Financing
Thread Starter
Burning Brakes
Joined: Oct 2010
Posts: 833
Likes: 240
Financing
My TPW is 2/21 from Ciocca, when do I talk to them about either financing from them or is it better to get it through my local bank. I do not have a VIN yet. Does Ciocca care if I finance through them? Are their lenders competitive? I have excellent credit.
I usually lease my Corvettes through my business and have previously bought from Les Stanford.
I usually lease my Corvettes through my business and have previously bought from Les Stanford.
Instructor
Joined: Dec 2021
Posts: 234
Likes: 147
My TPW is 2/21 from Ciocca, when do I talk to them about either financing from them or is it better to get it through my local bank. I do not have a VIN yet. Does Ciocca care if I finance through them? Are their lenders competitive? I have excellent credit.
I usually lease my Corvettes through my business and have previously bought from Les Stanford.
I usually lease my Corvettes through my business and have previously bought from Les Stanford.
wait until you have a vin number and then start shipping. You can have your credit pulled by anywhere as many times as you want in a30 day period and your score won’t be affected more than two points so don’t be adverse to having banks run your credit.
good luck!
Melting Slicks
Joined: Sep 2004
Posts: 3,474
Likes: 2,246
From: Southern NJ
My TPW is 2/21 from Ciocca, when do I talk to them about either financing from them or is it better to get it through my local bank. I do not have a VIN yet. Does Ciocca care if I finance through them? Are their lenders competitive? I have excellent credit.
I usually lease my Corvettes through my business and have previously bought from Les Stanford.
I usually lease my Corvettes through my business and have previously bought from Les Stanford.
Thread Starter
Burning Brakes
Joined: Oct 2010
Posts: 833
Likes: 240
You will be able to finance or lease your car through Ciocca at the time of delivery. If your credit is strong, they should be able to offer you a low competitve rate with what's out there. I too, will be interested in what the lease offers will be. Not sure that leasing will make sense this time around with the way the C8 car market is, but will be taking a close look at it.
Melting Slicks
Joined: Sep 2004
Posts: 3,474
Likes: 2,246
From: Southern NJ
That's news to me. I know they were discouraging leasing because there were no lease deals and the lease payment could actually be higher than financing as well as the fact the car could be sold for a premium where normally the car will depreciate 25% the minute you drive off the lot. I haven't checked recently, but when Kerbeck owned the dealership (up until the end of June 2021) leasing was deft available.
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Intermediate
Joined: May 2021
Posts: 27
Likes: 8
From: NH Seacoast
Right now BOA is offering 2.39% and good for 30 days - if you're a preferred or platinum preferred you get a reduction up to .50%. Pen Fed (if you are a member) is offering 1.99% for up to 60 months.
Instructor
Joined: Nov 2013
Posts: 202
Likes: 106
From: Earth, Usually
I have cars in my business name, it just depends on how many miles you drive for work. I usually end up taking the standard mileage rate because it's more than actual expenses and depreciation.
Race Director
Joined: Mar 2007
Posts: 11,368
Likes: 8,526
I would be looking for 1.99%, because you can still get that for up to 100% purchase price, including cost of extended warranty if you want that, for up to 7 years, at some Credit Unions. A 3% rate is 50% more interest than 2% rate, right? Some credit unions will set you up with a per-approved loan, and issue a "blank check" good for up to a maximum limit (for example 100000), good for 30 days from date of issue. The VIN is not needed - you can select the car you want after the check is issued. You take the check to the dealer, make the deal, give them the check completed with the dealer name and the amount you want on the check, anything up to the limit. The dealer provides the credit union with the details on the car (VIN, etc), puts the lien in the CU name. The "loan", or interest starts after the deal is completed (I forget whether it actually starts on day of completion of the deal, or the day when the check to dealer clears, but it does not start when the blank check is provided to you).