MSRP - With a catch!
Thread Starter
Racer
Joined: Jan 2014
Posts: 318
Likes: 81
MSRP - With a catch!
I got on the list of an out of state dealer for a C8 allocation back in February, same dealer I bought my 2019 C7 Z06 from, with the understanding the price would be MSRP. Fast forward to early November and here comes my allocation and my deposit, everything set and money taken. I make a comment that “we are at MSRP correct?”… I get a reply “yes sir MSRP plus shipping, Tax, doc and Title… as long as I get the financing through the dealership.”
I can get 1.9 with my Credit Union and have no clue what they will charge and what kind of reserve they are going put on it, assume they will also put in a prepayment penalty as well. Does anyone else feel this was very shady at the least? I know I can just reject it and move on but I have waited almost a year… and probably will be another 2 months due to the situation at the plant. This doesn’t even include the first list I was on when the car came out that became a fiasco as well. I know I am jumping the gun as I don’t know the interest rate but anything over 1.9 just isn’t going to sit well with me.
Suggestions… other than the obvious?
I can get 1.9 with my Credit Union and have no clue what they will charge and what kind of reserve they are going put on it, assume they will also put in a prepayment penalty as well. Does anyone else feel this was very shady at the least? I know I can just reject it and move on but I have waited almost a year… and probably will be another 2 months due to the situation at the plant. This doesn’t even include the first list I was on when the car came out that became a fiasco as well. I know I am jumping the gun as I don’t know the interest rate but anything over 1.9 just isn’t going to sit well with me.
Suggestions… other than the obvious?
Melting Slicks
Joined: Dec 2004
Posts: 2,815
Likes: 936
From: Cortez, FL/Canandaigua NY (Summer)
Humor them and take the financing. Pay it off after 3 months.
Dealers seem to hate that we, the buyers, make money on these cars if we choose. It’s not our fault that the demand is so high that it has driven prices up.
Dealers seem to hate that we, the buyers, make money on these cars if we choose. It’s not our fault that the demand is so high that it has driven prices up.
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Ask them what the current finance rate is and what conditions are on the financing, like prepayment clause. You may be worrying about nothing.
Thread Starter
Racer
Joined: Jan 2014
Posts: 318
Likes: 81
Thread Starter
Racer
Joined: Jan 2014
Posts: 318
Likes: 81
You could be completely correct, they just aren’t answering my questions on financing including T’s & C’s… will respond on everything else though. I will ride this out and make my decision when I have the full picture. I guess I am just venting at this point.
Race Director
Joined: Jan 2014
Posts: 10,709
Likes: 7,102
From: Fulshear, TX
You're worrying about nothing. Most dealers seem to be in the 2-3% range, with a lot being through Bank of America.
With a MSRP car this cost is minimal vs. 1.9% from your CU. If nothing else, make a payment or two then refi with whomever. If you really want to get crazy, buy GM points from someone on the forum and save an extra $500 ($1000 is the going rate for $1500 in points).
Or, give the car up and let the dealer sell it for $20k more than you're willing to pay. Your choice...
With a MSRP car this cost is minimal vs. 1.9% from your CU. If nothing else, make a payment or two then refi with whomever. If you really want to get crazy, buy GM points from someone on the forum and save an extra $500 ($1000 is the going rate for $1500 in points).
Or, give the car up and let the dealer sell it for $20k more than you're willing to pay. Your choice...
Last edited by Kracka; Dec 16, 2021 at 10:51 PM.
Burning Brakes
Joined: Oct 2021
Posts: 1,080
Likes: 726
From: Williamsburg VA
2022 C8 of the Year Finalist - Unmodified
Many dealers can go through your CU as well so may not be an issue at all. I had a dealer tell me it would be 1k over MSRP unless I financed at least 50% through their finance dept but could certainly go through any of te local credit unions.
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Drifting
Joined: Dec 2015
Posts: 1,925
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From: New Orleans, Louisiana
The dealer financing probably won't beat your current rate...but I would get the car financed with them and then refinance it later with whomever u want. I'll then never do business with that dealer again.
Race Director
Joined: Nov 2017
Posts: 12,759
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From: Prosper TX/Austin TX
2020 C6 of the Year Winner - Modified
I’d love to see them try to do anything if you walk into the bank and pay the car off the next day. The dealer from whom I purchased my Carbon said I had to finance through their credit union. Fine, and I refinanced it through mine literally within 7 days. Nothing happened.
Safety Car
Joined: Jul 2013
Posts: 4,408
Likes: 3,485
From: Granada Hills CA
You don't say what state you're in. In California, pre-payment penalties are not allowed on auto loans. I have been on this board since 2013 and it became abundantly clear from the start that to avoid any dealer shenanigans simply buy from one of the big 3 forum dealers. My '22 Z51 HTC was ordered through MacMulkin and courtesy delivered near my home. MacMulkin lived up to their reputation and the whole process was smooth and easy with no surprises.
Melting Slicks
Joined: Aug 2005
Posts: 2,600
Likes: 784
From: Scottsdale Arizona
The scumbags Van's did that to me and said I had to finance 50%, I wanted to pay cash and they would not take it. I paid it off the day I took delivery of my car, screw them. They also added on 3k worth of crap like nitrogen in the tires, door edge guards, door cup guards which the car does not have, tint and the topper was $1500 for Zatktec paint protection. They told me, "Don't like it then find yourself another car." Then the finance guy said that I had to keep the loan for 6 months before paying it off and that was, "A gentlemen's agreement." I asked him if that was like the car was at sticker with nothing add on's or markup.
Instructor
Joined: Oct 2017
Posts: 208
Likes: 110
From: Frederick, MD
This is common practice with car dealers. It's my understanding that they get kickback in some form when their "preferred" finance institutions are used. I also experienced a situation where I wanted to pay cash for a car and the dealer flat out refused to take it. So I financed it and paid it off after the first payment. Just be sure there are no early payoff charges.
Melting Slicks
Joined: Jan 2009
Posts: 2,339
Likes: 2,613
From: Covington LA
Safety Car
Joined: Sep 2001
Posts: 4,495
Likes: 1,263
From: Jacksonville FL
I would be more concerned about dealer installed options that you have no idea they are going to install and they surprise you when you pickup your car. Alot of dealers in FL like to charge you 800.00 to 1,000 in DOC fees and 1K to 3K for addons like tinted windows, ceramic coating etc.
Racer
Joined: Nov 2013
Posts: 260
Likes: 110
I would be more concerned about dealer installed options that you have no idea they are going to install and they surprise you when you pickup your car. Alot of dealers in FL like to charge you 800.00 to 1,000 in DOC fees and 1K to 3K for addons like tinted windows, ceramic coating etc.
Sam
Pro
Joined: Jan 2021
Posts: 544
Likes: 237
I paid about $700 over MSRP and dealer's "Gentleman's Agreement" was to finance for 6 months so they would get kickback. I can pay a substantial amount after 1st payment to keep interest low for months 2-6 and then pay off entirely. I'll stick to my word and not pay it off before the 6 months. Not a big deal considering from my first call to this dealer to getting an allocation to having the C8 in my garage on 12/11 was less than 3 months.