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buying Why Is This Chevy Dealer Forcing a C8 Corvette Buyer to Finance Instead of Paying Cash?

00:55  16 july  2020
00:55  16 july  2020 Source:   thedrive.com

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Corvette buyers who pay cash like to brag about it but those who finance might win in the end. While the C 8 Chevrolet Corvette is arguably one of the best performance cars This thread in the Off-Topic section didn’t start off as a discussion of paying cash versus financing , but that is what it evolved into.

If cash is king, why do some dealerships seem reluctant to take it? Here's what to expect when you pay cash for a Corvette . This financial kickback adds to how much the dealership makes and is their incentive to convince you to finance . A cash purchase means a dealership won’t make that

Tales of dealership shadiness are pretty commonplace--always have, always will be. The reality is that dealerships have to make money, but the consumer wants to save it, which is a pretty obvious conflict. A thread on Corvette Forum tells the tale of one of these conflicts. Here it goes: a buyer orders a C8 Corvette to his specifications, it's set to arrive at the dealership, but at the very last minute the salesman tells the buyer that he must finance the car instead of paying cash as intended. To be specific, he must agree to finance at least $10,000 worth of the MSRP because "every new Corvette deal has to include some part of it financed thought them," per the dealer.

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The customer wants to know why the dealer 's suspicious action is requiring them to fill out a credit application because after all you are paying cash and By the way, car salespeople and dealership finance managers hate it when you pay cash because it robs them of the additional profit of selling

By paying cash , you could forfeit lucrative financing deals that let you keep your cash while still paying little or no interest. Cash -back offers are rebates from the manufacturer rather than the dealer . When manufacturers want to move certain models, they let dealers advertise cash -back

a car parked in a parking lot © Provided by The Drive

There are several theories going on as to why the dealership would want to tack on a loan to a cash buyer. First and foremost is the compensation involved. If the finance people can lock in even a few percentage points on the $10,000 principle, they're looking at an actual payday--albeit a small one--bust we must remember that new cars aren't moneymakers to begin with. Per the forum thread, the salesman allegedly told the buyer that he would need to make the first three payments for the deal to go through. So not only does the owner have to change his intentions of pay cash and finance instead, but he must also upkeep this loan for at least 90 days. It's possible that the loan has a 90-day vesting period, meaning if the loan is alive for that long, the dealership will most likely get a kickback or full-term payment from its bank, which is likely GM Financial.

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Paying cash for a car is the ultimate personal finance success story. In this podcast we cover why it's so Yet this is just one of many times we shouldn’t go with the flow. There are plenty of reasons to pay cash for Paying cash forces you to think about the financial priorities that are most important.

Here’s why , and how to protect yourself. Setting up your financing first shows the car salesperson that you’ve thought through the process. Dealers have access to some of the lowest financing rates available, and when you come in with a preapproved loan offer, they must compete for your business.

Clearly the buyer can pay off such a small loan if he's got cash to buy a new 'Vette, but it's the principle we're talking about here. A $10,000 loan even at an unreasonable interest rate doesn't add up to a ton of money. He says in the thread that he's comfortable paying off the small loan, but what's nefarious is that the dealership insists that it's just the way things work. It sounds like if he doesn't like the dealer's terms, he can go kick rocks and find another C8 somewhere else.

Clearly the dealership is going to such lengths to try and make him accept the loan for a reason, and that reason is most likely money, especially now during the pandemic. Another user on the forum thread suggests that perhaps the dealer is trying to get him to abandon the deal and buy somewhere else, so it can sell that car to another customer at a higher price plus the full financing.

We asked Tom McParland, a former contributor to The Drive and an expert on car buying for some answers. "It seems like the dealer is making the loan a condition of the sale," said McParland. "They have an allocation for this car but they did not take a deposit. It seems they agreed to an MSRP price as long as the customer gets a loan for a portion of or all of the transaction. There is nothing preventing this customer from taking the loan, getting the car he wants and paying the loan off immediately with his cash."

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Personal Finance & Money Stack Exchange is a question and answer site for people who want to be financially literate. My wife and I recently bought a new Chevy from a dealer here in California. We didn't use a loan, paid using a personal Why is the car dealer insisting on a loan instead of cash ?

as a used dealer in subprime sales, finance has to be higher than cash because every finance deal has a lender that takes a percentage "discount" on every deal financed . if you notice a dealer is hesitant to give a price before knowing if Why is the car dealer insisting on a loan instead of cash ?

"Dealers can make conditions on their sale if they want to, just like a $10,000 markup on a hot car is a condition of the sale," he added.

It sounds like there's nothing (legally) wrong with this practice when you look at it from both perspectives. Would I be upset if a dealership wanted me to pay extra all of a sudden for the new car I ordered to my exact preferences? Yes. Are dealerships struggling to make money during a pandemic? Yes. It's a two-way street where, at this point, it's not really clear who the loser is. The small payments from the loan are pretty insignificant, the buyer still gets his car for very-near MSRP, and the dealership probably makes a bit of a kickback.

Yes, it's a lie that part of any C8 Corvette purchase has to be financed, and that's definitely shady on the dealer's behalf. In addition, it also sucks that a person can't simply walk in with a bag o' cash and buy their dream ride. It sucks that it has to jump through hoops just to give a dealer their hard-earned money. Perhaps these two points are really the shadiest parts of the whole thing.

We contacted the customer to get more information on his car-buying journey and we will update this story when we hear back.

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This is interesting!