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Anybody run into financing from the dealer as a condition of the sale

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Old 07-12-2020, 12:44 PM
  #121  
Mr Triple Black
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Originally Posted by 90sundevil
Went to the dealer yesterday to have my GS oil changed and to talk about my car #5150 which should be built on 7/14 with the salesman. Wanted to tell them for the 5th time that I don't want any other addon's to my car. When we got to paying for the car the sales guy I plan on writing a check with or without my GS trade. He hesitated for a second and then said, "I am going to tell you the truth about this." I said good I don't want to get lied too. He then said that every new Corvette deal has to include some part of it financed thought them. He said you can finance like 10k and then when you get your first payment you just make that plus two more and then pay it off. I have no problem with a small loan for a few weeks but I don't want to be told to do this as a condition of the sale and would prefer writing a check. What do you guys think and are there dealers doing this and is this. I know he would be able to sell the car with a large markup if I don't agree.
Originally Posted by MikeyTX
Guy is full of crap. That is against the law. I'm betting they have a customer willing to pay ADM for your allocation if you walk.
I’ve only encountered this for “deals” with huge cuts off MSRP. When I got my NSX I was told I had to finance through Acura. I said that’s cool. Then they tried to give me a 13% interest rate. Nice try trying to make your money back, but I said no thanks and “walked”. They said no never mind you can do it your way. So I did.

I’d suggest saying no and offering the check. If you ordered the car and you’re willing to pay for it I don’t think they can break that contract, unless they initially put in the contract you have to finance with them. They’re just trying to push an agenda to make a few extra bucks.
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Old 07-12-2020, 01:43 PM
  #122  
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The dealer has now been cussed, roundly criticized, and called a crook for several reasons. That does though beg the question...what were the terms of the sale to begin with? The OP says they never took a deposit on his offered credit card. Was there a buyer's order? Were the terms of sale on said buyer's order? Was there a total price on that buyer's order? Why does the OP think they are now going to start adding other items not wanted on the sale? Did they say something that makes that seem likely? How did what appears to be an experienced, intelligent, and sophisticated buyer let this situation get this far out of hand this close to delivery? This could well be an example for other buyer's on the forum for what could happen!
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Old 07-12-2020, 04:26 PM
  #123  
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Originally Posted by 90sundevil
Went to the dealer yesterday to have my GS oil changed and to talk about my car #5150 which should be built on 7/14 with the salesman. Wanted to tell them for the 5th time that I don't want any other addon's to my car. When we got to paying for the car the sales guy I plan on writing a check with or without my GS trade. He hesitated for a second and then said, "I am going to tell you the truth about this." I said good I don't want to get lied too. He then said that every new Corvette deal has to include some part of it financed thought them. He said you can finance like 10k and then when you get your first payment you just make that plus two more and then pay it off. I have no problem with a small loan for a few weeks but I don't want to be told to do this as a condition of the sale and would prefer writing a check. What do you guys think and are there dealers doing this and is this. I know he would be able to sell the car with a large markup if I don't agree.
That breaches antitrust laws (third line forcing, is the legal term). You should threaten to report them if they're screwing around.
Old 07-12-2020, 05:36 PM
  #124  
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Originally Posted by JALLEN4
The dealer has now been cussed, roundly criticized, and called a crook for several reasons. That does though beg the question...what were the terms of the sale to begin with? The OP says they never took a deposit on his offered credit card. Was there a buyer's order? Were the terms of sale on said buyer's order? Was there a total price on that buyer's order? Why does the OP think they are now going to start adding other items not wanted on the sale? Did they say something that makes that seem likely? How did what appears to be an experienced, intelligent, and sophisticated buyer let this situation get this far out of hand this close to delivery? This could well be an example for other buyer's on the forum for what could happen!
Exactly what I was thinking --- the OP apparently has nothing in writing denoting price, terms of sale, etc. that was signed by both parties.
If this is truly the case, the OP is wasting everyone's time looking for sympathy.

Old 07-12-2020, 07:15 PM
  #125  
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Originally Posted by azvrod
Regarding the OP being stuck..Its an emotional and principal thing, the OP and myself have been commiserating for months. Im sure they will try the same nonsense on me, which Ill do the same thing..OK lets finance 5k and Ill pay it off on the first payment.
Do either of you have a signed purchase order that clearly states the options, final sales price & terms of your order/sale?

As others have posted, I’m confused at why the OP, and presumably you, are worried they’re going to add items to the vehicle when it arrives and/or try to force you to finance the vehicle through their finance department?

I’ve purchased close to 30 vehicles so far & ordered a few speciality or first year high demand vehicles & only had one issue way back in 1999 with a shady dealer who pulled similar bs with a Pontiac Firehawk I had ordered. The GM was pissed that the salesman submitted my purchase order at MSRP.

When the vehicle finally arrived it was missing options that I had ordered & the GM refused to decrease the price accordingly to reflect the correct MSRP & instead added $15k to the price. I was 22 years old so didn’t understand what my possible recourse would’ve have been so I took my $6k deposit back and found a different vehicle at another dealer.

So my advice is either attempt to enforce the purchase order (if you have one) with means available to you. When I lived in AZ the Attorney General’s Consumer Protection Division was very helpful when a dealership was jacking me around with warranty repairs. As soon as they became involved I had a new engine in my WS6 within 10 days.

Your other option is to tolerate the treatment & bs the dealership is giving you. Either way, neither you or the OP are “stuck”. It’s your choice to do something about the situation or not. There will be 10’s of thousands of C8s produced.
Old 07-12-2020, 08:23 PM
  #126  
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Originally Posted by 90sundevil
Went to the dealer yesterday to have my GS oil changed and to talk about my car #5150 which should be built on 7/14 with the salesman. Wanted to tell them for the 5th time that I don't want any other addon's to my car. When we got to paying for the car the sales guy I plan on writing a check with or without my GS trade. He hesitated for a second and then said, "I am going to tell you the truth about this." I said good I don't want to get lied too. He then said that every new Corvette deal has to include some part of it financed thought them. He said you can finance like 10k and then when you get your first payment you just make that plus two more and then pay it off. I have no problem with a small loan for a few weeks but I don't want to be told to do this as a condition of the sale and would prefer writing a check. What do you guys think and are there dealers doing this and is this. I know he would be able to sell the car with a large markup if I don't agree.
That sounds like BS to me. I purchased my C8 from MacMulkin Chevrolet, They asked me only 1 time if i would be financing either through GM or privately. I told the salesman that I would be writing a check for the car. It was never an issue after that. I had the funds wired to them and picked up the car 2 days later. It was never an issue. MacMulkin is a top notch dealership. They are #2 in Corvette sales for a reason.
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Old 07-13-2020, 10:45 AM
  #127  
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Originally Posted by 90sundevil
Thanks guys for all your help. I am kind of stuck and the dealership knows it. If I balk they will just sell the car to someone else with a hefty markup as they can tell me to take it or leave it. Bad business for someone who buys a few cars every year. and will never buy a car from them every again. Talked with my Porsche sales guy who said it is not illegal and he has heard of dealers do that but Porsche or his owner Penske would never, just shady for a few hundred kickback. So it looks like I will finance it for one month or less and then pay it off unless they dump 5k worth of stuff I told them not put on it. My Porsche guy said they would squeeze me into a slot for a 2021 Porsche Turbo S build if this sale breaks down and have a car by Spring if not earlier.
This is misleading. Whether it is criminally illegal varies state-by-state. Whether it's a breach of contract is a completely separate matter and one for civil (rather than criminal) courts. If your sales agreement makes no mention of payment/does not specify financing being required, you are in the right and the dealer is in the wrong (which is then grounds for a lawsuit, GM corporate attention, and/or media attention, and awareness to other consumers via Yelp, CorvetteForum, etc.). And I would remind your dealer of these "options" you would rather not resort to.

This thread has gone on for a while and you still haven't told us what your sales agreement states (or doesn't state).
Old 07-13-2020, 10:49 AM
  #128  
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Originally Posted by ArmchairArchitect
This thread has gone on for a while and you still haven't told us what your sales agreement states (or doesn't state).

Old 07-13-2020, 11:24 AM
  #129  
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Originally Posted by ArmchairArchitect
This is misleading. Whether it is criminally illegal varies state-by-state. Whether it's a breach of contract is a completely separate matter and one for civil (rather than criminal) courts. If your sales agreement makes no mention of payment/does not specify financing being required, you are in the right and the dealer is in the wrong (which is then grounds for a lawsuit, GM corporate attention, and/or media attention, and awareness to other consumers via Yelp, CorvetteForum, etc.). And I would remind your dealer of these "options" you would rather not resort to.

This thread has gone on for a while and you still haven't told us what your sales agreement states (or doesn't state).
Maybe my experiences ordering new vehicles have been different but I don't recall ever having to sign anything. I work with the salesman via email back and forth finalizing the options I want and once I verify the order is correct they submit it and provide me with the order info from their system. It usually has my name indicating it is a "sold order" and the estimated build and delivery dates etc. I put down the deposit and get a receipt indicating the deposit is fully refundable up until the car is delivered to the dealer. Never had to sign anything until it was time to pick up and pay for the car.

So if the OP's experience is like mine have been he probably has no sales agreement/contract. Consequently, the dealer can make just about any demand they want and the only recourse is to walk away unless of course they have done something illegal and then you contact your state attorney general and file a complaint.
Old 07-13-2020, 12:08 PM
  #130  
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Originally Posted by JALLEN4
The dealer has now been cussed, roundly criticized, and called a crook for several reasons. That does though beg the question...what were the terms of the sale to begin with? The OP says they never took a deposit on his offered credit card. Was there a buyer's order? Were the terms of sale on said buyer's order? Was there a total price on that buyer's order? Why does the OP think they are now going to start adding other items not wanted on the sale? Did they say something that makes that seem likely? How did what appears to be an experienced, intelligent, and sophisticated buyer let this situation get this far out of hand this close to delivery? This could well be an example for other buyer's on the forum for what could happen!
I have emails with the salesman about the car and the CC from October. I have a signed document with the sales guys name, date and my build, price of the car and that no deposit would be needed until the car was accepted for production. I don't think it got out of hand but I have never heard of financing being a requirement or adding on options or services I specifically said I did not want on a car. If you are going to do business with me I expect honesty and integrity, call me old fashion but that is what I expect.
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Old 07-13-2020, 12:15 PM
  #131  
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Originally Posted by ArmchairArchitect
This is misleading. Whether it is criminally illegal varies state-by-state. Whether it's a breach of contract is a completely separate matter and one for civil (rather than criminal) courts. If your sales agreement makes no mention of payment/does not specify financing being required, you are in the right and the dealer is in the wrong (which is then grounds for a lawsuit, GM corporate attention, and/or media attention, and awareness to other consumers via Yelp, CorvetteForum, etc.). And I would remind your dealer of these "options" you would rather not resort to.

This thread has gone on for a while and you still haven't told us what your sales agreement states (or doesn't state).
I have a signed document with the sales guys name, my position on the list, date, my build, price of the car and that no deposit would be needed until the car was accepted for production. Alon with dozens of more emails from the day I contacted him about the car.
Old 07-13-2020, 12:26 PM
  #132  
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Sadly, if it is Van Chevrolet we're talking about, they are the number 12 Corvette dealer in the top 100. So much for the top dealers not screwing around.
Old 07-13-2020, 12:26 PM
  #133  
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Originally Posted by 90sundevil
I have emails with the salesman about the car and the CC from October. I have a signed document with the sales guys name, date and my build, price of the car and that no deposit would be needed until the car was accepted for production. I don't think it got out of hand but I have never heard of financing being a requirement or adding on options or services I specifically said I did not want on a car. If you are going to do business with me I expect honesty and integrity, call me old fashion but that is what I expect.
I agree and also expect honesty in a transaction. The problem is that it does not always happen and you need to take steps to protect yourself...obviously.

Dealers do, or should, use buyer's orders that are preprinted with the dealers name, spaces for all the pertinent information identifying the purchaser, price, taxes, fees, conditions, and a place for both the purchaser and authorized dealership representative to sign. If what you have is a properly executed buyer's order you have an enforceable contract. The question is at what cost. If you simply have a pice of notebook paper and little else...good luck!
Old 07-13-2020, 12:49 PM
  #134  
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Originally Posted by ArmchairArchitect
This is misleading. Whether it is criminally illegal varies state-by-state. Whether it's a breach of contract is a completely separate matter and one for civil (rather than criminal) courts. If your sales agreement makes no mention of payment/does not specify financing being required, you are in the right and the dealer is in the wrong (which is then grounds for a lawsuit, GM corporate attention, and/or media attention, and awareness to other consumers via Yelp, CorvetteForum, etc.). And I would remind your dealer of these "options" you would rather not resort to.

This thread has gone on for a while and you still haven't told us what your sales agreement states (or doesn't state).
I am curious why you think requiring financing would be covered under state law? I would assume it to be Federal under something like TILA. Had I been asked before this thread, I would have said requiring financing with the dealer's source to be illegal and operated for decades with that understanding. Try as I might, I have yet to find it under google. Do you happen to have a source?
Old 07-13-2020, 01:40 PM
  #135  
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My father who is an attorney had this happen to him on the day he picked up his 2013 F-150. The salesman wanted his financing bonus and the salesman and sales manager were reneging on their handshake agreed sales price at the last minute when they realized it was going to be a full purchase price wire. They wanted him to finance at least half, make three payments and not pay it off completely until after 90 days. My father had already notified his bank with the approximate wire transfer amount for the agreed sales price and was a little upset with last minute thumbscrew tactics. But no contract was ever signed and it was two willing participants in the sale so there really wasn't any legal action to take. So what ended up happening was that my father ended up financing about $15k but wouldn't pay any financing charges/fees and had the sales manager reduce the sales price further to cover the small interest amounts for that first 90 days. He took the truck home, made his 3 payments and on the 91st day wired the remaining balance and paid it off.
Old 07-13-2020, 02:44 PM
  #136  
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No problem, just find out what the finance charges are for the 3 months and tell them to deduct that from the MRSP. My guess is you will than find out it is really about them extorting money from you because the car is in demand.
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Old 07-16-2020, 03:19 PM
  #137  
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Can you say which dealer you went to?

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To Anybody run into financing from the dealer as a condition of the sale

Old 07-17-2020, 07:34 AM
  #138  
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I guess my post was picked up by someone and no he never contacted me.


https://www.thedrive.com/news/34860/...of-paying-cash

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Old 07-17-2020, 08:16 AM
  #139  
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Originally Posted by Selina Harris
Can you say which dealer you went to?
No, he can't. And I'd say, he won't. Until he drives out with the car. Or drives away in the car he came in without the C8.
Old 07-17-2020, 09:26 AM
  #140  
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Originally Posted by 90sundevil
I am only stuck if I want to buy the Corvette from them. Pretty sure MacMulkin would not do this to any of their customers. So we will see if my canceling the order from them will come back to bite me.
No, they don't. In fact Mark from MacMulkin called me when it came time for payment and asked me what rate I was getting. I told him 1.99% from my CU. He told me he couldn't touch it and that was the end of it. He then worked with my CU to get him the check. If you hate dealership games like I do, MacMulkin is awesome.


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