Dealer requires financing through Yamaha <also says NO CASH deals!!??>

[EricB]

Hey everyone.

I have a deposit down on a 255XD. They dealer is insisting on my financing though Yamaha, or they wont take my order.
Dealer will not take a cash order.

Is this common practice now with current market conditions? Or is the dealer on the make?

Thanks

 

[HangOutdoors]

Not sure they can do that legally. I would check your state laws. I would walk from the dealer and find a reputable dealer. You may want to call up Yamaha corporate as well.

 

[Adrian @ JB Solutions]

I also question the legality of it. Of course you can just use that as leverage to lower the price. Pay it off in cash a week later.

 

[jocolo21]

legally you arent required to use their financing you can bring your own , as i often do

 

[Joshua Miller]

Are there incentives tied to financing through Yamaha? Like 0% interest or a grace period before your first payment? If they are anything like Ford, the dealer gets kickbacks when they get buyers to finance through the company. Last two Fords I bought I financed through them for 30 days and then refinanced through my credit union.

 

[HangOutdoors]

Yes the dealers get kickbacks from Yamaha Finance as well as from Credit Unions and banks they use for your financing.

 

[EricB]

Here are the conditions they've offered;

1. Won't take cash. Won't take outside financing. Will only take an order if financed through Yamaha.
2. Won't provide an invoice, just a final price. Price looks to have an additional $2500 dealer fees, beyond the $3500 dealer prep.
3. Won't provide APR or finance contract until after I sign purchase order.
4. The purchase order specifies
   1. Deposit is non-refundable
   2. Specific performance, I am required to purchase the boat. Deposit does not cover liquidated damages for non-performance.
   3. I must carry the financing for a minimum of 12 months

I'll call the sales manager directly and see if there is a non-nonsense deal to be had. Maybe the sales associate is off the leash.

 

[Joshua Miller]

Never financed through Yamaha and based on the horror stories I’ve heard on this forum probably never will. No invoice? Isn’t there a truth in lending act or something? I’d walk on principle alone. Hope your chat with the sales manager goes better.

 

[HangOutdoors]

Wow. They are out in left field. I would get that in writing and/or a recorded phone call. If the manager confirms that this their policy I would look for another dealer. Prep is too high, the $2500 is bs.

 

[Jim_in_Delaware]

Here are the conditions they've offered;

1. Won't take cash. Won't take outside financing. Will only take an order if financed through Yamaha.
2. Won't provide an invoice, just a final price. Price looks to have an additional $2500 dealer fees, beyond the $3500 dealer prep.
3. Won't provide APR or finance contract until after I sign purchase order.
4. The purchase order specifies
   1. Deposit is non-refundable
   2. Specific performance, I am required to purchase the boat. Deposit does not cover liquidated damages for non-performance.
   3. I must carry the financing for a minimum of 12 months

I'll call the sales manager directly and see if there is a non-nonsense deal to be had. Maybe the sales associate is off the leash.

There is no way in hell that I would buy a boat from any dealer under these terms. It's not that I think there is an objectionable condition, IMHO, they are all objectionable conditions. May not make a difference, but I, personally, would also be firing off a letter to Yamaha complaining about the practices at this dealership.

Jim

 

[Adrian @ JB Solutions]

Screw this place. What is the dealer so other members can stay away?

 

[zackmorris]

You have to agree before even knowing the APR? Get that idiot of a sales manager to put that in writing.

 

[haknslash]

Here are the conditions they've offered;

1. Won't take cash. Won't take outside financing. Will only take an order if financed through Yamaha.
2. Won't provide an invoice, just a final price. Price looks to have an additional $2500 dealer fees, beyond the $3500 dealer prep.
3. Won't provide APR or finance contract until after I sign purchase order.
4. The purchase order specifies
   1. Deposit is non-refundable
   2. Specific performance, I am required to purchase the boat. Deposit does not cover liquidated damages for non-performance.
   3. I must carry the financing for a minimum of 12 months

I'll call the sales manager directly and see if there is a non-nonsense deal to be had. Maybe the sales associate is off the leash.

If they’re acting like that just to buy the boat imagine how it will be for repairs or warranty work. I’d walk.

 

[2kwik4u]

If they’re acting like that just to buy the boat imagine how it will be for repairs or warranty work. I’d walk.

RUN. Don't walk!

@EricB which dealer is it? Be nice to know so others can avoid this B.S.!

 

[1969mach1]

Here are the conditions they've offered;

1. Won't take cash. Won't take outside financing. Will only take an order if financed through Yamaha.
2. Won't provide an invoice, just a final price. Price looks to have an additional $2500 dealer fees, beyond the $3500 dealer prep.
3. Won't provide APR or finance contract until after I sign purchase order.
4. The purchase order specifies
   1. Deposit is non-refundable
   2. Specific performance, I am required to purchase the boat. Deposit does not cover liquidated damages for non-performance.
   3. I must carry the financing for a minimum of 12 months

I'll call the sales manager directly and see if there is a non-nonsense deal to be had. Maybe the sales associate is off the leash.

Okay, Bro, I trust you and all, but 1) this is the internet and 2) having been in the new car business for 30 years I can say that I have never seen, nor heard of anything so crazy as that which you've presented above. I mean, never ever ever.

So, can you post the email and let everyone know who's the dealer? Also, it would be great for us all to meet up with you so we can all knock some sense into you before you deal with these crooks. You simply cannot make this deal. I can't imagine what service is like if this is their sales pitch. Avoid at all cost or it will cost you all.

 

[Bluewater272]

That's a shady ass dealer if true. Also if true, and its the best deal you find - I'd finance with them and pay it off or refi before the first payment is due, that way they don't get a kickback from the finance company. Generally those incentives are clawed back if the financing changes early.

 

[robert843]

Here are the conditions they've offered;

1. Won't take cash. Won't take outside financing. Will only take an order if financed through Yamaha.
2. Won't provide an invoice, just a final price. Price looks to have an additional $2500 dealer fees, beyond the $3500 dealer prep.
3. Won't provide APR or finance contract until after I sign purchase order.
4. The purchase order specifies
   1. Deposit is non-refundable
   2. Specific performance, I am required to purchase the boat. Deposit does not cover liquidated damages for non-performance.
   3. I must carry the financing for a minimum of 12 months

I'll call the sales manager directly and see if there is a non-nonsense deal to be had. Maybe the sales associate is off the leash.

This is probably illegal but sounds like they are playing smart as they can choose who they sell to and this is all pre contract talk. If you already had a sales agreement signed they would not have a leg to stand on but pre contract man its all shady but probably binding. The one thing I would find hard for them to enforce is the 12 month note thing unless its in your actual finance contract there is a penalty if paid off early I don't know they have any real way to enforce it once you leave the dealer. I had a car dealer try and pull this on me once I told them I would just pay the loan off once I got home they tried to tell me to I had to keep it for 12 months I paid it off 3 days later and never heard a word from the dealer about it.

 

[EricB]

Okay, Bro, I trust you and all, but 1) this is the internet and 2) having been in the new car business for 30 years I can say that I have never seen, nor heard of anything so crazy as that which you've presented above. I mean, never ever ever.

So, can you post the email and let everyone know who's the dealer? Also, it would be great for us all to meet up with you so we can all knock some sense into you before you deal with these crooks. You simply cannot make this deal. I can't imagine what service is like if this is their sales pitch. Avoid at all cost or it will cost you all.

How about I show you the "invoice" they gave me. He worked it so that all the itemization is gone. I'm going to give the organization a chance to fly right before I post thier name here. But I will post after I talk to the head of sales. The shady sales assoc is gone from our deal at the minimum. Yup, I would never trust service from them if this is how they roll.

 

[Adrian @ JB Solutions]

6k mark up the boat. Already weird they put that into the purchase price but not as dealer fees or prep.

 

[Adrian @ JB Solutions]

I also have a strong feeling this is a dealer in Jacksonville.