That is weird. Must be a regional thing.
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- Thread starter 13COBRA
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That is weird. Must be a regional thing.
It's about an hour and half North of me, they can be a stubborn bunch about price up that way.
Maverick XLT.. work truck white in my city
$39k
Geeze
$39k
Geeze
Ouch.
www.autonews.com
Timeline: Carvana's rough stretch
A roundup of Carvana's setbacks over the last few years.
www.autonews.com
Here we are getting closer to the end of July, hadn't heard anything from the dealer on our Odyssey that was supposed to be built mid-July. We put a deposit down on it back in May.
They called yesterday and said production is delayed, and we won't have a build date until sometime in September
However, they have two Sport models that came in and the customers ahead of us on the list passed on them. One white, one sonic gray.
$1200 more for a Sport vs an EX-L, but at least we can get the van tomorrow instead of waiting until who the hell knows when.
19" wheels which I'm not a huge fan of, blacked out mirrors and grill, red stitching on the seats (+15hp) and red interior lightning to give it that 1990's Pontiac feeling
They called yesterday and said production is delayed, and we won't have a build date until sometime in September
However, they have two Sport models that came in and the customers ahead of us on the list passed on them. One white, one sonic gray.
$1200 more for a Sport vs an EX-L, but at least we can get the van tomorrow instead of waiting until who the hell knows when.
19" wheels which I'm not a huge fan of, blacked out mirrors and grill, red stitching on the seats (+15hp) and red interior lightning to give it that 1990's Pontiac feeling
Ouch.
Timeline: Carvana's rough stretch
A roundup of Carvana's setbacks over the last few years.
Can't see that article without a login.
Online used-vehicle retailer Carvana Co., once seen as a rising star in the COVID-19 era, is facing a reckoning in the wake of numerous setbacks this year.
In the most recent, the state of Illinois this week reinstated its order blocking Carvana from selling vehicles in the state. Other setbacks include wider financial losses in the first quarter, state regulatory challenges over titling and registration fumbles and sweeping job cuts.
To help readers follow the developments at Carvana, we're compiling our ongoing coverage of the company in one organized timeline.
We will continue to closely watch Carvana, its stock price and financial status and will plan to update this timeline with future news stories about the retailer. One event to watch for: Carvana's second-quarter earnings report coming Aug. 4.Feb. 24: Carvana announces a plan to buy the ADESA U.S. physical auction business from wholesale auction company KAR Global. The transaction price is about $2.2 billion.
April 20: Carvana says it sold fewer vehicles than it had planned at lower profits per vehicle in a "challenging" first quarter that produced a $506 million net loss, more than six times its loss in the year-earlier period.
April 25: Carvana's pending acquisition of ADESA U.S. prompts some automakers and dealers to rethink or sever their relationships with the No. 2 U.S. auction house.
http://a.idio.co/r?a=consume&e=2466...3b0e-4335-9a3e-992e50b8ea8e&x[idio]=915416017
April 27: Apollo Global Management Inc. offers to buy $1.6 billion, or roughly half, of a junk-bond sale that Carvana offered to help finance its acquisition of ADESA U.S.
May 10: Carvana wraps up its purchase of ADESA U.S. The company says the acquisition, which includes 56 sites across the nation, will give it the ability to process far more cars and trucks and get them ready for retail.
Illinois suspends Carvana's license to sell vehicles in the state. A state official says Carvana needs to resolve problems with how it transfers vehicle titles and issues out-of-state temporary registration permits before its license can be reinstated.
May 10-13: Carvana discloses that it will cut 2,500 operations jobs in an effort to right-size the company. The news triggers a stock sell-off and employee backlash. The next few months will be crucial for Carvana and its online retailing brethren to contain expenses and curb losses, analysts say.
May 26: Illinois stays its May 10 order for Carvana to suspend its vehicle sales in the state. The Illinois Secretary of State’s office says Carvana can keep selling as long as it complies with “strict guidelines.”
July 18: Illinois reinstates its suspension of Carvana’s license to sell cars in the state after the Illinois Secretary of State’s office said Carvana failed to follow proper procedures.
Aug. 4: Carvana will report second-quarter financial results. Investors are looking to find out how well the retailer is controlling costs.
@13COBRA Any thoughts on Ford's "Flex Buy Financing," Nick? My understanding is that the customer gets 0% financing for 66 months with the last 30 payments being about 22% higher than the first 36. In other words, a smaller monthly payment for the first 36, then a 22% larger payment for the next 30.
With the Flex Buy Financing it sounds like the buyer would have less equity in the vehicle in 3 years if they wanted to trade in, which would benefit the dealer. I also wonder if there is a pre-payment penalty (paying more on the principal over the first 36 months so your payments don't increase for the last 30)?
With the Flex Buy Financing it sounds like the buyer would have less equity in the vehicle in 3 years if they wanted to trade in, which would benefit the dealer. I also wonder if there is a pre-payment penalty (paying more on the principal over the first 36 months so your payments don't increase for the last 30)?
Couple of things.
1. Not necessarily 0%, just whatever their preferred APR is for the term. You can do a 66 or 75 month flex buy. The 66 term will go off the advertised 60 month rate, and the 75 will go off of the 72 month rate.
2. The way it works... If you finance $50k for 66 months at 0%. You take the amount financed, divide it in half. Then either move 15% or 18% to the back term. So, half would be $25k and $25k. First $25k is due in 36 months, and second the remaining 30 months. You can move an additional 15% ($3,750) or 18% ($4,500) from the front to the back. If you chose 15%, your payment would be $707.27 for 36, then $815.44 for 30 months. If you chose 18% it would be $682.31 for 36 months, then $845.39 for 30 months.
3. The buyer having less equity isn't a positive for the dealership. In fact, in moot, unless they're trying to trade, and we'd prefer them have a bunch of equity as it's much easier to get approved.
4. There is no pre-payment penalty. The second term payments won't lower though, it'll just drop the principal off of the end of the loan (i.e. pay it off if 58 months rather than 66).
Flex Buy came into being for college students, or people who are planning for a change in their life in a few years. College kids could enjoy the lower payment, then when they supposedly got a good paying job, they could handle the bump.
9 times out of 10 people either trade out or refinance before the payment goes up.
I see that being an issue to a lot of people who cant manage their money properly. Cheaper payment first 3 years or so, then bang, 15%+ payment increase.
Seems like a better alternative to lease. Wonder if the "normally" buy option incentives be honored for these flex payments.
Seems like a better alternative to lease. Wonder if the "normally" buy option incentives be honored for these flex payments.
The lease payments will be higher to start. They'll include taxes, titling, and the money factor is ALWAYS higher than the interest rate on a Flex Buy.
In the Q2 earnings conference call, Cleveland-Cliffs CEO Lourenco Goncalves played down the threat of a recession and higher interest rates hurting auto demand, saying supply chain problems and COVID-related production outages over the past two years have left the vehicle market undersupplied.
"The automotive industry could have produced 8M-10M more vehicles than they actually did over the past two years. Pent-up demand for cars, trucks and SUVs has developed," the CEO said, expecting more automotive volume in H2.
"The automotive industry could have produced 8M-10M more vehicles than they actually did over the past two years. Pent-up demand for cars, trucks and SUVs has developed," the CEO said, expecting more automotive volume in H2.
15k wheel and tire package with “lift” and 30k for the heck of it! Who is dumb enough to pay this?
LMMFAO
Not only who is dumb enough to pay it, but would banks really loan money out on this???
People that took out a HELOC because they’re rich!
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I agree with him.
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I’m needing a truck for work around the middle to end of August. Would it be better to buy new if I can find one or used. Prices do seem to be coming down just a little. Unavoidable if I start contract work.
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I'd buy new, if you can find it.
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