Automotive

Bought a 2020 demo in Quebec end of June, delivery July 3. Too late to get July discount and finance rates?

  • Last Updated:
  • Jul 3rd, 2020 8:39 am
[OP]
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Bought a 2020 demo in Quebec end of June, delivery July 3. Too late to get July discount and finance rates?

Hey,

Bought a 2020 Hyundai Ioniq Electric demo end of June, delivery for July 3. Signed a sales contract and loan application. Am supposed to sign official loan papers when picking up on the 3rd. Compared to June, Hyundai Canada is offering an additional 1500$ discount and 0.99% instead of 1.99%. Is it too late to get the new discount and rate?

I expect dealer to refuse to tomorrow morning when I ask but OPC says I possibly can:
https://www.opc.gouv.qc.ca/en/consumer/ ... -contract/

I would greatly appreciate any advice.

Thanks!
19 replies
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Dec 27, 2006
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You can probably get them to use the July Program but they'll have to re-do the contract. In fact, I would expect your dealer to offer it to you since it does not come at any cost to them.
[OP]
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Forgot to ask: what are my options if dealer refuses?
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lucky13bbq wrote: Forgot to ask: what are my options if dealer refuses?
Give up your deposit and order another one.
But you are buying a demo, not everywhere has a Demo of this price.
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[OP]
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MP3_SKY wrote: Give up your deposit and order another one.
But you are buying a demo, not everywhere has a Demo of this price.
Thanks for confirming giving up the deposit is an option! Are there any other fees or penalties? Deposit was only 50$ so not a problem. Demo was indeed discounted but spread compared to a new dropped from 4600$ to 2600$ including taxes. :(
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Who accept $50 deposit? break the contract then you will save $1450 plus the 1% interest.
lucky13bbq wrote: Thanks for confirming giving up the deposit is an option! Are there any other fees or penalties? Deposit was only 50$ so not a problem. Demo was indeed discounted but spread compared to a new dropped from 4600$ to 2600$ including taxes. :(
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lucky13bbq wrote: Thanks for confirming giving up the deposit is an option! Are there any other fees or penalties? Deposit was only 50$ so not a problem. Demo was indeed discounted but spread compared to a new dropped from 4600$ to 2600$ including taxes. :(
I'm really surprise that your salesperson only takes $50 for a deposit, most of them want minimum $500.

They may have their right to go after you because your break the sales agreement, but I almost never heard a dealership will chase someone to the court and ask to compensate their "lost" that you back out the deal.

I would suggest to work with the salesperson and negotiate a better deal since July can give you better incentive, and not walk in and say cancel the deal, I want to signed another deal at that new price. It is kinda disrespectful if you ask me,
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[OP]
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MP3_SKY wrote: I'm really surprise that your salesperson only takes $50 for a deposit, most of them want minimum $500.

They may have their right to go after you because your break the sales agreement, but I almost never heard a dealership will chase someone to the court and ask to compensate their "lost" that you back out the deal.

I would suggest to work with the salesperson and negotiate a better deal since July can give you better incentive, and not walk in and say cancel the deal, I want to signed another deal at that new price. It is kinda disrespectful if you ask me,
It's only our second time buying a new car (first time was in 2009) so I didn't know it was unusual to pay a 50$ deposit. We definitely want to buy the demo with the July discount for sure. Cancelling would only be a last resort if they refuse. Glad to know I can without losing too much money. Am a bit worried they will refuse the 1500$ discount though because the vehicle is not new even though it qualifies for new vehicle financing rates.
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To give you extra info, I leased my current car as Demo with manufacture discount applied, demo discount applied, freight and PDI waived + I pushed down the price further as well.

So yes, the $1500 manufacture credit should apply even it is a demo car.

What car is it anyway?
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[OP]
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MP3_SKY wrote: To give you extra info, I leased my current car as Demo with manufacture discount applied, demo discount applied, freight and PDI waived + I pushed down the price further as well.

So yes, the $1500 manufacture credit should apply even it is a demo car.

What car is it anyway?
Wow! Good job and good to know! Thanks for the info and reassurance, appreciate it. Mentioned the car in my first post, it's a 2020 Hyundai ioniq Electric :)
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Have an update to share and I'm pissed... Long story short: sales rep is away until tomorrow so I talked to the financing rep who tells me they can give me the new rate, but not the new discount because it's already been included in the demo price. Further, financing rep claims dealer already knew about the July discount in June and applied it. My BS alert started tingling at that point. I insisted that what we got was the demo discount and that the manufacturer's discount was definitely not previously applied and shouldn't cost the dealer anything to give (or does it? maybe less commission from sale?). At that point, I said I would have to call back and was told it is better to speak with sales rep tomorrow.

Let me share my numbers and please let me know what you think:

The car has 9640km, which is equivalent to about half a year of driving for us. In June, the discount compared to new was 3800$ or 11.6% of the new vehicle price (4369$ including taxes) and even included winter tires. Now, if they refuse to give me the 1500$ manufacturer's discount, the discount compared to new is down to 2212$ or 7.1% of the new vehicle price (2543$ including taxes) plus the winter tires.

Personally, the spread is too small now. So unless the sales rep fixes this, it looks like we may try to cancel our sales contract. Anyone have any experience in this area? Appreciate your thought and suggestions, thanks in advance!

Edit: Thinking about it some more, I think what they are doing is trying to pocket an extra 1500$. I think they want to give me the 1500$ discount from the manufacturer and silently increase their sale price by 1500$ effectively keeping the price the same for me, but keeping an extra 1500$ from the sale for them. Bastards...
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Demo has been discounted and since the paperwork was signed for the demo at that price, the dealer is no longer willing to entertain any further discounts. Not a surprise. Ask yourself if the winter tires are worth the extra $1500 off and you'll say to yourself, the winter tires are worth more. Demos in Ontario typically sell for fractions of what a new vehicle would sell for, that is an incentive in itself to buy new unless you are getting a bargain.

When did you sign this deal? It isn't like the dealer needs to secure the vehicle, so I'm guess when you say late June, I'm willing to be it June 22-26 as most dealers want about a week to get all the paperwork submitted, car detailed, etc.... This would put your well outside your 2 days of cooling according to your article.
Once you have signed the financing contract, you have 2 days to cancel it, providing that you have not taken possession of the vehicle. This period begins when both you and the merchant are in possession of a copy of the contract.
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koffey wrote: Demo has been discounted and since the paperwork was signed for the demo at that price, the dealer is no longer willing to entertain any further discounts. Not a surprise. Ask yourself if the winter tires are worth the extra $1500 off and you'll say to yourself, the winter tires are worth more. Demos in Ontario typically sell for fractions of what a new vehicle would sell for, that is an incentive in itself to buy new unless you are getting a bargain.
Thanks for replying but could you dumb it down for me please. Not sure what you mean by winter tires are worth more as I'd prefer to choose my own brand and model of tires, but at the same time I won't refuse it if they offer it.
When did you sign this deal? It isn't like the dealer needs to secure the vehicle, so I'm guess when you say late June, I'm willing to be it June 22-26 as most dealers want about a week to get all the paperwork submitted, car detailed, etc.... This would put your well outside your 2 days of cooling according to your article.
We signed on June 27. What do you mean by secure the vehicle? Please dumb it down for me if you don't mind. Regarding the 2 day cooling, it is my understand that we only signed the loan application, not the actual financing contract. I believe I'm supposed to sign the actual financing contract tomorrow when picking up the car. Please correct me if wrong. Thanks!
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lucky13bbq wrote: Thanks for replying but could you dumb it down for me please. Not sure what you mean by winter tires are worth more as I'd prefer to choose my own brand and model of tires, but at the same time I won't refuse it if they offer it.



We signed on June 27. What do you mean by secure the vehicle? Please dumb it down for me if you don't mind. Regarding the 2 day cooling, it is my understand that we only signed the loan application, not the actual financing contract. I believe I'm supposed to sign the actual financing contract tomorrow when picking up the car. Please correct me if wrong. Thanks!
Winter tires and rim packages are not cheap and will most likely will cost you more than the $1500. Tires alone would be close to the $1000 for some of the cheapest brands. All I'm saying is that you are getting the winter wheel setup included in your purchase, the dealer played ball to get the car sold before the end of the month and you agreed. The only paperwork that you need to sign is the payment papers. If you were pre-approved by the finance staff and have a copy of the bill of sale, technically you agreed to purchase. Your signature is required on the finance document so if you don't sign, you should still be in the clear as mentioned, without your $50. Be sure to have some enemies in that shop. If you want a brand new car, you will probably have to find another dealership.

I'm just saying that you were happy with the deal and now your not because the rate dropped and there's more manufacture rebate that the dealer is not willing to entertain. Email a few dealers and see what they price for you on a new vehicle. See what your options are. I'm sure you can still get the rate lowered on your existing demo. That's just less money to you to borrow and means nothing to the dealership. You still save more than buying new and the winter tires are worth more than the $1500 rebate, even after one season of use. That's how I'm looking at it.

When I mean source, I was referring to the fact that the car is sitting on the dealers lot and they don't have to try and swap with another dealer. It's not like it was factory ordered, etc...

Ideally, as I mentioned, the dealer probably wanted you to take it asap so they could put it on the books. They are looking forward to having you pick up the car, they won't want to give you the $1500, did that apply to demos?, but they should give you the rate, IF, that applies to demos.

GL
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I think you can be bitter but you can't be mad at the dealership for fulfilling what was signed at the time of sale.
What if the incentives/rates got worse in July? I'm sure you won't give them extra money.
You win some and you loose some sometimes.
Just enjoy what you got and don't look back.
I signed for a lease and I took a gamble in June 29 as well that the rate/incentives will get worse or the same.
I don't know what the new program is but i'm gonna enjoy it regardless
You wont be able to win over a dealer who has all the supporting documents
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It was just the winter tires that were included, rims were extra. Also...

GREAT NEWS: I was preparing supper for the kids and the financing rep called me out of the blue to say that after discussing it with the director again they have agreed to give me the July discount and rate! SO happy at the moment. Thank you all for your input and feedback, appreciate it!!!
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lucky13bbq wrote: It was just the winter tires that were included, rims were extra. Also...

GREAT NEWS: I was preparing supper for the kids and the financing rep called me out of the blue to say that after discussing it with the director again they have agreed to give me the July discount and rate! SO happy at the moment. Thank you all for your input and feedback, appreciate it!!!
that's awesome :D
don't come back to this forum to check if you got the best deal again LOL it will only get you depressed
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itoothache wrote: that's awesome :D
don't come back to this forum to check if you got the best deal again LOL it will only get you depressed
Hahaha! So true :)
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Congrats and enjoy the car!
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