Purchase agreement

redpearl99

redpearl99

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Dec 29, 2023
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I received my allocation and went 3000 status December 19th. My tpw is January 29th. I anticipate my Corvette will be delivered sometime in March.

Is it odd that the dealership still hasn't reached out to me to give me a purchase agreement or breakdown of charges. I'm using one of the big 3 dealerships in Ontario.

I also assume there is still no room to negotiate below MSRP, but is there room to negotiate on 7.99% financings rate (or at least that's what it was a few weeks ago) are dealerships also not negotiating off of GMs rate?
 
You’re still months out for delivery. It can be even longer if issues arise. I saw my bill of sale a week prior to me flying out to buy it. IMO, it’s way too early for the dealer to send you anything when the car hasn’t even been built or shipped. Wait until it arrives at the dealer to request paperwork. Last thing you want is to sign everything and the car comes damaged or with missing options.

You should be able to get 7.99% with good credit. If you are approved for that, they most likely will offer 8.99% or 9.99% first to see if you bite as the bank will reward them with a kickback in the form of commission. Higher the number from the base rate (7.99%), more money they make. GM’s website advertises 7.79% so shoot for that first.
 
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redpearl99 said:
I received my allocation and went 3000 status December 19th. My tpw is January 29th. I anticipate my Corvette will be delivered sometime in March.

Is it odd that the dealership still hasn't reached out to me to give me a purchase agreement or breakdown of charges. I'm using one of the big 3 dealerships in Ontario.

I also assume there is still no room to negotiate below MSRP, but is there room to negotiate on 7.99% financings rate (or at least that's what it was a few weeks ago) are dealerships also not negotiating off of GMs rate?
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With Brian Cullen I signed a purchase agreement when my allocation went in and another on delivery.
 
I didnt see a BOS until I came into pay for mine. I never put a deposit down either but I dealt with a small town store.

There wont be much haggling over the posted rate from GM Financial. The dealer makes a couple hun on those finance contracts when using the posted rate. At 8.9 they will make $1000+.

7.69% on a car loan is about as good as you can get today.
 
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I was offered 7.79 for up to 84 months on my Z06 but be warned that they might add a $499 financing fee then another $159 PPSA fee on your invoice that will be subject to luxury tax and HST so add $1000 to the bill.

Might be better to deal with your bank even if interest rates are slightly higher
 
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Gilles27 said:
I was offered 7.79 for up to 84 months on my Z06 but be warned that they might add a $499 financing fee then another $159 PPSA fee on your invoice that will be subject to luxury tax and HST so add $1000 to the bill.

Might be better to deal with your bank even if interest rates are slightly higher
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Gilles, they are discouraging you from getting the GM financing offer because they make no money on the financing at that rate. In order to make something this "financing fee" suddenly appears AND the PPSA fee to register the loan is $72 for 7 years and they also mark that up to $159 to make a few bucks. The 1% financing reduction in the interest rates on Cadillac was working out to a $6000 savings over the 84 months on an Escalade so don't be scared of the up front fees.
They are making enough profit on the car, so they should be willing to process the loan for you at a reasonable cost or no cost. The dealer is already charging you an admin fee to your deal so they are already being compensated to process your paperwork.
 
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redpearl99 said:
excellent thanks for the advice guys
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Why not consider using possibly your Home Line of Credit? Right now rates are in the mid 6's typically? You can pay down as you can with typically any loan at any time but if the rates are lower and you have the equity it might just work for you as an option or not ... My dealer was fantastic when it came to paperwork and options.
 
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Cannonball Rally said:
Why not consider using possibly your Home Line of Credit? Right now rates are in the mid 6's typically? You can pay down as you can with typically any loan at any time but if the rates are lower and you have the equity it might just work for you as an option or not ... My dealer was fantastic when it came to paperwork and options.
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HELOC is not mid 6s right now, but more like mid 7s on the low side
 
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