ADMs on allocations?
09-16-2021, 06:14 PM
#46
Burning Brakes
09-16-2021, 08:37 PM
#47
I went into Downtown L A Porsche with my own financing; $35K cash along with pre-approval from Chase(up to $150K). Guess their GSM felt I was under qualified. Guess being a girl some times have some downsides walking into a P car dealer by herself and buying her own car....
Last edited by laurenxesq; 09-16-2021 at 08:42 PM.
09-16-2021, 08:41 PM
#48
If financing with Porsche Financial, aren’t they not able to submit the application to Porsche until the vehicle has arrived at the dealer? Wouldn’t make sense to get a hard approval for the vehicle to arrive months later when credit situation can change unless the policy changed?
09-16-2021, 09:12 PM
#49
I've talked to at least 3 dealers now and none have even brought up the topic of financing much less a credit check.
09-16-2021, 11:18 PM
#50
It's an increasing trend IMO, especially in luxury goods. Maybe Porsche is headed in the direction of Rolex? Rolex has always encouraged their ADs to vet their clients to make sure they're not out to make a quick buck on the purchase of the watch. They ask about your birthday, your work, why you want a particular watch, anything else you're celebrating, etc. It wouldn't be too surprising to see Porsche adopting similar tactics. However, Rolex vets you for (essentially) their safety, not to charge you more. In this case we're talking about these Porsche dealers vetting you but they shouldn't be doing that with an eye to add ADM.
09-17-2021, 12:41 AM
#51
Rennlist Member
If financing with Porsche Financial, aren’t they not able to submit the application to Porsche until the vehicle has arrived at the dealer? Wouldn’t make sense to get a hard approval for the vehicle to arrive months later when credit situation can change unless the policy changed?
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laurenxesq (09-17-2021)
09-17-2021, 02:03 AM
#52
I was waiting in the showroom last week at my (largish) dealer for 10k service on my 992TTS and overhead some of the sales staff discussing current ADM practice at two other dealers. Apparently quite a few dealers sales people are consistent in pushing ADM when a potential customer:
1. Appears to be a time-wasting tire-kicker,
2. Appears to be an ignorant first-time buyer *posing* as a knowledgeable owner/buyer (particularly if arrogant), or
3. Appears to be motivated to buy to satisfy some personal insecurity, rather than out of passion or appreciation for the cars.
A common sales tactic was said to be to offer a current or “near-term” allocation with ADM accompanied by hints that a later allocation “might” be available without ADM.
They said that the “customers” who get this treatment from the other dealers are - predictably - the same ones who get laughed at when they leave the showroom.
This particular dealer is (apparently) simply patiently waiting for allocations and seems to be candid and forthright about allocations and not charging any ADM. Everyone queues according to order sequence in category (I am hoping for 2022 delivery for my 992Targa order - but nothing firm yet).
1. Appears to be a time-wasting tire-kicker,
2. Appears to be an ignorant first-time buyer *posing* as a knowledgeable owner/buyer (particularly if arrogant), or
3. Appears to be motivated to buy to satisfy some personal insecurity, rather than out of passion or appreciation for the cars.
A common sales tactic was said to be to offer a current or “near-term” allocation with ADM accompanied by hints that a later allocation “might” be available without ADM.
They said that the “customers” who get this treatment from the other dealers are - predictably - the same ones who get laughed at when they leave the showroom.
This particular dealer is (apparently) simply patiently waiting for allocations and seems to be candid and forthright about allocations and not charging any ADM. Everyone queues according to order sequence in category (I am hoping for 2022 delivery for my 992Targa order - but nothing firm yet).
Smarter kids simply ask their elders (someone 2-3y ahead of them in finance or tech biz) "who's their guy?" at whatever dealer....and tend to be treated well by the vetted sales monkey who's done right by the elders: relationships quickly built as such smarter kids tend to become "old-money" real fast in fast-compounding/Darwinian places like SV....and the few decent salesguys at relevant dealers tend to be similarly longstanding guys w/deep books of such repeat customers
Same game as obtaining best tables at prime times @hot/legendary restaurants in SF/LA/NYC/Chic/Miami, etc etc
09-17-2021, 02:10 AM
#53
FYI - a dealer doesn't really need to push the finance application to Porsche Financial. The dealer's finance manager and/or director can run your credit and know whether Porsche Financial or other banks they work with will qualify you (the applicant) for the amount necessary to buy the car. They know the guidelines and they can tell within about 2 minutes just by looking at your credit profile whether or not you'll be approved and by which bank(s). This can be done regardless of them having a car to sell you or not.
09-17-2021, 02:43 AM
#54
My dealer did not ask any questions whatsoever about credit before accepting my deposit for order. Only asked for $1K deposit on cc. Granted, i did not get an allocation right away; however, it came about as promised. Call around. BTW, my dealer was Porsche Bellingham, WA. They were exceptional.
09-17-2021, 10:56 AM
#55
Thankfully, my local dealer is not adding ADM for orders. If they happen to get a new model on the lot it is usually marked up by $13-$15K.
I understand why dealers add ADM, but I am not willing to pay it.
I understand why dealers add ADM, but I am not willing to pay it.
09-17-2021, 11:40 AM
#56
Rennlist Member
I was just saying to myself - I would never pay ADM on car!
But then I realized that when I turned 50 last year and wanted a Rolex Submariner I payed $2,500 over retail to get one. So I guess if a dealer had a car in stock I wanted right now I would probably pay some ADM, but agree with everyone else not if I had to wait for it.
But then I realized that when I turned 50 last year and wanted a Rolex Submariner I payed $2,500 over retail to get one. So I guess if a dealer had a car in stock I wanted right now I would probably pay some ADM, but agree with everyone else not if I had to wait for it.
09-17-2021, 12:19 PM
#57
Burning Brakes
Got on a wait list for a GTS alloc yesterday and to my surprise, my SA told me that they aren't doing ADMs on any models, including GT3. Apparently the parent company / dealer group doesn't allow them. I'm not entirely sure I believe him as this owner group includes quite a few chevy dealers who could be making a fortune on C8 ADMs, but who knows.
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chance6 (09-18-2021)
09-17-2021, 03:50 PM
#59
Rennlist Member
I understand asking $10-30k over upfront for a slot to buy a car. Didn’t realize they can raise prices at their whim after you decided on a price.
09-17-2021, 03:55 PM
#60
RL Community Team
Rennlist Member
Rennlist Member
I thought the dealer has to honor the price on the buying contact signed when ordering? You can agree to X amount and then 1 week before delivery they can decide to add $10,000 to a signed agreement?
I understand asking $10-30k over upfront for a slot to buy a car. Didn’t realize they can raise prices at their whim after you decided on a price.
I understand asking $10-30k over upfront for a slot to buy a car. Didn’t realize they can raise prices at their whim after you decided on a price.