[Style]

Hello Guys,

New member here. Sorry if this question was asked before but I couldn't find anything related to my situation.

I just put a deposit for a new Corvette 3LT-Z51, but I may request a refund because the dealership deceived me into thinking that dealerships are still marking up the Corvettes due to demand. I later found out that other dealerships around my area are not marking up the 3LT-Z51 Corvette, and some of them actually have models in stock. I also noticed that some buyers in this and other forums actually purchased their 3LT-Z51 models below the MSRP. I decided to let the dealership know that I will not pay over the MSRP and I will only complete the order if they accept my new offer.

The dealership is also telling me they can't provide financing APR for me until they receive a VIN from Chevrolet.

I have a few questions I am hoping fellow members can help me with.

How long should it take the dealership to get a VIN in order to continue the order and financing options?
If I back out of the deal am I still in the clear with getting my deposit back since they deceived me and they don't even have a VIN to continue?
At this time how long can I expect to wait to have my Corvette delivered once all the paperwork is signed?

Thank you for any help you can provide.

 

[Liner Boy]

The APR has nothing to do with the VIN number. The APR is determined on several factors, mostly your FICO( credit score), income and how much you intend to finance and for how long. While your dealership may not be able to give you the exact APR, They know what the going interest rate is for the various banks they sell the notes to.

Whether you can get your deposit back depends on what your contract says. Hopefully you read it before you signed it...

Good luck.


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[jsherm]

Navy Fed and Pen Fed or USAA have best rates.. Chevy isn't running a promo rate they don't have to.


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[jsherm]

1.79 NF, 1.49 PF, 0.59 USAA (36)


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[mjw930]

First things first, unless this is a large volume Corvette dealer the likelihood they can deliver you a car before the model year change over in August is marginal at best. Assuming they have the proper allocation, and that's a very optimistic assumption, the earliest it could get accepted by GM is May 16th (no allocation this week). That would put your target production week out until 6/9, at the earliest. Delivery, depending on where you are located could be another 2-4 weeks meaning the car may not show up at the dealership until July.

Aside from a few exceptions, most banks will only provide a 30 day loan approval. Their assertion they need a VIN is most likely based on their knowledge that they will be able to deliver the car within 30 days of GM invoicing them which is when they get the actual VIN for your car. Forget about the Ally dealer program all dealers have access to, the best rate you will get there is 4.9% assuming you have stellar credit. All dealers work with multiple lending institutions and the best rates ARE NOT with the captive financing arm of GM, Ally Bank unless they are subsidized by GM, which none are for the Corvette at this time.

There is a ton of information regarding the process in various threads here. It's in your best interest that you spend a few hours and read through them, you will be enlightened.

Good luck!


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[Mobius]

Hello Guys,

New member here. Sorry if this question was asked before but I couldn't find anything related to my situation.

I later found out that other dealerships around my area are not marking up the 3LT-Z51 Corvette, and some of them actually have models in stock. I also noticed that some buyers in this and other forums actually purchased their 3LT-Z51 models below the MSRP. I decided to let the dealership know that I will not pay over the MSRP and I will only complete the order if they accept my new offer.

The dealership is also telling me they can't provide financing APR for me until they receive a VIN from Chevrolet.

How long should it take the dealership to get a VIN in order to continue the order and financing options?

For the first part of your question, there are plenty of Z51s at dealerships around the country, looking for a good home. Many of them are at or below MSRP. As an example, the dealer I ordered my car from had two Z51s on the showroom floor at the beginning of April. Both are still available, and they now have a 3rd Z51 available.
http://www.harborchevybuickgmc.com/...minYear=2014&maxYear=2014&minPrice=&maxPrice=

As for financing and APR, I got pre-approved (good for 90 days) for the full loan amount at my credit union (PenFed) before I started shopping and before I signed my purchase agreement. For me it will take about 8 weeks between my order and receipt of the car (well within the 90 day window). The VIN is only needed to finalize the paperwork.

My rate is 2.0% (60). I expect GM Financial (Ally Financial?) has higher rates than this, so you may want to consider all your options.

 

[mjw930]

I agree, there are a fair amount of 3LT Z51's on dealers lots, that's his best option to get one now. As for pre-approval, you need to check the period the approval is good for. If you are ordering a car it's highly unlikely that approval would still be good when your car comes it which means another hit on your credit report when you have to re-apply for the loan.

BTW, GMAC is no more, they died in the Great Recession. Ally bank is it's replacement and it's no longer owned by GM.


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[Style]

Thanks for all the responses. You guys rock. If I do cancel and they try to give me a hard time on crediting my deposit I imagine I can easily call my credit card company and dispute the charge.

 

[Mobius]

Thanks for all the responses. You guys rock. If I do cancel and they try to give me a hard time on crediting my deposit I imagine I can easily call my credit card company and dispute the charge.

That sounds like a reasonable plan, and I hope everything works out for you.

 

[mjw930]

What part of the country are you in? With all the members here there may be some dealer suggestions based on first hand experience.


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[Style]

What part of the country are you in? With all the members here there may be some dealer suggestions based on first hand experience.


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I am in PA but can do NJ if they do PA registration.

 

[tmcternan]

I am in PA but can do NJ if they do PA registration.

Not to worry Style, I'm in California, but I'm purchasing from a dealership in Maryland, but it will be shipped from Bowling Green, Ky where all of them come from anyway. The financial end of it will all be done sight unseen from 3000 miles apart. Actually, your at an advantage in that you won't have to use Fed Ex to ship documents back and forth. You can drive to NJ to complete the deal, and then have the car shipped to a dealership in PA near you through a Courtesy Delivery from Bowling Green. You'll just have to pay the dealer in PA an additional fee (Usually $500.00) for the Courtesy Delivery, but they will detail out the car for delivery, take care of any PA sales tax if applicable and get it licensed through the PA DMV. Simple as that....

 

[Style]

Not to worry Style, I'm in California, but I'm purchasing from a dealership in Maryland, but it will be shipped from Bowling Green, Ky where all of them come from anyway. The financial end of it will all be done sight unseen from 3000 miles apart. Actually, your at an advantage in that you won't have to use Fed Ex to ship documents back and forth. You can drive to NJ to complete the deal, and then have the car shipped to a dealership in PA near you through a Courtesy Delivery from Bowling Green. You'll just have to pay the dealer in PA an additional fee (Usually $500.00) for the Courtesy Delivery, but they will detail out the car for delivery, take care of any PA sales tax if applicable and get it licensed through the PA DMV. Simple as that....

This couldn't be done though if you were trading in correct?

 

[glen e]

This couldn't be done though if you were trading in correct?

yes...I bought in OHIO, traded in, and drove C7 to florida....the dealer gave me a number for my trade over the phone and honored it when I got there

 

[2thdoc]

From my understanding, your money is refundable all the way up to the time that the order is placed. Once the order is placed the money is then nonrefundable.

 

[glen e]

it really is refundable all the way thru the sale until you sign contracts at delivery and the entire car is funded. Pushed into the courts, all monies are refundable...