Anybody pay with cash? - Page 3 - Camaro5 Chevy Camaro Forum / Camaro ZL1, SS and V6 Forums

SubSolar · 06-28-2009, 06:59 PM

I ordered one yesterday and told them I was going to pay in cash. The salesman looked at me as if I had two heads. Doesn't anyone else listen to Dave Ramsey in this country?

SoloSK71 · 06-28-2009, 07:30 PM

hehe - my dealer learned last time to put up a sign saying "Max payment on credit card $3000" after I paid the full price for my car using the CC.

Walked over to the bank and paid off the credit card. Enough points for a free trip to Australia from that one.

- SK

PonyMan · 06-28-2009, 08:34 PM

Paid cash, signed one document, and out the door in five minutes time! MSRP=$37,255, my price = $35,800 - $750.00 USAA rebate = Grand Total $35,050.00 +TT&L. And yes I did get a discount for paying cash!

cheaplabor · 06-28-2009, 09:28 PM

Quote:

Originally Posted by SoloSK71

hehe - my dealer learned last time to put up a sign saying "Max payment on credit card $3000" after I paid the full price for my car using the CC.

Walked over to the bank and paid off the credit card. Enough points for a free trip to Australia from that one.

- SK

hahaha, i did that with my pickup, that's the kind of thing they only let you get away with once, they would only let me use cc for $5000 on the camaro, so i laughed and said i'll put it all as a deposit. gave visa a call and changed my gold card for a gm card went back in and did it up.

DallasRetro · 08-18-2009, 11:09 PM

If I can get a loan with a lower rate than my CDs, I'll finance; If the rate is too high, I'll pay cash. (Empty nester

tsg1391 · 08-18-2009, 11:22 PM

i paid cash in the form of three checks(from three diff bank accounts) this morning, it is my first new car and I already have the title for it, its a good feeling for sure. I didnt get a discount, however.

Ranger 75 · 08-19-2009, 08:06 AM

I paid cash with one personal check. I was going to have to get a loan for 10,000 but I received a large amount of back pay due to me. This is the first nice car I have totally paid for in cash!!!!!

Dewdude · 08-19-2009, 08:29 AM

Quote:

Originally Posted by Iwantone2

Speaking of down payment (and I know it's been beaten to death), but would $8K be sufficient to put down? Is more better?

8k is a minimal down payment if your car cost 40,000 (20%). If someone can't place a 20% down payment, then they probably need to save until they can. IMO

Dee · 08-19-2009, 08:37 AM

Paid cash. Im a Gm employee so I have a set price.....paperwork took 30min.

SilverIce1 · 08-19-2009, 08:44 AM

If you can get any discount on a new Camaro - good job, but don't expect any.

You will likely not get a discount for paying by cash (not advisable considering the bank secrecy act), personal or cashiers, official or any other bank check. The dealer often makes more money getting you financing - so it cost him/her money if you pay with "cash"

Aside from over-priced warranties and GAP insurance where profit margins are HUGE, the dealer also gets paid for selling your loan contract to the financing company/bank/credit union they hook you up with.

The dealer gets paid in one of two ways:

They either write you up for a higher rate than the bank's "Buy rate" and then get paid about 70% - 90% of the interest difference over the buy rate. The typical mark-up is 1% to 3%. A $30,000 loan with a mark-up of 1% and 70% share rate will earn the dealer approx. $538.12 commission: a 2% mark-up will double that plus a little more with compounding effects. So, the bank's buy rate was 3.99%, you felt good with 5.99% and the dealer made about $1,100.00 dollars.

The other method is the F.I. pays the dealer a "Flat Fee" of 1% to 2.5% of the loan amount. So a $30K loan pays the dealer between $300 and $750 commission. Under this scenario you got the loan at the Buy Rate. The dealer made less, but may be able to sleep better at night...

Unless you truly have the cash in your deposit account, it is always better to get your loan with your favorite credit union. The credit union will have a better GAP policy for about 1/3 the dealer price, a better warranty than the dealer for 1/2 the cost or more, and give you the best loan rate.

SRVFAN · 08-19-2009, 01:07 PM

Quote:

Originally Posted by Iwantone2

thanks bluch, for sure i'm not going to sign off an arm and part of my foot. i just dont want to show up with my measly $8K (for example) and have the dealer laugh me out of the showroom. good luck to everyone

The only thing I'm putting down is the GM Rewards $1,000 credit & whatever my trade in equity is (guessing at a few grand!). $8,000 should be sufficient.

Iwantone2 · 08-19-2009, 01:22 PM

Quote:

Originally Posted by SRVFAN

The only thing I'm putting down is the GM Rewards $1,000 credit & whatever my trade in equity is (guessing at a few grand!). $8,000 should be sufficient.

Thanks, I ended up putting $9K down.

tvwilkes · 08-19-2009, 01:27 PM

Quote:

Originally Posted by SubSolar

I ordered one yesterday and told them I was going to pay in cash. The salesman looked at me as if I had two heads. Doesn't anyone else listen to Dave Ramsey in this country?

I do! Buying this car goes against everything that I believe in. But I got to have it.

Orange ss crush · 08-19-2009, 03:14 PM

I am putting 16,500 down on mine in cash hummm I wonder if he likes pennies??? LOL

06-28-2009, 08:34 PM	#31
PonyMan Drives: 2009 C6 4lt Vert, 2011 Camaro Vert Join Date: Feb 2009 Location: Texas Posts: 870	Paid cash, signed one document, and out the door in five minutes time! MSRP=$37,255, my price = $35,800 - $750.00 USAA rebate = Grand Total $35,050.00 +TT&L. And yes I did get a discount for paying cash! __________________

08-18-2009, 11:09 PM	#33
DallasRetro Drives: 03 VTX/05 Silverado/08 Infinit Join Date: Jul 2009 Location: Farmers Branch (Dallas) TX Posts: 225	If I can get a loan with a lower rate than my CDs, I'll finance; If the rate is too high, I'll pay cash. (Empty nester __________________ 2SS/RS: White, Grey, Auto, Sunroof. VIN: 2G1FK1EJ8A9151812 1100 - 07/25/2009 \| 2000 - 09/07/2009 \| 3000 - 09/09/2009 TPW - 09/28/2009 \| 3400 - 09/25/2009 \| 3800 - 09/28/2009 4000 - 09/30/2009 \| 5000 - 10/15/2009 \| 6000 - 00/00/2009 Went to pick it up 10/16/09... wrong interior; I'll be re-ordering!

08-18-2009, 11:22 PM	#34
tsg1391 Drives: 79 formula 'bird, 5th gen soon Join Date: Jul 2008 Location: oklahoma Posts: 247	i paid cash in the form of three checks(from three diff bank accounts) this morning, it is my first new car and I already have the title for it, its a good feeling for sure. I didnt get a discount, however. __________________ I make my spare spending cash at:http://www.cashcrate.com/1533265 Its legit, you just need to fill out a bunch of boring surveys.

08-19-2009, 08:44 AM	#38
SilverIce1 Silver Ice Drives: 2010 SIM 2LT Automatic Join Date: Jul 2009 Location: South Central Kansas Posts: 191	Here is how it works - MUST READ! If you can get any discount on a new Camaro - good job, but don't expect any. You will likely not get a discount for paying by cash (not advisable considering the bank secrecy act), personal or cashiers, official or any other bank check. The dealer often makes more money getting you financing - so it cost him/her money if you pay with "cash" Aside from over-priced warranties and GAP insurance where profit margins are HUGE, the dealer also gets paid for selling your loan contract to the financing company/bank/credit union they hook you up with. The dealer gets paid in one of two ways: They either write you up for a higher rate than the bank's "Buy rate" and then get paid about 70% - 90% of the interest difference over the buy rate. The typical mark-up is 1% to 3%. A $30,000 loan with a mark-up of 1% and 70% share rate will earn the dealer approx. $538.12 commission: a 2% mark-up will double that plus a little more with compounding effects. So, the bank's buy rate was 3.99%, you felt good with 5.99% and the dealer made about $1,100.00 dollars. The other method is the F.I. pays the dealer a "Flat Fee" of 1% to 2.5% of the loan amount. So a $30K loan pays the dealer between $300 and $750 commission. Under this scenario you got the loan at the Buy Rate. The dealer made less, but may be able to sleep better at night... Unless you truly have the cash in your deposit account, it is always better to get your loan with your favorite credit union. The credit union will have a better GAP policy for about 1/3 the dealer price, a better warranty than the dealer for 1/2 the cost or more, and give you the best loan rate.

08-19-2009, 03:14 PM	#42
Orange ss crush Its all in the paint Drives: 2010 IOM SS2 Black Stripes Join Date: May 2009 Location: Ofallon, MO Posts: 254	I am putting 16,500 down on mine in cash hummm I wonder if he likes pennies??? LOL __________________ SS2/ Sunroof/20" polished rims IOM with black stripe - IOM interior Order Placed 5/20/09 sitting at 1100

06-28-2009, 06:59 PM	#29
SubSolar Drives: 2009 Corvette, 1987 Buick GN Join Date: Sep 2008 Location: Corona, California Posts: 197	I ordered one yesterday and told them I was going to pay in cash. The salesman looked at me as if I had two heads. Doesn't anyone else listen to Dave Ramsey in this country?

06-28-2009, 07:30 PM	#30
SoloSK71 Drives: 2010 Camaro 2SS Join Date: May 2009 Location: Canada Posts: 497 View My Garage	hehe - my dealer learned last time to put up a sign saying "Max payment on credit card $3000" after I paid the full price for my car using the CC. Walked over to the bank and paid off the credit card. Enough points for a free trip to Australia from that one. - SK

08-19-2009, 08:06 AM	#35
Ranger 75 Drives: 2010 Camaro 2SS IBM Join Date: Apr 2009 Location: Florida Posts: 286	I paid cash with one personal check. I was going to have to get a loan for 10,000 but I received a large amount of back pay due to me. This is the first nice car I have totally paid for in cash!!!!!

08-19-2009, 08:37 AM	#37
Dee Drives: Camaro ZL1,BMW 750i,Trailblazer SS Join Date: Jul 2009 Location: 37013 Posts: 96	Paid cash. Im a Gm employee so I have a set price.....paperwork took 30min.

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