Pitfalls of Credit Union discount?
10-23-2014, 05:13 PM
#1
Burning Brakes
Thread Starter
Pitfalls of Credit Union discount?
i would like to know how this works, i talked to a dealer today and he asked if i was a credit union member( i will be in the morning, i found one that takes everyone and is GM approved) he told me that the discount could be as much as $7,000, why does not everyone do this? what dont i know?
10-23-2014, 05:32 PM
#4
Historically, accepting employee and/or other discounts for the Corvette line was up to the individual dealer.
To answer what I believe the OP asked, extending the supplier discount to willing to participate credit unions came into being as a way to help keep the US auto industry viable. I am pretty sure Ford was also a participant but currently is not. I think the CU (I Love My Credit Union) program dates back to 2009 or maybe 2008. Since its inception a variety of other companies have joined the program, such as DELL.
Laborsmith
To answer what I believe the OP asked, extending the supplier discount to willing to participate credit unions came into being as a way to help keep the US auto industry viable. I am pretty sure Ford was also a participant but currently is not. I think the CU (I Love My Credit Union) program dates back to 2009 or maybe 2008. Since its inception a variety of other companies have joined the program, such as DELL.
Laborsmith
10-23-2014, 05:37 PM
#5
Safety Car
i would like to know how this works, i talked to a dealer today and he asked if i was a credit union member( i will be in the morning, i found one that takes everyone and is GM approved) he told me that the discount could be as much as $7,000, why does not everyone do this? what dont i know?
And as mentioned, whether the dealer accepts it is optional. If your dealer will accept it, go for it. The dealer will still make some money on the deal, but not nearly as much as a straight MSRP deal, much less those greedy operations asking for a premium above sticker.
10-23-2014, 05:39 PM
#6
Racer
Go to gmfamilyfirst.com and get yourself a GMS number once you join a CU. You give that plus a copy of a statement to your dealer and you are good to go. Your dealer excepting the CU discount is the major hurdle. I had to order from Les Stanford in Michigan as they where the only top dealer excepting it at the time.
10-23-2014, 05:47 PM
#8
Safety Car
One more time, and your dealer or the above mentioned website will confirm, it is Invoice price plus $200. It is not $6000 off. Depending on the car it may be less, probably more. All you need to do is get a authorization number off the website and give it to your dealer.
10-23-2014, 05:52 PM
#9
Race Director
credit union pricing is the same as supplier pricing which is invoice + $200, so the discount varies, depending on sticker price. It's not a straight percentage or amount off.
And as mentioned, whether the dealer accepts it is optional. If your dealer will accept it, go for it. The dealer will still make some money on the deal, but not nearly as much as a straight MSRP deal, much less those greedy operations asking for a premium above sticker.
And as mentioned, whether the dealer accepts it is optional. If your dealer will accept it, go for it. The dealer will still make some money on the deal, but not nearly as much as a straight MSRP deal, much less those greedy operations asking for a premium above sticker.
Once you join an eligible credit union, just go to this web site and obtain your authorization number: https://www.mygmdiscount.com/
Then find a dealer that's willing to honor credit union / supplier pricing (they're both the same) and buy / order your car. As Michael (fdxpilot) already said, you'll pay dealer invoice + $200 + taxes and DMV fees. On a car with an MSRP of $70,000 it will save you roughly $6500-$6800.
10-23-2014, 05:53 PM
#10
Burning Brakes
Thread Starter
thank you
One more time, and your dealer or the above mentioned website will confirm, it is Invoice price plus $200. It is not $6000 off. Depending on the car it may be less, probably more. All you need to do is get a authorization number off the website and give it to your dealer.
10-23-2014, 08:05 PM
#12
i would like to know how this works, i talked to a dealer today and he asked if i was a credit union member( i will be in the morning, i found one that takes everyone and is GM approved) he told me that the discount could be as much as $7,000, why does not everyone do this? what dont i know?
https://www.gmsupplierdiscount.com/company-eligibility
Supplier discount does not include Z/28 and Spark EV (Caddy is good)
You can also get the same discount if you are military eligible:
https://www.gmmilitarydiscount.com/
The whole program is explained on the sites. Dealer participation is optional. Military will discount all but Z/28, Spark EV and entire Cadillac line. Go figure. Guess they don't want our vets looking to spiffy in a Caddy! lol
10-23-2014, 08:37 PM
#13
Drifting
Like everyone has said finding a dealer that takes the GM Supplier / Employee discount is the hard part. There are no dealers in the State of Florida that excepts it, I know I tried. What I did find out is dealers in towns with a lot of GM employees (GM Plants/GM Headquarters) almost have to accept the discount because so much of their client base will be eligible. Most dealers that do not have a strong GM employee base will not accept the GM discount. Rodgers Chevrolet just outside of Detroit handles the sales for most of the GM executives even though they are a little known dealership. Les Stanford is the only big name dealer on this forum that I know of that accepts the supplier discount. Good luck with your new car.
10-23-2014, 09:12 PM
#14
Race Director
Member Since: Sep 2006
Location: (S) Walton County NW FL
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Like everyone has said finding a dealer that takes the GM Supplier / Employee discount is the hard part. There are no dealers in the State of Florida that excepts it, I know I tried. What I did find out is dealers in towns with a lot of GM employees (GM Plants/GM Headquarters) almost have to accept the discount because so much of their client base will be eligible. Most dealers that do not have a strong GM employee base will not accept the GM discount. Rodgers Chevrolet just outside of Detroit handles the sales for most of the GM executives even though they are a little known dealership. Les Stanford is the only big name dealer on this forum that I know of that accepts the supplier discount. Good luck with your new car.
10-23-2014, 09:14 PM
#15
Melting Slicks
Easiest deal I've ever made. Went on the website and got my authorization number. My local CU was on the list so $10.00 later I was again a member. I checked with my local Vette vendors who declined to participate so an email to Dave @ Kerbeck and I was setup for a museum delivery in minutes.
10-23-2014, 09:46 PM
#16
A point to remember is that just like any negotiation, timing will change a dealers willingness to accept, or reject supplier, or credit union discounts.
They may not accept it today, but near the end of the month, when they need more units moved, they may go for it.
Todays "NO" could be tomorrows "YES."
Another thing to consider is that car buying is a negotiation. Walking up, and asking if they accept supplier discount may very well get you a "NO" response. They always want to start from MSRP.
Ed
They may not accept it today, but near the end of the month, when they need more units moved, they may go for it.
Todays "NO" could be tomorrows "YES."
Another thing to consider is that car buying is a negotiation. Walking up, and asking if they accept supplier discount may very well get you a "NO" response. They always want to start from MSRP.
Ed
10-23-2014, 11:03 PM
#18
Melting Slicks
Pitfalls of CU discount are:
1. Can't use GM credit card points unless you have an older card.
2. Must sign a form that says you will take any unresolved issues with the car to arbitration.
Someone correct me if I don't have this right. It is what I remember.
Aside from that, it is a great program if you can find a dealer willing to honor it.
1. Can't use GM credit card points unless you have an older card.
2. Must sign a form that says you will take any unresolved issues with the car to arbitration.
Someone correct me if I don't have this right. It is what I remember.
Aside from that, it is a great program if you can find a dealer willing to honor it.
