GM car financing experts.
I am negotiating a purchase deal for Bolt and dealer says that due to 2019 model year of the car, they cannot sell below certain value, and the way they can offer more discount is write a check of around 2k to me once loan is approved in 5-7 days. I have leased with this dealer before but this purchase with check payback discount is first time I am dealing with.
Please let me know your thoughts if this looks like a safe path to pursue.
Thanks
lets just say, it’s not uncommon for dealers to do out of the box things to make a deal happen and to circumvent restrictions they might have, especially if they’re owned by a larger corporation like Penske or Autonation for example, however I can see a scenario where it would take a lot of effort to chase down that check after the deal. Dealerships tend to not be too responsive after the sale.
If you are considering it, i would def get it in writing and be prepared to chase the money.
This is leaving too much room for error. I wouldn’t do it.
I wouldn’t do anything that requires the dealer to give money to you after the fact. I’ve never received my deposits back after test driving a car and because of that I no longer leave deposits for any reason. I walk from dealers who promise to give money back.
@305Hackr, Your reply gives me some confidence, thanks! Yes it is autonation dealer. I am OK chasing down the check as long as it eventually arrives. I do have it in writing in email from the general manager of this dealership.
One strategy I am thinking is do the paperwork but leave the car as dealership for few days until I get the check, as it may put some pressure on them, is it worth to do this?
StingerTT…you are scaring me:expressionless:
Do you HAVE to work with this dealer? There should be plenty of other Chevrolet dealers.
I just do not trust dealers who say “Yeah, we’ll get you money after the deal is done…”
If you decide to go this route, as @305Hackr suggests, make sure you get a WE OWE doc from the dealer during the paperwork process indicating what they owe you. This would be different from the GM email, and would hold up better. Insist on this.
There should be a section of the contract for “WE OWE.” It needs to be filled out during signing. OP should not agree to anything without it being in that section.
If they disagree with putting it there, then OP should walk.
Do you have a trade in? If so have them show the $2K on the trade versus sale price. Also, have you inquired with other dealers at all and if so are they giving you the same story on the limit on dealer discount?
@StingerTT, I can work with other dealers. Let me pursue that in parallel and see if I get similar OTD price that this dealer is giving after considering the check. One of he dealer told that they cannot go lower than certain price yet for GM 2019 models.
@mp11477 good idea to get a ‘we owe’ doc in addition to the email conversation. Thanks for your input.
They can go as low as they want, what he’s saying is that there is not enough incentive coming from the manufacturer to go lower and they don’t want to discount the vehicle further to try to pull profit.
Yes this ^^^ or a form I have used called “DUE BILL” which is whatever goods, services, was promised by the dealer on a duplicate form that you get when you sign the contract.
I think you are right, and I may not have explained correctly what other dealer is saying. As i work for GM and I will be using GMS and employee discount, what I understood they saying is GM purchase incentives on Bolt, and GMS pricing cannot be combined and that’s why have to use check to pay back to achieve the dollar discount I am looking for. Does that sound right?
thanks @4sallypat. I will ask for ‘We OWE’ or ‘DUE BILL’ if I proceed with this dealer. If they don’t agree to that documentation then walk away.
Ask them to increase your downpayment, and for them to use that check as a downpayment if you want the car
would be cleaner, or ask them to do what @nyclife is suggesting, that way it’s all done at once
You’ll be paying tax and license on the higher selling price. Can you short the down payment by $2K instead?
I have had a check offered to get me out of my current lease a few months. For some reason, some franchised dealers would rather write a check separately than roll it into a CCR.
@nyclife This is really good idea. they can easily circumvent pricing restrictions by doing this. I am planning to make around 10-15k down payment to save on paying interest on loan money and rest on GMF loan (I think 3.9%). Is there any issue you foresee from dealer side for using their own check for part of down payment?