Ciocca refund ?
02-09-2023, 10:56 PM
#1
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Ciocca refund ?
Being at 1997 I decided to request a refund. Sent in An email got a quick response. In the email I stated the $5k amount.
Got a check today for $2k.
Sent them another email with copies of the second wire from November of 21 from my bank.
I’m assuming they just made a mistake and thought the entire $5k was refundable?
if anyone can confirm or even provide their request for the additional $3k it would be appreciated.
Got a check today for $2k.
Sent them another email with copies of the second wire from November of 21 from my bank.
I’m assuming they just made a mistake and thought the entire $5k was refundable?
if anyone can confirm or even provide their request for the additional $3k it would be appreciated.
Popular Reply
02-23-2023, 09:31 AM
At one point they had 3,000 reservations at $5,000. $15,000,000 in savings.
Current Fidelity has a savings rate of 2.32% and I believe it accrues daily and paid monthly. My math says (I hope its not wrong) says $15M @ 2.3% is $350,000 per year.
Realistically they are investing at higher yields, 1 yr bonds at 5%. I'd bet they have already made $1M in interest since the deposits have been given and will make at least $600,000 a year going forward.
The real story, they are making more money not selling Z06's than selling Z06's. If I was them, I don't want GM to come out with production numbers and keep hope alive for everyone on the list.
I'd be very slow on sending checks back ; )
Current Fidelity has a savings rate of 2.32% and I believe it accrues daily and paid monthly. My math says (I hope its not wrong) says $15M @ 2.3% is $350,000 per year.
Realistically they are investing at higher yields, 1 yr bonds at 5%. I'd bet they have already made $1M in interest since the deposits have been given and will make at least $600,000 a year going forward.
The real story, they are making more money not selling Z06's than selling Z06's. If I was them, I don't want GM to come out with production numbers and keep hope alive for everyone on the list.
I'd be very slow on sending checks back ; )
02-10-2023, 12:36 AM
#2
Burning Brakes
The entire 5k is refundable. The must have made a mistake and only seen your first deposit. I’m sure they’ll get it cleared up. Sorry, that’s a pain.
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Never--Enough (02-23-2023)
02-10-2023, 12:49 AM
#3
Racer
Member Since: May 2021
Location: Northern California
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St. Jude Donor '22
Here is a copy of the main body of the email that was sent out asking for the additional $3,000. It stated that this deposit is also fully refundable like the original $2k...
Congratulations on taking the first step toward securing your Corvette Z06 through the world’s largest Corvette dealership, Ciocca Corvette. Your reservation number is XX. We received an unprecedented number of deposits for this vehicle, and it remains Ciocca Corvette’s goal to deliver as many Z06’s as possible to our ultimate Corvette enthusiasts. To identify the ultimate retail buyer and remove exporters, resellers, and brokers, we will require an additional $3,000 deposit to maintain your reservation number and to remain on the list.
This additional deposit must be received by 8 pm EST on Monday November 22nd. Like the first $2,000, this deposit is also refundable, up until the time that we place your order.
If you wish to be removed from the list, please email Z06@cioccadealerships.com with your name and the address where you would like us to send your refund check.
If you should have any questions, please do not call the dealership. Simply reply to this email with your questions.
Sincerely,
The Ciocca Corvette Team
Ciocca Corvette, the World’s Largest Corvette Dealership
Atlantic City, NJ
This additional deposit must be received by 8 pm EST on Monday November 22nd. Like the first $2,000, this deposit is also refundable, up until the time that we place your order.
If you wish to be removed from the list, please email Z06@cioccadealerships.com with your name and the address where you would like us to send your refund check.
If you should have any questions, please do not call the dealership. Simply reply to this email with your questions.
Sincerely,
The Ciocca Corvette Team
Ciocca Corvette, the World’s Largest Corvette Dealership
Atlantic City, NJ
02-10-2023, 01:00 AM
#4
Sounds like its a mistake on their part.
02-10-2023, 06:50 AM
#5
Racer
You wouldn't be on the list if you didn't wire the additional $3k after the first $2k deposit.
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Never--Enough (02-23-2023)
02-10-2023, 06:55 AM
#6
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Thanks guys appreciation the clarification. With base cars requiring 1k not sure how they thought a 2k deposit was on their menu. I sent in an email. Sure they will figure it out.
I’m at a point tired of everything being a hassle. We flew at Xmas and last week in the Texas ice storm……hassled out!!
Still first world problems .
I’m at a point tired of everything being a hassle. We flew at Xmas and last week in the Texas ice storm……hassled out!!
Still first world problems .
02-23-2023, 08:57 AM
#7
Difficulty getting deposit back from Ciocca on Z06
Like others I got tired of waiting and on Feb 6th I emailed them asking for deposit back. I received a confirmation email on February 10th saying the check would be sent the next week. The check did not arrive. I sent another email on February 18th asking the status. I received a reply on February 18th saying Accounting dept was closed but they were sure the check was mailed and that they would check on February 20th. Still no check so I sent another email on February 22nd asking for a confirmation that the check had been mailed. No response yet to this email. Not a great way to treat a customer who previously purchased a C8 from them
02-23-2023, 09:31 AM
#8
At one point they had 3,000 reservations at $5,000. $15,000,000 in savings.
Current Fidelity has a savings rate of 2.32% and I believe it accrues daily and paid monthly. My math says (I hope its not wrong) says $15M @ 2.3% is $350,000 per year.
Realistically they are investing at higher yields, 1 yr bonds at 5%. I'd bet they have already made $1M in interest since the deposits have been given and will make at least $600,000 a year going forward.
The real story, they are making more money not selling Z06's than selling Z06's. If I was them, I don't want GM to come out with production numbers and keep hope alive for everyone on the list.
I'd be very slow on sending checks back ; )
Current Fidelity has a savings rate of 2.32% and I believe it accrues daily and paid monthly. My math says (I hope its not wrong) says $15M @ 2.3% is $350,000 per year.
Realistically they are investing at higher yields, 1 yr bonds at 5%. I'd bet they have already made $1M in interest since the deposits have been given and will make at least $600,000 a year going forward.
The real story, they are making more money not selling Z06's than selling Z06's. If I was them, I don't want GM to come out with production numbers and keep hope alive for everyone on the list.
I'd be very slow on sending checks back ; )
Last edited by oaktreebc; 02-23-2023 at 10:19 AM.
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02-23-2023, 10:02 AM
#9
smh....hmmmnn
02-23-2023, 10:07 AM
#10
Melting Slicks
At one point they had 3,000 reservations at $5,000. $15,000,000 in savings.
Current Fidelity has a savings rate of 2.32% and I believe it accrues daily and paid monthly. My math says (I hope its not wrong) says $15M @ 2.3% is $350,000 per year.
Realistically they are investing at higher yields, 1 yr bonds at 5%. I'd bet they have already made $1M in interest since the deposits have been given and will make another $500,000 to $600,000 a year. They are making more money not selling Z06's than selling Z06's. I'd be pretty slow on sending checks back ; )
Current Fidelity has a savings rate of 2.32% and I believe it accrues daily and paid monthly. My math says (I hope its not wrong) says $15M @ 2.3% is $350,000 per year.
Realistically they are investing at higher yields, 1 yr bonds at 5%. I'd bet they have already made $1M in interest since the deposits have been given and will make another $500,000 to $600,000 a year. They are making more money not selling Z06's than selling Z06's. I'd be pretty slow on sending checks back ; )
Its just another way of making a buck selling Corvettes.... The small dealer with only a few cars hopes for a market frenzy, and the ADM bonus that they get, say $50,000.00 for 5 cars is their take. MM and Ciocca do it this way...which is better for the consumer.
02-23-2023, 10:14 AM
#11
Its just another way of making a buck selling Corvettes.... The small dealer with only a few cars hopes for a market frenzy, and the ADM bonus that they get, say $50,000.00 for 5 cars is their take. MM and Ciocca do it this way...which is better for the consumer.
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Jridden (02-23-2023)
02-23-2023, 05:31 PM
#12
I thought Ciocca had 5000 on their list
02-23-2023, 05:55 PM
#13
02-23-2023, 06:36 PM
#14
At one point they had 3,000 reservations at $5,000. $15,000,000 in savings.
Current Fidelity has a savings rate of 2.32% and I believe it accrues daily and paid monthly. My math says (I hope its not wrong) says $15M @ 2.3% is $350,000 per year.
Realistically they are investing at higher yields, 1 yr bonds at 5%. I'd bet they have already made $1M in interest since the deposits have been given and will make at least $600,000 a year going forward.
The real story, they are making more money not selling Z06's than selling Z06's. If I was them, I don't want GM to come out with production numbers and keep hope alive for everyone on the list.
I'd be very slow on sending checks back ; )
Current Fidelity has a savings rate of 2.32% and I believe it accrues daily and paid monthly. My math says (I hope its not wrong) says $15M @ 2.3% is $350,000 per year.
Realistically they are investing at higher yields, 1 yr bonds at 5%. I'd bet they have already made $1M in interest since the deposits have been given and will make at least $600,000 a year going forward.
The real story, they are making more money not selling Z06's than selling Z06's. If I was them, I don't want GM to come out with production numbers and keep hope alive for everyone on the list.
I'd be very slow on sending checks back ; )
Once the opportunity to flip a used C8Z for profit is gone, I have no doubt that a lot of people ask them for their deposit back...
02-23-2023, 06:37 PM
#15
Its just another way of making a buck selling Corvettes.... The small dealer with only a few cars hopes for a market frenzy, and the ADM bonus that they get, say $50,000.00 for 5 cars is their take. MM and Ciocca do it this way...which is better for the consumer.
02-24-2023, 11:52 AM
#16
Racer
I requested the return of my deposit today, I am currently number 900.
Hoping getting my deposit back won’t be a big problem, if so this won’t look good for Ciocca, taking deposits and not returning when asked.
Hoping getting my deposit back won’t be a big problem, if so this won’t look good for Ciocca, taking deposits and not returning when asked.
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JerriVette (02-24-2023)
02-28-2023, 06:26 AM
#18
Race Director
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2020 C6 of the Year Winner - Modified
Did anyone on their list receive communication after their initial deposit that a larger deposit was required to keep their place in line? I spoke to a current C8 owner recently who said he was on the list with a $5k deposit but was recently contacted for an additional $10k to keep his number in line (not submit his order) or he would be moved down the list.
02-28-2023, 08:31 AM
#19
Race Director
not a preferred way to purchase any car.
02-28-2023, 09:19 AM
#20
Instructor
Just curious. What were the communications like? What were the excuses for the delay? There have been several people on here who requested refunds and got them in a timely manner.