[rtking]

Hi All... I wasn't sure if I'd post this or not. Maybe I heard wrong? I hope I did, but I'd actually heard this twice on different occassions. So I thought I'd post this.

As I understood it from speaking to one of the salespeople, Newport European will not finance. They expect that, upon notification that your car is available, you're given a finite amount of time (1 - 2 days) to pick-up the car.

I guess most people already have their financing arranged or will be paying in cash. But for those people with deposits at Newport European, you may want to give them a call to verify that they don't finance and/or arrange financing for your Elise purchase.

Can anyone else confirm/deny this? I think it'll help save some of us (who have deposits with Newport European) some heartaches and possible-lost Elises (in the event you don't secure financing in time and they sell your car...)

Bob

 

[Sownman]

In my experience all car dealers finance through an outside agency. They love to finance they get a kickback from the lender.In a world of 5% rates they finance for 8%.

What they really really love is leasing. They get wealthy on leases. They basically "sell" you the car at dealer cost, you make lowered payments for 3 or 4 years, then they take back the car with gauranteed low milage and sell it again for the same dealer cost basis as the lease. Some really creative dealers are figuring ways to lease a second time, that way they get to sell the car three times.


Steve

 

[jml1952]

Aren't they already charging you a $2500 markup? Sounds like they want to free up some "extra" cars for sale on the open market so they can make even more.

As Sownman said, dealers salivate over the prospects of financing a car for you - generally most people can find better options on their own.

 

[smura]

I'd use Capital One Auto Finance. You apply on-line, they give you a decision in 15 minutes and then fed-ex you a check you bring to the dealer.

Their rates are some of the best in the industry.

Current rates are 2.74% for 12-36 month, 4.34% for 37-60 month, 5.14% for 61-72 month

 

[Patricko]

Andrew gave me a credit ap when I was there last month...

 

[rtking]

Patricko wrote:
Andrew gave me a credit ap when I was there last month...

Interesting! The salesman I spoke with (Dana) told me quite matter-of-factly that payment is due when the car arrives and that Newport European won't do financing nor would they hold the car longer than 48 hours before offering it to someone else. I suppose he might have been playing-up the role of being a high-line dealership though...

Bob

 

[Vantage]

The two day rule sounds pretty lame to me and hopefully you won't have to go out of town or have anything important going on at work when it comes in.

 

[Ground Loop]

Two days is more notice than some dealerships are giving people for delivery. Hell, my car could be on a truck right now. What kind of service is that?

"Hey, you're car is here. Bring Cash. You have 48 hours."

Kidnappers and terrorists have more flexible terms.

 

[LotusLust]

heaven forbid a business trip or vacation

 

[dechien]

Delivery number?

Hey rtking:
What number are they up to delivering in Newport European? This will give the rest of us some preparation for this new 48 hour rule.
I saw a post of a Starlight Black demo a while back, but never received a call for a test drive. I realize I'm somewhat far off the list at #29, but would have appreciated a phonecall from them.
- dechien

 

[rtking]

Dechien wrote:
What number are they up to delivering in Newport European?

Delivering? I'm not sure. All I know is that they received their demo the week before last and that 2 other customer cars were en-route. They received the invoice for 3 cars total (demo + 2 customer cars) last I checked... which was about 1.5 weeks ago.

Bob

 

[Paul MD]

Interesting! The salesman I spoke with (Dana) told me quite matter-of-factly that payment is due when the car arrives and that Newport European won't do financing nor would they hold the car longer than 48 hours before offering it to someone else. I suppose he might have been playing-up the role of being a high-line dealership though...

Bob

Dana is a crook! IMHO....

I travel a lot on business, if my dealer tried that I'd take them directly to court without batting an eyelid.