View Poll Results: Timestamp Rollcall
Timestamped 12:01 or before
32
8.77%
Timestamped 12:02-05
75
20.55%
Timestamped 12:06-10
78
21.37%
Timestamped 12:011-15
47
12.88%
Timestamped 12:16-20
23
6.30%
Timestamped 12:21-30
35
9.59%
Timestamped 12:30+
75
20.55%
Voters: 365. You may not vote on this poll
All things CIOCCA mega merge
11-03-2021, 04:42 PM
#1202
Le Mans Master
Member Since: Nov 2015
Location: Lake Havasu City Arizona
Posts: 7,340
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I haven't read anything here about a confirmation email. I certainly haven't received one.
But, I've also read people talking about what number they are already and that obviously hasn't been released. Facebook and Instagram have lots of posers and people just posting crap to seem relevant.
But, I've also read people talking about what number they are already and that obviously hasn't been released. Facebook and Instagram have lots of posers and people just posting crap to seem relevant.
11-03-2021, 04:56 PM
#1204
From my understanding no one received an e-mail. What they are referring to is the screen that popped up that showed the wire information. At the stop of the screen it stated something like thanks for you inquiry/we received your message. If you were able to see the wire information when you typed in your name you received the so called "email" that people are talking about.
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rajeevx7 (11-03-2021)
11-03-2021, 05:06 PM
#1205
A check is just a piece of paper that may or may not be good. A wire transfer is good as cash. Checks take longer to cash. This is why wires are required and checks aren't even accepted for many large purchases. Wires will always have the advantage if everything is considered and fair.
1. Have a copy of your license in hand
2. Check for deposit was strongly preferred for ease of processing time. A cash deposit has to be counted and receipted, CC had to be ran through the machine, all take extra time.
At first they were only going to have 3 people processing the deposits.
As people arrived we passed those instructions to everyone so the line would move quickly. But some people came with cash or CC. As they spoke to the dealership it became clear to them they would need more people and a means to process cash and CC. So they had 6 people, a cash counter and CC machine brought to the other building where we made the deposits (just a holding area for Corvettes, not that actual showroom.)
They don’t have the means to accept CC on line hence the request for wires.
As stated in this post wires generally take a few hours to a day to arrive in the senders account. Confirmation of an approved transfer is just that, the wire was approved and sent, but still has other steps depending on the institution. Then they are batched and sent at varying times of the day. CC is the same, near instant approval but the seller doesn’t see funds and you don’t see the charge until it’s batched, which is typical several hours to a day later. Ciocca said that wires would be based on the times they hit their account.
And with the allocations going out next Monday they have plenty of time to verify if they received a bad check, which in reality would be ridiculous to have someone wait up to 18 hours in line, not receive anything for it and try to pass a bad check. Anyway if they did I would assume they would simply delete them from the allocation spread sheet and move the list up.
Ciocca was definitely caught off guard by the amount of people that showed up in person, there were plenty of repeat and long time customers there that were all told by their salespeople in person was the best shot at getting an allocation, hence people flying from as far as California. I asked the same because I really would have preferred to have sat at home comfortable and sent a wire. I was told that in person was much better because the wires take time to hit their accounts and I would be competing with people all over the county, in person would be instant and ahead of most if not all wires.
11-03-2021, 05:08 PM
#1206
Melting Slicks
I'm finally reading through the threads here and the same 2 members have been spreading some really bad rumors in all the Ciocca threads.
(cops never put barricades, photos posted here were taken from Facebook, by 1am there were less than 40 people (not 110). By 5am maybe there was 70, 6am is when most people finally showed up. Noone at Ciocca mention timestamps mattering to anyone who asked, everyone who asked if they should do a wire while waiting on line were told being in line was more important than a wire that won't be received till next day)
Just saying don't believe anything you read on here (even this post) till the list comes out.
Last edited by Villain C5; 11-03-2021 at 05:09 PM.
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rajeevx7 (11-03-2021)
11-03-2021, 05:10 PM
#1207
11-03-2021, 05:11 PM
#1208
Burning Brakes
So the salespeople there told everyone the following:
1. Have a copy of your license in hand
2. Check for deposit was strongly preferred for ease of processing time. A cash deposit has to be counted and receipted, CC had to be ran through the machine, all take extra time.
At first they were only going to have 3 people processing the deposits.
As people arrived we passed those instructions to everyone so the line would move quickly. But some people came with cash or CC. As they spoke to the dealership it became clear to them they would need more people and a means to process cash and CC. So they had 6 people, a cash counter and CC machine brought to the other building where we made the deposits (just a holding area for Corvettes, not that actual showroom.)
They don’t have the means to accept CC on line hence the request for wires.
As stated in this post wires generally take a few hours to a day to arrive in the senders account. Confirmation of an approved transfer is just that, the wire was approved and sent, but still has other steps depending on the institution. Then they are batched and sent at varying times of the day. CC is the same, near instant approval but the seller doesn’t see funds and you don’t see the charge until it’s batched, which is typical several hours to a day later. Ciocca said that wires would be based on the times they hit their account.
And with the allocations going out next Monday they have plenty of time to verify if they received a bad check, which in reality would be ridiculous to have someone wait up to 18 hours in line, not receive anything for it and try to pass a bad check. Anyway if they did I would assume they would simply delete them from the allocation spread sheet and move the list up.
Ciocca was definitely caught off guard by the amount of people that showed up in person, there were plenty of repeat and long time customers there that were all told by their salespeople in person was the best shot at getting an allocation, hence people flying from as far as California. I asked the same because I really would have preferred to have sat at home comfortable and sent a wire. I was told that in person was much better because the wires take time to hit their accounts and I would be competing with people all over the county, in person would be instant and ahead of most if not all wires.
1. Have a copy of your license in hand
2. Check for deposit was strongly preferred for ease of processing time. A cash deposit has to be counted and receipted, CC had to be ran through the machine, all take extra time.
At first they were only going to have 3 people processing the deposits.
As people arrived we passed those instructions to everyone so the line would move quickly. But some people came with cash or CC. As they spoke to the dealership it became clear to them they would need more people and a means to process cash and CC. So they had 6 people, a cash counter and CC machine brought to the other building where we made the deposits (just a holding area for Corvettes, not that actual showroom.)
They don’t have the means to accept CC on line hence the request for wires.
As stated in this post wires generally take a few hours to a day to arrive in the senders account. Confirmation of an approved transfer is just that, the wire was approved and sent, but still has other steps depending on the institution. Then they are batched and sent at varying times of the day. CC is the same, near instant approval but the seller doesn’t see funds and you don’t see the charge until it’s batched, which is typical several hours to a day later. Ciocca said that wires would be based on the times they hit their account.
And with the allocations going out next Monday they have plenty of time to verify if they received a bad check, which in reality would be ridiculous to have someone wait up to 18 hours in line, not receive anything for it and try to pass a bad check. Anyway if they did I would assume they would simply delete them from the allocation spread sheet and move the list up.
Ciocca was definitely caught off guard by the amount of people that showed up in person, there were plenty of repeat and long time customers there that were all told by their salespeople in person was the best shot at getting an allocation, hence people flying from as far as California. I asked the same because I really would have preferred to have sat at home comfortable and sent a wire. I was told that in person was much better because the wires take time to hit their accounts and I would be competing with people all over the county, in person would be instant and ahead of most if not all wires.
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rajeevx7 (11-03-2021)
11-03-2021, 05:27 PM
#1210
Melting Slicks
240 is another exaggerated number from yesterday. I was right by the guy with the list up until the doors opened, at that point it was 181 people. Don't think I saw anyone walk in after 12. I stayed for a half hour after paying so by 1230 the line was half done and noone new coming in (that I saw)
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rajeevx7 (11-03-2021)
11-03-2021, 05:57 PM
#1213
so you really think all wire transfers are instant just because it says completed do you think that is the time that M&T deposit it in their account I think everybody is in for a big shock with his wire transfer deal
11-03-2021, 06:06 PM
#1214
I can't speak for everyone, but with BoA if you sent it same day delivery AND "one time, instantly" you received confirmation that it was received by M&T Bank along with the 16 digit confirmation number in a matter of minutes. Maybe I'm missing something about the process, but we'll all know soon enough...
11-03-2021, 06:07 PM
#1215
Racer
240 is another exaggerated number from yesterday. I was right by the guy with the list up until the doors opened, at that point it was 181 people. Don't think I saw anyone walk in after 12. I stayed for a half hour after paying so by 1230 the line was half done and noone new coming in (that I saw)
There were a total of 230 names on the list when we stopped taking names at 12:00. I helped Vince with the list once the line formed outside the showroom floor. There were a lot of additions between 10 AM and noon, probably 50. At noon we "shut down" the list so we could focus on letting people in in an orderly manor. There was real potential for a disaster since we had to police ourselves and tensions started running high.
Vince was magic for having started the list. No one including Ciocca expected over 200 people in person. Ciocca was great - brought us coffee and donuts and snacks in the middle of the night. Everything was calm and stress free with no police barricades etc. It did get a little stressful from about 11:30 AM to 12:00 as the crowd grew and we realized we had to police ourselves - but it went smooth and everyone went in order. There was one guy who had to be bounced for cutting to get inside.
I will say that I would guess that there are 25 % flippers present - several had two people that I would guess will keep one car and flip the other. A few others seemed pretty clearly they there to buy and flip, and reports of several dealer plates.
Last edited by FF2000; 11-03-2021 at 06:13 PM.
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Vrunner (11-03-2021)
11-03-2021, 06:28 PM
#1217
Racer
Member Since: May 2021
Location: Central MA near 495 and The Pike
Posts: 444
Received 309 Likes
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Technology is always changing.
I can't speak for everyone, but with BoA if you sent it same day delivery AND "one time, instantly" you received confirmation that it was received by M&T Bank along with the 16 digit confirmation number in a matter of minutes. Maybe I'm missing something about the process, but we'll all know soon enough...
11-03-2021, 06:29 PM
#1218
Last edited by Ipavebutcantsave; 11-03-2021 at 06:32 PM.
11-03-2021, 06:41 PM
#1219
As stated in this post wires generally take a few hours to a day to arrive in the senders account. Confirmation of an approved transfer is just that, the wire was approved and sent, but still has other steps depending on the institution. Then they are batched and sent at varying times of the day. CC is the same, near instant approval but the seller doesn’t see funds and you don’t see the charge until it’s batched, which is typical several hours to a day later. Ciocca said that wires would be based on the times they hit their account.
For simplicity sake let’s just say the Fed bank (clearinghouse) keeps some of each member bank’s funds in accounts. When a wire is requested the Fed bank simply moves the funds electronically from one bank’s acct to the other. Some banks use other methods/tools. CHIPS is one of those (Clearing House Interbank Payments System) but I think it’s more for larger transactions. There’s at least one other method.
Institutions/businesses like Ciocca MAY batch their wire processing but the actual transfer process can happen before the batch process.
I’m not a wire expert but used to work in corporate finance.
11-03-2021, 06:47 PM
#1220
Le Mans Master
Member Since: Mar 1999
Location: Fort Worth Texas
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2024 Corvette of the Year Finalist - Unmodified
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