Anybody run into financing from the dealer as a condition of the sale
07-10-2020, 08:01 AM
#1
Melting Slicks
Thread Starter
Anybody run into financing from the dealer as a condition of the sale
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.
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07-10-2020, 08:16 AM
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If you're not getting $1000 off for the financing, then there's no incentive for you to do that. Tell him to go fly a kite. That's the only reason I did it in the past. And that should be agreed upon long before taking delivery, not a week before. Sounds like they're trying to pad their pockets at the last minute. Just say no thanks if you don't want it. If you take the financing, they get dinged if you don't make three payments, and don't wait until the third payment date to pay it off. But GM financing doesn't give a rip if you do. Just the dealer. So if you don't like the dealer then just pay it off right away. Sounds like they're being jerks.
07-10-2020, 08:11 AM
#2
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St. Jude Donor '06-'07-'08-'09-'10-'11-'12-'13-'14-'15- '16-'17-‘18-‘19-'20-'21
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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.
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07-10-2020, 08:13 AM
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07-10-2020, 08:16 AM
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St. Jude Donor '06-'07-'08-'09-'10-'11-'12-'13-'14-'15- '16-'17-‘18-‘19-'20-'21
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On second thought, what all is on the car? IE: trim level and options ........ I may be interested if you back out. I'm only a 15 hr drive away in TX. 
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07-10-2020, 08:16 AM
#5
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If you're not getting $1000 off for the financing, then there's no incentive for you to do that. Tell him to go fly a kite. That's the only reason I did it in the past. And that should be agreed upon long before taking delivery, not a week before. Sounds like they're trying to pad their pockets at the last minute. Just say no thanks if you don't want it. If you take the financing, they get dinged if you don't make three payments, and don't wait until the third payment date to pay it off. But GM financing doesn't give a rip if you do. Just the dealer. So if you don't like the dealer then just pay it off right away. Sounds like they're being jerks.
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07-10-2020, 08:17 AM
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St. Jude Donor '06-'07-'08-'09-'10-'11-'12-'13-'14-'15- '16-'17-‘18-‘19-'20-'21
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If you're not getting $1000 off for the financing, then there's no incentive for you to do that. Tell him to go fly a kite. That's the only reason I did it in the past. And that should be agreed upon long before taking delivery, not a week before. Sounds like they're trying to pad their pockets at the last minute. Just say no thanks if you don't want it. If you take the financing, they get dinged if you don't make three payments, and don't wait until the third payment date to pay it off. But GM financing doesn't give a rip if you do. Just the dealer. So if you don't like the dealer then just pay it off right away. Sounds like they're being jerks.
Last edited by Steve Garrett; 07-11-2020 at 12:34 PM. Reason: Merged Posts-Please use the Multi-Quote button to bundle responses in one reply!
07-10-2020, 08:24 AM
#7
Le Mans Master
That's illegal. Report the dealer to GM. But don't walk away - chances are the dealer is trying to run you off so he can charge some poor sap $20,000 over retail.
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07-10-2020, 08:29 AM
#8
Burning Brakes
Agree to finance a $1.00 or $10.00 and make them fill out all of the paperwork. Pay it off the first month. You never agreed to financing so make it uncomfortable for them.
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07-10-2020, 08:34 AM
#9
That would be a way to extract extra money from you.
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07-10-2020, 08:41 AM
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Tell them that if they try to pull that stunt, you will get the state attorney general's office involved.
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07-10-2020, 08:47 AM
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I've financed for the minimum amount of time allowed, in order to qualify for an extra discount, and I think it's' legal for them to offer that. It wasn't a big deal. I paid it off three months later, and came out maybe $2000 ahead. Financing, under the right conditions, is where the dealer makes a good deal of their money, so they actually don't like it when customers pay cash.
07-10-2020, 08:55 AM
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I've financed for the minimum amount of time allowed, in order to qualify for an extra discount, and I think it's' legal for them to offer that. It wasn't a big deal. I paid it off three months later, and came out maybe $2000 ahead. Financing, under the right conditions, is where the dealer makes a good deal of their money, so they actually don't like it when customers pay cash.
Last edited by Steve Garrett; 07-11-2020 at 12:35 PM. Reason: Merged Posts-Please use the Multi-Quote button to bundle responses in one reply!
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07-10-2020, 09:04 AM
#14
Drifting
Get the state AG involved.....and media.
Last edited by C82LT; 07-10-2020 at 09:04 AM.
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07-10-2020, 09:27 AM
#16
Instructor
Could not /will not deal with local dealers with all games they play . Never heard of this financing ploy as a stipulation of sale. Crazy !
07-10-2020, 09:29 AM
#17
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1. If you have a signed purchase agreement there shouldn’t be any dealers “add-ons” to begin with. The car gets delivered to the dealership, they PDI the vehicle & you drive off.
2. There is nothing that says you have to finance your purchase, Corvette or otherwise, from the dealership. You have a purchase agreement for the price of the car & that’s what you pay, not a penny more. Hell, I’d pay it all in nickels & make this amateur salesman count it out.
3. I’d no longer deal with this salesman, and request either the GM or the owner. I’d bypass the sales manager as that’s probably where this jacknut is getting these sales techniques.
4. Follow your delivery with Jack Cooper & be at the dealership when the truck pulls up with your vehicle on it (I had to do this once after ordering a vehicle & dealing with shady dealership personnel). That way you know no bs is being pulled.
2. There is nothing that says you have to finance your purchase, Corvette or otherwise, from the dealership. You have a purchase agreement for the price of the car & that’s what you pay, not a penny more. Hell, I’d pay it all in nickels & make this amateur salesman count it out.
3. I’d no longer deal with this salesman, and request either the GM or the owner. I’d bypass the sales manager as that’s probably where this jacknut is getting these sales techniques.
4. Follow your delivery with Jack Cooper & be at the dealership when the truck pulls up with your vehicle on it (I had to do this once after ordering a vehicle & dealing with shady dealership personnel). That way you know no bs is being pulled.
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ArmchairArchitect (07-10-2020)
07-10-2020, 09:33 AM
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Just the Facts
I live in S AZ, I asked a good friend for a free legal opionion. He says they can tell you financing is mandatory and you can tell them no. But failing a written contract stating all the terms and conditions of sale, you'd 'probably' lose. With any push and shove, the hassle factor is involved. Tell them no. Not no maybe but no no. If they tell you to walk, you might want to be wearing comfortable shoes. Your options are limited. None are especailly appealing. This advice worth twice what you paid.
I made up a 5 pt list of expectations with our dealer. No added mark up, refundable deposit, etc. Had them initial each and left with a copy for playing Liar's Poker should I need to. But end of the day, they have the car and I have a sheet of paper from the Sales Mgr. who may or may not be able to bind the dealer. The dealer's integrity is my only true leverage.
End of the day, this dealer might be doing you a huge favor. Good to know their best practices up front. Painful though it may be.
One other thing you could do. One or more of the broadcast TV news departments in Phoenix has a consumer advocate. This kind of story has all the hallmarks of a nightly news feature. The KPHO Team and We're On Your Side feature at 5 and 10. If nothing else, you can extract a pound of flesh by exposing them. Of course, all these things are transitory. But the your one day in the sun would be worth it. To me anyway.
I made up a 5 pt list of expectations with our dealer. No added mark up, refundable deposit, etc. Had them initial each and left with a copy for playing Liar's Poker should I need to. But end of the day, they have the car and I have a sheet of paper from the Sales Mgr. who may or may not be able to bind the dealer. The dealer's integrity is my only true leverage.
End of the day, this dealer might be doing you a huge favor. Good to know their best practices up front. Painful though it may be.
One other thing you could do. One or more of the broadcast TV news departments in Phoenix has a consumer advocate. This kind of story has all the hallmarks of a nightly news feature. The KPHO Team and We're On Your Side feature at 5 and 10. If nothing else, you can extract a pound of flesh by exposing them. Of course, all these things are transitory. But the your one day in the sun would be worth it. To me anyway.
