Holiday Pre-Owned Vehicle Exchange Program
HOLIDAY PRE-OWNED VEHICLE EXCHANGE PROGRAM
Not the right vehicle? No worries. Holiday lets you bring your vehicle back to us and exchange it for another within 5 days or 250 miles of purchase.
Please read the full terms and conditions of the program below.
Within the first 5 days or 250 miles from date of purchase (whichever comes first) you, the purchaser, may return an eligible PRE-OWNED vehicle to Holiday for an exchange of another eligible PRE-OWNED vehicle or a new GM, Ford or Mazda vehicle if not completely satisfied with the original vehicle. This is an exchange program only- no cash refunds. If, during the 5-Day/250-Mile Vehicle Exchange Program period, the purchaser chooses to trade in the vehicle listed below to Holiday for another eligible PRE-OWNED vehicle or a new GM, Ford or Mazda vehicle, the purchaser will receive credit for the following amounts paid originally toward the vehicle returned: the “down payment,” the “Agreed-Upon Trade-in Value,” and any amounts paid toward the principal balance of the finance agreement. If the purchase price of the vehicle being traded for is less than the purchase price of the vehicle being returned, the purchaser will receive credit for the difference. If the purchase price of the vehicle being traded for is more, the purchaser will pay the difference.
All PRE-OWNED vehicles except those explicitly excluded below are eligible for the 5-Day/250-Mile Vehicle Exchange Program if returned to Holiday within the first 5 business days (a business day is when Holiday has normal scheduled operations) or 250 miles (whichever occurs first) of delivery. PRE-OWNED vehicles are eligible to be exchanged within the first 5 business days or 250 miles (whichever occurs first) of delivery for a vehicle of equivalent value. The vehicle must currently be owned by the purchaser of the vehicle. The vehicle must be returned in the condition in which it was delivered to the customer without damage or excessive wear and tear. Refer to the Vehicle Inspection section below.
- Fleet or commercial purchases
- Customer is financing through Credit Acceptance Corporation.
- Vehicles used for livery, taxi, or delivery services
- Customers who exchanged a vehicle under the 5-Day/250-Mile Vehicle Exchange Program within the previous 12 months
- Vehicles acquired in exchange for a PRE-OWNED vehicle under the 5-Day/250-Mile Vehicle Exchange Program
- PRE-OWNED vehicles that have had non-factory aftermarket accessories installed (e.g., air conditioning, lift kits, wheels, etc.)
Any vehicle returned under the 5-Day/250-Mile Vehicle Exchange Program will be inspected by the dealer for damage and excessive wear and tear. If non-warranty repairs equal to or greater than $500 have been performed or are necessary as a result of the customer’s use of the vehicle, the vehicle is not eligible to be returned. If less than $500, the damage repair estimate will be deducted from the credit amount.
ORIGINAL TRADE-IN VEHICLE
If the customer trades in her/his current vehicle as part of the used vehicle purchase transaction, the trade-in instantly becomes inventory of Holiday and will not be exchanged back to the customer.
VALUATION OF “TRADE-IN” VEHICLE
If the customer trades in her/his current vehicle as part of the used-vehicle purchase transaction, the “Agreed-Upon Trade-in Value” will be used in determining the value to be applied to an equivalent vehicle.
There may be instances when the customer elects to return a vehicle under the 5-Day/250-Mile Vehicle Exchange Program then orders a replacement vehicle instead of buying/leasing one out of the dealer’s inventory. In these cases, Holiday will not provide alternate transportation or allow the customer to keep the original vehicle while the replacement vehicle is on order.
COMPLETION OF HOLIDAY VEHICLE EXCHANGE FORM
This form must be completed by the sales consultant and signed by the customer at the time of PRE-OWNED purchase. The purpose of this form is to record the following:
- Customer and dealer awareness of the 5-Day/250-Mile Vehicle Exchange Program parameters
- Vehicle eligibility/ineligibility
- Customer’s acknowledgment of the “Agreed-Upon Trade-in Value” at the time of purchase
- Identification of vehicle being purchased
- Note the Expiration of the Exchange Program by filling out delivery miles, time and date.
TO COMPLETE THE FORM:
- Check the appropriate vehicle eligibility box.
- Determine if transaction includes a trade-in.
- No trade-in: Enter “None” in the “Agreed-Upon Trade-in Value” space and proceed to Step 3
- Trade-in: Perform the following:
- Enter the model year, make, and model of the trade-in vehicle
- Enter the trade-in allowance on Line 1
- Enter outstanding balance of lien to be paid off on the trade-in vehicle on Line 2
Subtract trade-in lien amount from trade-in allowance amount and enter amount in the “Agreed-Upon Trade-in Value” on Line 3.
- Enter customer and vehicle information for vehicle being purchased.
- Fill out the Expiration miles and date and time.
- Obtain customer signature and sign and date the form.
- Make a copy of the form. The customer retains the original copy of the form and the dealer retains the copy for future reference if the customer returns the vehicle.
ADDITIONAL CREDIT APPROVAL REQUIRED:
Due to the lender’s approval stipulations, an approval on one vehicle does not guarantee an approval on a different vehicle. If the customer elects to do the exchange, an additional credit approval is required. Approval and terms are subject to the consumer’s credit rating, loan to value ratio, debt to income ratio, vehicle condition, and the structure of the original deal with the lender who approved the original loan contract.