105% Msrp
Thread Starter
Burning Brakes
Joined: Oct 2005
Posts: 1,046
Likes: 0
105% Msrp
Just got a letter from a credit union that the dealer submitted my info to this is what it says .We can not extend credit to you based on the terms you submitted however we are able to offer you credit under the following terms 105% of msrp including gap. Can anyone explain exactly what this means?? oh loan submitted was for 60,533 i did not agree to that by that way
Advanced
Joined: Nov 2005
Posts: 87
Likes: 0
From: North Texas
Sounds like they will finance 105% of the MSRP including the cost of GAP insurance. GAP is insurance that makes up the difference in what the insurance company pays and what is owed if the car is totaled.
Car owners often assume that if their car is totaled, it will be replaced at the amount they paid, or at least the amount they owe. Not so.
Call your Credit Union for a full explanation.
Car owners often assume that if their car is totaled, it will be replaced at the amount they paid, or at least the amount they owe. Not so.
Call your Credit Union for a full explanation.
Race Director
Joined: May 2003
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From: Beer. The cause of and solution to - all of lifes problems
St. Jude Donor '09
A little more info about what type of car and options. I would say if its a coupe and you are paying more than 55k you are getting taken.
Actually if its a coupe and you are paying more than 47k depending on year you are getting taken
Actually if its a coupe and you are paying more than 47k depending on year you are getting taken
Thread Starter
Burning Brakes
Joined: Oct 2005
Posts: 1,046
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Originally Posted by Wicked_C6
A little more info about what type of car and options. I would say if its a coupe and you are paying more than 55k you are getting taken.
Actually if its a coupe and you are paying more than 47k depending on year you are getting taken
Actually if its a coupe and you are paying more than 47k depending on year you are getting taken
Pro
Joined: Dec 2004
Posts: 530
Likes: 2
From: Colorado Springs CO
Originally Posted by vettetech2
msrp is 52850, i dont know how they came to 60533, its showing that on the letter from the cu.
Team Owner
Joined: Jun 2001
Posts: 26,714
Likes: 344
From: Houston, TX
Originally Posted by vettetech2
msrp is 52850, i dont know how they came to 60533, its showing that on the letter from the cu.
Burning Brakes
Joined: Mar 2005
Posts: 1,066
Likes: 2
From: New Hampshire
Originally Posted by RW112
Car owners often assume that if their car is totaled, it will be replaced at the amount they paid, or at least the amount they owe. Not so.
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Instructor
Joined: Oct 2005
Posts: 122
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From: FAT Female Vette Owner
Yes, correct, the finance guy is taking advantage of you. This is classic. I HIGHLY recommend seeking financing on your own, walk away from this dealership for now.
This is where they make their money. I know, I used to work in the dealerships and have dear friends who work for them. Altho the dealership I go to now are family run and do not take advantage of people.
Bottom line: They have sited you as sucker, just like everyone else, and they will cram as much cream on top of that car as they can. It's all in their pockets. Your tax and license should not add that much. Even a GAP policy should be no more than $600.
Walk away, they will call you back. The other wise poster gave great advice--DO NOT SIGN ANYTHING. They are making deals on vettes all over right now. Use that leverage to gain an honest price.
I wish you the best, this just sucks and experiences like this can sour your whole enthusiasm for a car. Let us know what happens.
PS the credit union was doing you a BIG favor my friend!
This is where they make their money. I know, I used to work in the dealerships and have dear friends who work for them. Altho the dealership I go to now are family run and do not take advantage of people.
Bottom line: They have sited you as sucker, just like everyone else, and they will cram as much cream on top of that car as they can. It's all in their pockets. Your tax and license should not add that much. Even a GAP policy should be no more than $600.
Walk away, they will call you back. The other wise poster gave great advice--DO NOT SIGN ANYTHING. They are making deals on vettes all over right now. Use that leverage to gain an honest price.
I wish you the best, this just sucks and experiences like this can sour your whole enthusiasm for a car. Let us know what happens.
PS the credit union was doing you a BIG favor my friend!
Instructor
Joined: Oct 2005
Posts: 122
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From: FAT Female Vette Owner
Wanted to also add that paint protection and interior protection and ANYTHING they try to get you to add onto the car itself EXCEPT for a GMPP warranty are a WASTE OF MONEY and will rip you off. If you want a warranty, make sure it's only a GM warranty. The off market ones are very difficult to use, usually, and you don't get your money worth. They are cheap for the dealership, so they often push those on unsuspecting buyers. Good luck!
Advanced
Joined: Dec 2004
Posts: 69
Likes: 0
From: MI
Finance manager is definitly trying to take advantage of you, avoid any add ons. If you want to purchase a GMPP warranty let me know and I can get you cost information so that you can negotiate a reasonable price. Good luck on the new C6!
Pro
Joined: Apr 2005
Posts: 734
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From: Davie FL
you need to understand EXACTLY how much you are paying for the car before signing a single document. that plus tax and registration are all you should be paying (and maybe a small dealer doc fee but that's negotiable). if you can't figure out the documents, take a friend with you who can. it should all be spelled out clearly. and as mentioned above, any add-ons they try to sell you are almost always over-priced BS.
Team Owner
Joined: Dec 2003
Posts: 21,848
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From: When all is said and done... there is a hell of a lot more said than done. Riverside,Texas
St. Jude Donor '05 thru '26
Originally Posted by jschindler
The problem is the finance guy at the dealership. You need to find out why he submitted it that high. Maybe he wanted to get you approved for a higher amount so he can try to sell you something more expensive, or some extras on your car. But he's the one you need to be talking to.
Safety Car
Joined: Jan 2006
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From: Miami FL
2020 C6 of the Year Finalist - Unmodified
St. Jude Donor '08-'09-'10-'11-'12-'13-'14-'15-'16,'17,'18-'19-'20-'21-'22
Originally Posted by Vapour
Wanted to also add that paint protection and interior protection and ANYTHING they try to get you to add onto the car itself EXCEPT for a GMPP warranty are a WASTE OF MONEY and will rip you off. If you want a warranty, make sure it's only a GM warranty. The off market ones are very difficult to use, usually, and you don't get your money worth. They are cheap for the dealership, so they often push those on unsuspecting buyers. Good luck!
Racer
Joined: Aug 2004
Posts: 358
Likes: 0
From: Mountainside NJ
St. Jude Donor '06
I run a credit union so perhaps I can provide some help. A limit of 105% of MSRP is an attempt to protect you from overpaying and the credit union from making too large a loan on your new Vette. You would be amazed at how many of our members are willing to overpay for a vehicle by overpaying for window etching, Gap Insurance (some dealers charge $500-$1,000 it costs us $91), Extended Warranty Insurance etc. So by limiting the amount the Credit Union lends they are protecting themselves by not overlending on your vehicle in the unlikely event they have to repo the car and sell it at a loss. At the same time they are protecting you from making a bad purchase.
Instructor
Joined: Oct 2005
Posts: 188
Likes: 0
From: Atascadero California
I continue to be amazed at how many people fall for paying more than MSRP for a car. GM is HURTING, and so are their dealers. They will drop thousands and give you incentives on an econo-box, yet want to stick it to you on a big ticket item like a 'Vette
Walk in and say you will pay MSRP + tax and thats it, no doc fees, no markup, nada. Be pre-approved by your credit union, and have it in writing, for the amount, which you can get on-line, and be firm. If they balk, you walk, and take your pre-approval letter to another dealer.
You would be surprised at how fast they come around when you are heading for the door....
Walk in and say you will pay MSRP + tax and thats it, no doc fees, no markup, nada. Be pre-approved by your credit union, and have it in writing, for the amount, which you can get on-line, and be firm. If they balk, you walk, and take your pre-approval letter to another dealer.
You would be surprised at how fast they come around when you are heading for the door....
Thread Starter
Burning Brakes
Joined: Oct 2005
Posts: 1,046
Likes: 0
Well i just decided to walk from that dealership.Nothing but a bunch of liars every single one of them.I told them to sell it to some other sucker, did i even mention that i was gonna put down 2500 on this??? and they still put in a loan for 60,533 on a 52,850 msrp car.Do the math sounds like they were trying to screw me outta approx 4,000 Wow! figure this i called another dealer today msrp 54,880 tax 4,276.tags 756.00.vehicle theft registration etching 199.00.and doc fees 259.00 total price-60,370.00 Something was seriously wrong with that other dealer, i ididnt even go back to the dealer i just had them close my file down,and told them i had no interest whatsoever in ever purchasing a vehicle from them.
Racer
Joined: Oct 2005
Posts: 435
Likes: 0
From: Katy The Republic of Texas
Originally Posted by vettetech2
Well i just decided to walk from that dealership.Nothing but a bunch of liars every single one of them.I told them to sell it to some other sucker, did i even mention that i was gonna put down 2500 on this??? and they still put in a loan for 60,533 on a 52,850 msrp car.Do the math sounds like they were trying to screw me outta approx 4,000 Wow! figure this i called another dealer today msrp 54,880 tax 4,276.tags 756.00.vehicle theft registration etching 199.00.and doc fees 259.00 total price-60,370.00 Something was seriously wrong with that other dealer, i ididnt even go back to the dealer i just had them close my file down,and told them i had no interest whatsoever in ever purchasing a vehicle from them.
They won't GIVE the car away, but compared to what uninformed buyers are paying, it will sure seem like it!
Let us know what you wind up with, and good luck to you!
