07SGT Posted August 11, 2013 Report Share Posted August 11, 2013 Just curious, are dealers still charging and receiving the ADM for the GT 500? Link to comment Share on other sites More sharing options...
mikeljgt500kr Posted August 11, 2013 Report Share Posted August 11, 2013 I hear they are about $10-$15K today. Link to comment Share on other sites More sharing options...
estedman Posted August 11, 2013 Report Share Posted August 11, 2013 Yes many dealers are trying at add the markup. There are still plenty that don't add it and many where you can buy below MSRP. Link to comment Share on other sites More sharing options...
HyperStangs Posted August 11, 2013 Report Share Posted August 11, 2013 Not in my house.... Link to comment Share on other sites More sharing options...
texaggie Posted August 11, 2013 Report Share Posted August 11, 2013 They try, I even saw one dealer here in Houston trying to add a 10,000 mark up on a used 2013. I bet it sits for a while. Link to comment Share on other sites More sharing options...
MTYQIN Posted August 11, 2013 Report Share Posted August 11, 2013 Dealership here in Tidewater area has a matte black on white coupe with Recaros, and a silver on red standard seats. Both with $15k adm. Ridiculous, but they keep trying... Greed knows no bounds. Link to comment Share on other sites More sharing options...
mikeljgt500kr Posted August 11, 2013 Report Share Posted August 11, 2013 Part of this is the problems with dealing with out of state dealers and cars, and having to take a day or two standing in line at the MVD to get your title and plates. The dealers in many places bet you won't go to the trouble of buying an out-of-state car and doing all this junk yourself. Link to comment Share on other sites More sharing options...
David Hawkins Posted August 11, 2013 Report Share Posted August 11, 2013 Part of this is the problems with dealing with out of state dealers and cars, and having to take a day or two standing in line at the MVD to get your title and plates. The dealers in many places bet you won't go to the trouble of buying an out-of-state car and doing all this junk yourself. Back in 2000, I bought a New Mustang in Atlanta ( I live in Tallahassee) and THEY did all the paper work. I did not have to go to the DMV, maybe because I used a Trade In. Link to comment Share on other sites More sharing options...
mikeljgt500kr Posted August 11, 2013 Report Share Posted August 11, 2013 That would be nice, but in my state (NM), an out of state dealer has no standing to do anything at all at MVD, trade-in or not. It is up to you personally, and you only have 30 days from purchase to get it all done. Our MVD is like dealing with the Gestapo or KGB, the worst agency in government by far. Link to comment Share on other sites More sharing options...
HyperStangs Posted August 11, 2013 Report Share Posted August 11, 2013 Just as an FYI, we do ALL the paperwork for you. We even deliver the vehicle to your local Ford dealer and as a courtesy they will do final PDI before you pick it up. No charge. Link to comment Share on other sites More sharing options...
2010KonaBlueGT Posted August 11, 2013 Report Share Posted August 11, 2013 Just as an FYI, we do ALL the paperwork for you. We even deliver the vehicle to your local Ford dealer and as a courtesy they will do final PDI before you pick it up. No charge. It varies from state to state. In California, the dealers submit the paperwork and collect the fees for DMV (upon purchase). In Colorado, the buyer does it all. That is for dealer purchases. In CA, with a private sale the buyer has to do the leg work and pays the sales tax to the DMV when they go to register the vehicle and I'm not sure how it works with a private purchase in CO (I've never bought a used car in CO). Phill Link to comment Share on other sites More sharing options...
07SGT Posted August 11, 2013 Author Report Share Posted August 11, 2013 when I bought my 07 SGT I travelled about 900 miles to FL to pick it up. Financing was already taken care of and I gave them a check. They gave me the title and a 30 day tag. I drove home, went to the BMV and obtained a title from my state and ordered my tags (SAI GT). I was in and out in less than an hour. My tags arrived in the mail about 2-3 weeks later. Link to comment Share on other sites More sharing options...
mikeljgt500kr Posted August 12, 2013 Report Share Posted August 12, 2013 Some of you are extremely lucky. In NM, sometimes just the VIN inspection (required of ALL out of state cars) takes 5-6 hours at the MVD,( on some cars, like ones older than 1980, only the State Police are allowed to do it) and then two weeks to get results. I wish HyperStang could handle out of state cars for us in his home state, but alas that is impossible. Link to comment Share on other sites More sharing options...
DubbsFaris Posted August 15, 2013 Report Share Posted August 15, 2013 I know two guys in Santa Fe that bought from a dealer in GA, then had the cars drop shipped to an Albuquerque dealer, and all paperwork was done as if it was bought from them. If I remember right, there was a 300 or 500 dollar charge for that, but it was worth the savings. Both those guys used to come to an event in Texas, but I haven't seen them in quite some time here. Check with Hyper, Im sure he can do the same thing. Link to comment Share on other sites More sharing options...
mikeljgt500kr Posted August 15, 2013 Report Share Posted August 15, 2013 I know two guys in Santa Fe that bought from a dealer in GA, then had the cars drop shipped to an Albuquerque dealer, and all paperwork was done as if it was bought from them. If I remember right, there was a 300 or 500 dollar charge for that, but it was worth the savings. Both those guys used to come to an event in Texas, but I haven't seen them in quite some time here. Check with Hyper, Im sure he can do the same thing. Thanks, as I am picking up my new Raptor there, I will check and see if the '64 L76 Corvette I am getting can be done that way. Link to comment Share on other sites More sharing options...
belleshun08 Posted August 19, 2014 Report Share Posted August 19, 2014 You're right! I'm planning to purchase my new first car and I'm looking for the best deal. However, informal reports are emerging that an increasing number of dealerships are beginning to scale back their markups on aftermarket insurance and financing. The dealer finance markup, as well as dealer insurance markup, could be pretty high as often as not. How often have you needed additional information on types of payday loans and resorted to an online search on instant approval payday loans? Look no further, all of the details you will need is at MatchFinancial.com Link to comment Share on other sites More sharing options...
David Hawkins Posted August 19, 2014 Report Share Posted August 19, 2014 You're right! I'm planning to purchase my new first car and I'm looking for the best deal. However, informal reports are emerging that an increasing number of dealerships are beginning to scale back their markups on aftermarket insurance and financing. The dealer finance markup, as well as dealer insurance markup, could be pretty high as often as not. How often have you needed additional information on types of payday loans and resorted to an online search on instant approval payday loans? Look no further, all of the details you will need is at MatchFinancial.com Link to comment Share on other sites More sharing options...
Larry T Posted August 19, 2014 Report Share Posted August 19, 2014 Stealerships will try to get your dollars anyway they can ... ADM's are BS, dealerships need to make a profit but a fair one. Link to comment Share on other sites More sharing options...
2010KonaBlueGT Posted August 19, 2014 Report Share Posted August 19, 2014 Yeah.... ME TOO! I've never heard of dealer finance mark-up NOR dealer insurance mark-up. Maybe he's thinking of "Hold Back"? Phill Link to comment Share on other sites More sharing options...
IngotSilverSnake Posted August 19, 2014 Report Share Posted August 19, 2014 Yeah.... ME TOO! I've never heard of dealer finance mark-up NOR dealer insurance mark-up. Maybe he's thinking of "Hold Back"? Phill The guy is obviously trying to sell something. However, I can tell you that finance mark up is a common practice. Dealers will get the loan quote from a bank or finance company and then add 1 or more percentage points to the loan (as much as they think they can take you for). It is always best to check with your own bank, credit union, or finance company BEFORE going to the dealer. Dealers will quickly drop the mark up if need be to get your finance business. The uninformed and unprepared always pay more than necessary. Link to comment Share on other sites More sharing options...
2010KonaBlueGT Posted August 20, 2014 Report Share Posted August 20, 2014 <snip> However, I can tell you that finance mark up is a common practice. Dealers will get the loan quote from a bank or finance company and then add 1 or more percentage points to the loan (as much as they think they can take you for). Although I know that used to be common, I believe it is now against the law. Yes, if they could get buy a loan for let's say, 5% and mark it up (for instance) to 8%, they made the extra 3% as part of the sale and for them doing the work to get the loan. That is just like any other business that buys a product or service for X and sells it for Y, it is (or was) quite legal and completely ethical. I don't see why anyone would have a problem with that but "take you for"??? Is Wal-Mart "taking you" when they mark up a product or service and sell it to you for more than they paid for it? Is *any* business "taking you" when they do it? No, of course not. It's called profit and last I checked a Ford dealer was *not* a non-profit business. But as far as I know it is now against the law. Well, I should say, it is against the law in California and Colorado so I *assume* that is or was a National (Federal) law. I only know about CA and CO because they are the only two states I've lived in. Phill Link to comment Share on other sites More sharing options...
IngotSilverSnake Posted August 20, 2014 Report Share Posted August 20, 2014 Although I know that used to be common, I believe it is now against the law. Yes, if they could get buy a loan for let's say, 5% and mark it up (for instance) to 8%, they made the extra 3% as part of the sale and for them doing the work to get the loan. That is just like any other business that buys a product or service for X and sells it for Y, it is (or was) quite legal and completely ethical. I don't see why anyone would have a problem with that but "take you for"??? Is Wal-Mart "taking you" when they mark up a product or service and sell it to you for more than they paid for it? Is *any* business "taking you" when they do it? No, of course not. It's called profit and last I checked a Ford dealer was *not* a non-profit business. But as far as I know it is now against the law. Well, I should say, it is against the law in California and Colorado so I *assume* that is or was a National (Federal) law. I only know about CA and CO because they are the only two states I've lived in. Phill Well if it is against the law, that is news to me. If so, it must be a federal law (and VERY recent) if it applies nationwide. I "assume" that this sort of matter is covered by state laws. Here are some articles to support my "assumption." http://articles.chicagotribune.com/2014-05-28/classified/chi-dealers-defend-car-loan-mark-ups-20140528_1_interest-rate-cfpb-loan http://www.usnews.com/opinion/economic-intelligence/2014/02/27/how-auto-dealers-cheat-borrowers-with-interest-rate-markups http://www.bankingmyway.com/credit-center/auto-loans/pricey-car-loan-blame-dealer And yes a lot of dealers are "taking you" because the same loan can be had directly from the financial institution for substantially less. In addition, the dealers "forget" to mention that and many make it seem like they are working hard to get you the best rate. At best it is deceptive. My point was to let forum members know that it is wise to do some advance research and determine the best rates available to them before going to the dealership and that is still good advice. In my experience, the dealers tend to take advantage of those that can least afford it (people with bad credit that don't think they can get financed at all). A lot of these types of customers just want to get financed no matter what. Easy pickins. Link to comment Share on other sites More sharing options...
Techsan Posted August 21, 2014 Report Share Posted August 21, 2014 Just as an FYI, we do ALL the paperwork for you. We even deliver the vehicle to your local Ford dealer and as a courtesy they will do final PDI before you pick it up. No charge. Can I use my Z plan? Link to comment Share on other sites More sharing options...
Bookwyrm Posted August 21, 2014 Report Share Posted August 21, 2014 All the more reason to find an honest dealership somewhere that you can actually work with without all the BS. They do exist -- and in my experience frequently they're the ones with big fleet sales departments that aren't trying to fleece consumers to make their profits. Sometimes you'll also get lucky and find one of the few that still truly believes in customer service. Just about every dealer in the SF Bay Area that still has a new GT500 is still trying to charge an ADM on it, some of them as much as 20k. The dealership we got our '14 GT500 from worked with us over the phone and email (they're about 2 hours away), didn't charge a markup, took our pre-financed loan with no problems, and still bent over backwards to find and ship in exactly the car we wanted (which happened to be the last one available in DIB and with the options we wanted within about 1200 miles of here). When we got a C-Max Energi for my wife's commute we test drove it from a local dealership that (of course) gave us a "deal" on it and then were very inflexible. We were ready to buy and had they actually made any effort we'd most likely have left with a new car. Instead, we called up the sales guy we'd worked with on the GT500 and the next day we drove up and picked an identical C-Max up from them for less than we'd actually planned on paying because they found another incentive that was available that we weren't aware of. Should've just gone up there in the first place and not wasted time locally. Sadly car salesmen in general have gotten a bad rap because so many of them really do act that way, but as with any business there are good ones out there. Link to comment Share on other sites More sharing options...
gtup1 Posted August 24, 2014 Report Share Posted August 24, 2014 Dealer markup is not illegal anywhere including CA although caps have been put on by Federal Regulation. The thread is discussing several different points. ADM is when the dealership just flat adds $10,000 to the MSRP of a vehicle, there has to be a sticker advising you of that. Back end markup is a little different. Yes a dealership is and should be able to make a reasonable profit for providing you the service and convenience of financing you and providing protection. Interest rate markup has been capped in the industry at 3% but keep in mind rates are based on credit score and your ability to repay. Debt to income ratio comes into play also, if your a risky buyer your going to pay more. Heck I've seen people with 780-800 beacon score but high debt to income ratio have to pay and extra .25 point interst. The best thing I would recommend is working with you Finance Dept at any dealership but also be informed, they can take very good care of you at very competitive rates. Sometimes people get caught up to much in the whole rate thing. Keep in mind car dealership financing is very quick and convenient, one stop shop. Sometimes the run around for a quarter to half a point rate difference is not worth the hassle. Also an outside bank will call you on every other mortgage and checking account product they have, they now have your info and if you don't opt out, or even if you do they are going to solicite you. That is the business model, initial low loan rate then grab the rest of your financial business. That's where they make profit, checking account, mortgage, savings, etc. As someone said earlier, (be informed) and Service agreements, prepaid maintenance, GAP insurance are great products as long as you know what your buying and why your buying it. Heck I personally wouldn't buy a car without GAP unless your putting down a boat load of cash, (which most buyers do not) with Tax, Title and license fees that average customer is financing right at sticker. The average car depreciates 25% in the first year of ownership. If you total that car or it's stolen and not recovered your on the hook for the unpaid insurance difference and you still need to buy a new car. Not a good scenario. Hope this helps someone out there, not all dealers and not all finance companies are bad or taking advantage of people. Link to comment Share on other sites More sharing options...
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