Need some buying feedback

Arc

I just have some questions.
I'm buying a 2011 370z w/Sports Package from a dealership.

1. The dealer I'm buying from is ordering one since I can't find the exact model I'm looking for (at any dealership).
At first the internet sales person said he'd need $1,000 deposit. Later, he wanted $3,000 deposit.
Is a deposit really necessary for an order? If so, which amount is correct?
The sales person didn't know the difference between a 2010 and a 2011 model. I guess knowing their products is not one of their job requirements.

2. I won't be getting the 370z until late March/early April, so I requested a receipt of the $3,000 deposit they charged me on my credit card. It was just a receipt with no documentation about where my deposit was going to and no manager signature confirming the deal so I'm curious if they will just steal my money after 90 days have passed since all I have is a receipt and I don't know if I can file a claim for that money if they don't deliver.

3. I'm putting down $10,000 and financing the rest. My credit isn't the greatest since I haven't been using any credit for a while (2-3 years).
Has anyone here done something like this and how much was your financing? Or what is a good financing percentage for someone doing this?
I don't have any debt, and I still have a credit card I'm not using which has a limit of $7,000 on it.

I know where the dealership is and I've been to their location (to pick up the receipt). They've got very friendly people there, and I think they helped out a family in need last Christmas. It was a big story here locally.

Am I disclosing too much information here, am I too paranoid, let me know what you all think.

If there's any details I'm missing or questions I should ask, any help is appreciated.

EL Diablo

I've ordered a new car before... and I gave a deposit.
In my case they built the car per my order and shipped it.
Hence the request for a deposit.
Which was refundable should I not have taken delivery of the car.

Also I found less room to negotiate price on an Ordered car than one already on the lot.

I think the deposit was $500 but $1000 does not sound unreasonable.
$3000 seems very high, tell'em $500/$1000 take it or leave it.
Again it should be refundable.

They probably think you are not a serious buyer and thats why they want such a large deposit.

Ask them for a sales receipt of the deposit that has all the numbers of the deal on it.
That is not an unreasonable request and should easily be provided.
If you are buying from a Authorized Nissan dealer I highly doubt they are trying to
scam your deposit money. They have procedures to follow.

Your interest rate will mainly depend on your credit score. not the amount of cash you put down,
that'll help keep the monthly payment lower but will have little to do with your rate. Go to the Nissan website...
they have a loan calculator that gives estimated payments with the interest rate based on the credit rating you fall into.

Watch out for all the extra warranty/service packages they'll offer you, I've never found them worth it and they only add to your monthly payment.
But that's just my opinion.

Personally I would hit up several dealers and find a 370Z that is on a lot that you like.
You'll get a better deal, way better. Dealers are letting Z's go for under invoice.

Good Luck and Happy hunting.

Arc

Thanks for the feedback El Diablo.

I did read the New Car Buyer Guide 101 by AK370Z and it's been helpful.

I'll have to give the dealership a call and see if I can get some answers. I've only E-mailed the sales person directly, which hasn't resulted in a response yet.
Last time I talked to them was this past Monday, so it's not too long.
They are an Authorized Nissan dealer, that is certain.

Kind of funny about me not being serious. I don't have a lot of money. I doubt anyone would put this much money down on something and not be serious about it.

I couldn't find exactly what I'm looking for, and I checked all the surrounding dealers. So my only option is to order one which I'm okay with. The MSRP is within my ability. Even with a 6% interest rate.

Thanks again.

Cheech

Definitely agree to a price and get it documented. Without it, they could come back at you with a higher price when you go to pick it up. Make sure it is the Out The Door price.

I bought mine sight unseen from a dealership in Washington State. They too wanted a deposit on the credit card. Think I surprised them though. Wanted to put as much as possible on the card ( air miles! ) I was amazed they did ($9500), considering Visa charges the vendors 2 or 3%.

One piece of advice, take your time, search the net, over & over again (OK, two pieces of advice). It took me months to find the car and price I wanted. Don't limit yourself to a local dealer, search nationwide, weigh the cost of shipping/road trip with how much you can save.

Invoice price for a 6M Touring w/Sport & Nav should be around $38K

Good luck

Arc

Hi Cheech.
dad, I saw your post yesterday, and started reading all the info. It's a little too overwhelming. Thanks though.

Well, I didn't agree to a price as the sales person only mentioned the price listed at the Nissan website, which is the price I am expecting. So I still don't know how pricing will be determined, but at least I know what the MSRP is.

As for searching out the vehicle. I'm not in a hurry to find one ASAP, so waiting til March/April is perfectly fine with me. I don't want to do too much work, .

Pricewise, I'm not going over the MSRP listed on the website. I was originally going to get the Nismo, but after looking at my own financial status, that was out of the question.

SPOHN

By the time you get your car maybe the snow will be gone. Maybe! My mom lives in Eagan up there. She'll be moving back in the spring after 13 years up there. Can't wait.

daisuke149

never pay msrp for a car unless the car is in super high demand and you'd have to wait 1 year for it or something.

When i picked up my Z i purchased 2 cars. got great financing on both with no down payment on both. We really cant telll you what is good or not as it depends on your income, credit, location, age, etc!

But why dont you contact some of the sponsors on this forum? (dealerships) im sure they would be glad to find you the car you want, at a awesome price and even help arrange shipping to you.

Oh and I dont think a deposit is ever really "required". its just something they want to try and gauge how "serious" you are. Therefor i would never do more than a 500$ deposit (at least on this type of car) but a deposit would be good as that lets them know your serious and they will really order the car. Withotu a deposit they may not take you seriously and not really order the car.

Arc

Hey SPOHN, that was what I had in mind.
By the time the car arrives, the snow would have been a distant memory and I can enjoy the car for the entire summer.
March is usually when the snow stops, even though last year it snowed til the end of April, there were times when it was 90 degrees in early April, so who knows.

Hi daisuke.
I'm sure the car isn't in high demand. Though I doubt I would get the dealers to trim some of the costs down for me.
Not sure if I can negotiate something, but if I can get the car for near $30,,000 I'd be quite happy. I'm already going to put $10,000 down so the remaining payments will be history before I know it.
My income is decent, credit is probably Good, location should be cheap, and I'm 34.
The only other new car buying experience I have is with the '04 Sienna, and that went smoothly. That car was bought in that year and is paid off and still in excellent shape.

The dealer already has my deposit. At this point, they'll probably be annoyed if I back track on my order and leave them with a car they can't sell as they have two other 370Zs in their lot that aren't selling. Those two 370Zs are convertibles which I have no interest in.

If anyone has any negotiating advice I could use, that would be welcomed.

Cheech

Whatever dealer you're using, they have you hooked. One rule to follow is, don't let them know how emotionally attached you are to the vehicle, they'll play you and you've just thrown any strong negotiating advantages out the window.

Like Daisuke149 said, "never pay msrp", really.... NEVER! Everything is negotiable.

I'm assuming you've gone into the dealership, ordered the car and given them a deposit. Because the purchase date is so far in the future, they've requested a larger deposit to ensure your commitment. If you've already discussed a price, then they're expecting you to pay it when the car comes in, not good for you if you're trying to haggle for a lower price.

If I were you;
1. negotiate now and get the final OTD price documented or,
2. back out of the deal, get your deposit back and go to another dealership when you're 2 to 4 weeks away from making the purchase.

This forum is a great place for information. I have visited it several times a day before and after my purchase. There is some excellent information in the "Stickys" and the forum sponsored dealerships will most likely give you a better price than what you have now.

Good luck, let us know how you make out.

Arc

Hi Cheech. That is good advice. I'll defnitely use it and try to get a better deal. If they won't negotiate a price, I'll dump them and ask for my full refund.

BTW, what would be a good deal on a black 370Z with Sports Package? Doesn't matter if it's '10 or '11, but it has to be new.
From my understanding, $1,500 - $2,000 below MSRP should be good?

KravMaga

Just got back from dealership after ordering. Expecting car tentatively in April. Dealer gave me a copy of the pricing breakdown and another sheet with total price expected after titling, taxes, etc. In my case, I put nothing down. I dealt with the general manager as I sent a letter out like AK did. I am paying invoice, so after all taxes and fees, I am still paying less than MSRP. I wouldn't pay MSRP if it's not too late. No reason to. I dealt with a dealer in Orchard Park NY if that makes a difference. Good luck.

EL Diablo

2011 Black 370Z with Sports Package...
Invoice plus tax and fees sounds right to me.

That's what you can easily get a Z for here in Los Angeles.

2010's are being discounted under that in some cases.
Good luck on the deal.

Arc

Okay, I just called the dealership and talked to the sales associate who wasn't aware that I could get a price negotiated before delivery.
Should I be a little bothered that the sales associate didn't know this? I guess I am being played. Maybe I should bring up my disappointment and try to get a lucrative deal or something?
He says the general manager is busy with customers and will give me a call on Monday to work out the price.

I will ask for invoice (documented on paper) and nothing more or I'll revoke my down payment.

We'll see how things go this coming Monday. Thanks guys, you all have been extremely helpful in getting me through this. I couldn't be any happier dealing with you all. 8D

EL Diablo

The only other thing I would watch out for is them giving you the price you want but padding the interest rate a point or two to make up what they want.
You should have an idea what interest rate you should expect and/or be happy with.
Don't just take their word for it. There is always some bait and switch up their sleeves.
Especially when they are providing all of your options and you have no 2nd opinion.

Might be worth it to go to another dealer and see what interest rate he can get you approved for.
Then you can play them off each other or at least know what is fair.

It's amazing how quickly a dealer will lower numbers when they know they will lose a serious buyer.

Good Luck and Keep us posted!

Cheech

Here's a good thread to give you an idea what members are paying;
**STICKY** How much did you pay for your 370Z?**STICKY**