.com/news/Toyota-Extends-Warranties-On-813-000-Tacomas-Due-To-Rust-27364/
No details about “at their option” or just how much they’ll pay out though.
I wonder just how many people are going to go looking to buy rotted out Tacomas from the rust belt states now… 
This is what’s known in the sales trade as a “come on”.
Let them inspect your truck and repair the rust (at your cost, of course) or “buy back” the truck…the value they offer being applied toward a new(er) vehicle.
Don’t fall for it.
By the way, the reason they’re doing this is that the old models, like my 1979 Toyota pickup, were full box frames without sufficient ventilation. The water would pool and the frames would rot out on both sides just aft of the front bed mounts. Mine did after 11 years in NH.
By 1989 they had corrected the problem and my 1989 never had a frame rot problem even after 17+ years.
It sounds like a great deal in some ways. Do you have to buy another Toyota or simply get a check for it and be done? Its hazardous if yours qualifies and won’t pass inspection in my state NH if in that condition.
I didn’t interpret the statement that way. I interpreted it to mean that if they find the truck to be rotted they’ll repair it at the customer’s expense or “buy” it back…I’ll bet only as money toward a replacement.
I’ve checked into these kind of come-ons in the past. They’re never more than a gimmick to get you there…and tell you you need a new vehicle.
I’m kind of leaning toward Mountainbike’s take on this. The story I linked to is pretty short on details and there’s too much unknown at this point.
Has rust? Maybe the dealer and TMC will determine the rust is not bad enough under their criteria to either repair or buy the vehicle. “However, since you’re here you might consider trading it in right now before the rust gets REALLY bad…”
Rust too severe? If it’s this bad they’re not likely to repair anything. Where does a badly rusted vehicle repair begin and where does it end?
“At their option” covers a lot of bases and “buying the vehicle back at an excellent condition price” is not likely to mean they’re going to be handing over stacks of 100s to owners with rusty Toyota trucks. It’s more likely that any buy back value will only apply if the owner trades the vehicle in on a new Toyota truck; at the inflated MSRP of course where they can use the shell game and pretend to give you more than the vehicle is really worth.
If I was a gambler, which I’m not, my ante would be on them simply allowing you a discount on a new vehicle.
A suggestion. Take the vehicle into a State-certified inspection shop. Ask them to take a very careful look at the frame and everything attached to it. If your State doesn’t require annual safety inspections, or you live in a County where inspections aren’t required, take it to a known reputable good mechanic and ask the he/she do an inspection of the frame and attachments. Yeah, it’ll cost you a couple of bucks but think of it as an investment. Get a detailed inspection report. Remember, you’re not there for a full-blown inspection–just on the frame, etc. You’ll probably get charged for labor time only plus the cost of generating a detailed report. Now take the truck to any dealer offering you this “buy-back” deal. Have them go through their whole rig-a-ramole and get everything in writing, legibly signed by a dealer’s representative. Get exact specifics on what their deal is. If your mechanic found nothing wrong, DO NOT tell the dealership about it. Just get all of the information from the dealer, signed and given to you. Now figure the difference in costs between keeping your perfectly fine vehicle and what the dealer’s offer is. Now get yourself a good litigation attorney and sue the crap out of the dealership for FRAUD. That’ll darned sure get their attention. You might check around with consumer protection agencies, including your State agencies, and find out what constitutes fraud on one of these “deals”. A few people in Colorado have been successful in taking this approach and a couple of dealers in this State got burned real bad including being put on probation concerning their sales and sales practices with a couple of them, mostly used car dealers, getting shut down completely for months. We can fight back. Remember that the dealer doesn’t give a rat’s [donkey] about you—they only want to make the sale for as high a profit to them that they can generate. It is important that you document every step taken. DO NOT sign anything at the dealer. If they balk, try another dealer. Was it P.T. Barnum that said “There’s a sucker born every minute and two people born to take the suckers”? Well, it can work both ways. You’ll get a hint when you first walk in. If a salesperson approaches you first, beware. They might refer you to the service department for a “quick check-up” of the frame. Get a copy of that report. Then it’ll be back to the sales department. Have them put their ‘pitch’ in writing with specific numbers. If they ask you for credit info, tell them “no” until you have their offer in writing and signed. You just might be asked to leave. So what? You just busted their bubble and it didn’t cost you anything except the fees that you paid to YOUR mechanic. Dealers have an extremely tough time of it when I accompany someone as an observer when they’re seriously looking for a car–new or used. One of their favotite tricks is: Well, I have to check with my sales manager. They get really p.o.'d when both of us follow him into the sales manager’s office. Let’s deal directly with the sales manager! A lot of them just freeze and don’t know what to do. IF we end up buying something from that dealer, it’s at the best possible price that we can get it for. To heck with their profit margins. We’re only interested on how it affects OUR finances. If no deal is made because of their pig headedness, then the vehicle stays right there on their lot which in most states, they have to pay an inventory tax on. Too bad for them. They had a chance to make a sale but blew it.
I agree with profhandy 100%. The economy is bad for everyone, and the dealers are getting a big hand from the manucturer to sell a bunch of cars on the lots.
As Shakespear would say in Julius Ceasar; “Beware of the ides of March”