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Comments
West Suburban Auto Group in Maywood is the best place to go. $200 over invoice on a GLX 4Motion Wagon. No gimmicks. Outstanding service department.
MAKE SURE THAT YOU ASK FOR SAM TOMAINO. He is the owner - I have known Sam for a long time. He will honor this price.
Thanks
Car_Man
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Thanks,
Michael
shortly thereafter...
no price increases scheduled for the 02 Passats...This does not include
any other model.
Car_Man
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She just wants a 1.8 with auto and DC. Moon roof would be nice but not needed.
Any advice will be helpful
Thanks in advance
Always great to deal with, and typically great deals as well.
401-438-5555
What are the current 2002 GLX Tiptronic lease deals?
I OWN part of a VW Store, and we wont get them until August 15th or so is what I'm hearing..
Heck, when I worked for Jaguar we got the S-Type lease program in 3-99... And the cars didnt hit until 5-99!
Bill
I am in the process of looking at Passats--I have Jetta lease up in August (but can extend a few months). I've been offered invoice on the 2001.5 Passats and some good lease terms, but since I am leasing, the 2002 warranty is a big deal. I've been told somethings by a dealer that I would like to deal with, but don't know if I trust. Could you separate some fact from fiction?
(1) The dealers do not have the pricing on the 2002 Passat yet.
(2) The price for the 2002 will go up, the money factors and residual will not be as good.
(3) The cars won't be in until September.
(4) No way will they be sold near invoice.
(5) If I lease the 2001.5 now for 39 months and buy an extended warranty to the end of the lease, it will cost me about $650.
Help--I'm having a hard time deciding what to do.
1) Correct. I dont know yet.
2) They're not *_supposed_* to go up for 2002, but I would not be surprised if they do that 4yr/50K warranty. Residuals are higher, money factors won't be supported at least initially.
3) Who knows. I hear Mid-August, then I hear Sept, then I hear mid August, then I hear end of Sept... I keep hearing before the end of August tho. Again, till the cars actually show up with ETA Dates set in stone, I don't want to be quoted on it
4) Who knows? We sell 2001.5s near invoice sometimes, but not as a rule. National Average sale price of a 2001.5 Passat is roughly $975 off of MSRP. But that's my market, yours may vary. I doubt we will have to sell 2002s near invoice though.
5) It's like the old saying... "you pays your money and you takes your chance". I'd say that the lower payments are, of course, going to be on 2001.5s. That being said, the $650 is roughly $20/month if financed into a lease contract. The cars will effectively be identical, I'd say that if the 2002s are more than $20/month more than the 2001.5s (Quite likely) that you're better off with a 2001.5 The key is to look at your total costs and this assumes you wont be buying it at lease end.
Hope this helps!
Bill
S852, VW Credit's current lease money factor on the 2002 Passat is .00299 for up to 36 month terms, which is nothing special. The car has solid residual values, for instance the model that you are thinking about getting has a 58% residual for a 3 year lease with 15,000 miles per. Of course, since this program is only scheduled to run through July 31st and as our well-informed friends have told us it the '02 Passat probably will not arrive at dealers until mid-August the current lease program really does not mean a whole lot.
Car_Man
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You mean like how we got the S-Type lease program, pointed out that a well-equipped 4.0 would cost as much as a Vanden Plas and howled at Jaguar?
On to the Passats.. when I know I shall post
Also, IIRC, aren't we at like 56% base res now with like a .00220 factor on the 01.5s? I havent paid attention recently and its' mdnight now..
Bill
Two questions, please:
1) Is there anything to the fixed open-to-buy statement?
2) Are prices generally firmer at the start of a model year than one or two months later?
As is true of all dealers within 200 miles, this is the only VW dealer in the city (1 million pop.) Thanks.
2)
question #4 ends the true statements from this Dealer...
Invoice & MSRP are scheduled to remain static for 2002 Passats, even
to include the post Week #32-33 cars that will come with AM/FM/CD/CASS.
And it would seem reasonable to me, that with a new 4 Year/50,0000 mile
Bumper to Bumper, and 5 Year/60,000 PowerTrain, Volkswagen Credit will INCREASE
Residual Values; not lower them, and money factors will remain competitive.
I do not know where you live, but there are 2002s on the ground in New Jersey;
here in California and for the rest of the Western Region 02s will not be released
until after the 3rd of August and available for Delivery by the 8th or 9th.
Point #4...Proudly & Happily I can tell you that Volkswagen of America & VWAG
have no DISTRESS merchandise...There is absolutely NO reason for any Dealer
to sell ANY VW Product for what they paid for them unless they are totally
incompetant...And if they are; then I would take advantage of that weakness and
buy not one, but two, and then sell the second yourself and make the profit...But
make sure you pay cash because they will be making money on the Back end of
the Deal for sure.
The only difference between a .5 & an 02 is the Warranty...A Dealer contribution
to the Purchase of a VW Masterguard 4 Year/ 48,000 Mile Bumper to Bumper
actually makes the .5 the better Value.
Another component to the bottom line though is that the new Warranty is, by
design, going to attract more Honda, MBZ, Toyota, BMW, and Nissan customers,
thus adding to demand and reducing supply.
Make your decision based on conditions in your area...if the dealers are weak and
offering Drastic discounts...Take Advantage and MAKE Sure you check with vw.com
and here at Edmund's and Magazines like AUTOWEEK for published Incentive Financing.
You can also go to www.intellichoice.com for more info. And Know Your Credit Score.
www.equifax.com will let you know how you score Credit wise...Don't get sold on what
you feel is a cheap price and then get taken to the cleaner's in the Finance office...
From what I understand (I am not at this store every day, I'm a partner in it and rarely am at the sales desk) the 2002s have residuals 2 pts higher (Base) than the 01.5s. Again, factors are cheaper on 01.5s. right?
Pricing? They say no increase... But until I see it in writing, I dont believe it. GM has said this before and gone against it. I don't trust manufacturers.
I totally agree on the merchandise situation. These cars are miles apart from the domestics... Maybe thats why when I go to buy used Passats they're worth so much!
Irrespective, to me, Demand is still keeping ahead of supply.
Hank: That dealer may have been talking about allocation. We can't simply order an unlimited amount of cars (I wish). We're allocated "X" number of units.
Bill
APRs and Residual/Factors...not Retail. If VCI has sent over Rate Sheets
for 02s they have not come across my desk because we do not have any,
and I don't need them.
It would make sense to me, that secondary to the new Warranty, that adds
substantial value to the car at years 3, 4 & 5, that this value will be translated
to the residuals which currently fall off proportionately compared to those of
competing brands with 3/36 or 4/48 B2Bs.
The information on 02 Passat pricing you can take to the bank...Increases
are certain on some models of Jetta & Golf with the new PowerTrains and on
upcoming Special Edition Beetles...Turbo S, etc., but that should come as no
surprise...
Give me a call sometime...you'll find a Toll Free at my website...
As for price, I recently visited "Boston VW" and they didn't have any Passat. Instead, a salesperson offered me a Jetta Wagon GLX at a price just over invoice. So I guess pricing for Passat should be in somewhat similar situation. I think there is an incentive from VW to lower inventory, so the real dealer price should be quite lower than invoice price.
zarin
It is difficult to say for certain if Volkswagen will offer any sort of special financing or lease rates on the 2002 Passat when it is first introduced, but I would be willing to bet that they will not have any sort of incentives on this car at all when it first begins to arrive at dealers. Incentives likely won't appear until a few months after its introduction.
Car_Man
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Credit as Dealer Cash, the fact that it is from VCI precludes me from jumping
on that train...This is not INCENTIVE MONEY FROM VWOA....
This is Incentive Money, paid as Reserve, to the F&I Dept. It is a carrot...{but not
for the Sales Department} to use VCI instead of BA, WFC, CMB, or any other
lender that might be offering that Department incentives, contests, etc.
As much as I enjoy participating here, I find some information that Edmund' s
elects, or not, almost by whim... to distribute without the the benefit of 2nd or 3rd
sources really irritating. I have emailed Edmund's staff on more than one occasion
that the $25 Port Prep and the $92 FloorPlan INTEREST Reserve fees appear on every
Invoice, for every model, and for every Dealer Coast to Coast....These numbers appear
on www.cars.com requests, they appear on www.carpoint.com requests, they
appear on www.kbb.com requests for pricing information and yet Edmund's refuses
to understand that this is the real deal and elects to exclude them in their Invoice
calculations....
...thus confusing the members they are supposed
to serve!!!
This is no different, your staff is failing you, and getting you only 1/2 of the
information...Edmund's.com is too important and too influential to rely on 1/2
of the truth...Car_Man...it is time to kick some butt!!!
This reference to "Dealer Cash" on all .5 Passats is yet another example...for there is
none...
My experience in Passat shopping has been different than what you are saying (I'm in Fla). The dealers I've been to have MANY 1.5s on their lots, so how can it not be distress merchandise? Why would anyone buy a 1.5 if the 2002s have double the warranty and are the same price? My experience has been that every one of the 5 dealers I've spoken with has lied about when the 2002s will be in (another distress indication). They've all told me late September--October and said there will be a price increase. Although I've been offered a good deal on a 1.5 Passat--couple hundred over invoice--they refuse to discuss "throwing in a warranty" as you mentioned. I only need to cover from the 2 Year/24K to my 39-month lease-end, and they are quoting me $600-700 for that short period on an extended warranty. Again, why wouldn't I just wait for a 2002? Your idea is good, but none of the dealers in my area seem to have thought of it yet.
Also, I understand your frustration with Edmunds--but I can tell you for a fact that I was being consistently lied to about the money factor (when I could get them to even tell me the figure) until I proved that it had been published here--and then--guess what? It went miraculously from .00275 to the .00235 that was given by Edmunds. You have to understand, consumers need all the help they can get when going up against car salesmen. For every decent, honest one I've found, I've talked to 10 other horrible sales people. It is a totally exhausting and unpleasant experience for the most part.
that prohibit them from discounting warrany prices...In California these regs do not
exist, thus my suggestion to assist with or provide some relief with the Warranty...
I don't make a habit of using the term "throw in"...
My comments above are restricted to those specific items...I agree Edmund's
provides extremely valuable information, but none of us are perfect...Having
said that though, it is important that information being posted be rechecked
for accuracy...My complaint about Port Prep and FloorPlan Interest Reserve
is an old one that has never been corrected...
If you have found a Passat that you like, and you have come to a place where the
price works for you, then I would contact a National source for your warranty extension
that is outside of the state of Florida...Your Dealers hands are tied; he cannot
give you a great deal and violate Fla. State Insurance Laws to make it more
attractive to you...
Car_Man
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Residuals for July:
2002 2001.5
24-month
65-66% 63-65%
36 month
57-59% 53-55%
48 month
50-52% 46-48%
As far as the demand issue goes, its been my experience here that demand pretty closely EQUALS supply. While we do sell all of our Passats without too much trouble, there is no line of customers beating down our doors. Now, the warranty difference may cause something of a stir when the news hits the general public, but I'd imagine VW would anticipate that with a rise in production. We'll see.
Jason
Basically, if a customer wants to cancel a warranty then the dealer has to refund the MSRP of the warranty. It was oiginally designed to protect consumers from being hammered into a "Rule of 78s" warranty, and then only to find 3 days later when they went to cancel it that they could only get 70% (Or whatever) amount refunded.
I *_can_* discount a warranty, but if the customer ever goes to cancel it, I have to refund them the prorated list price of it. So if I sell one for a $300 discount, and the customer goes for a refund in, say, the first 30-90 days, I'm basically out $300.
A good law, that, unfortunately, now is hurting consumers >:| But Florida is full of ridiculous automobile sales laws. Ex: By the legal definition, I doubt that a single "new" car has been sold in the state yet. At one point that made financing them difficult to a small degree.
Oh, No fair ffxvw, you got them already
Bill
However, unless its' listed accurately (I remember when Edmunds had a $1,000 incentive listed on Jaguar XJ8s, XJ8Ls and Vanden Plas models. Correct, but only if you are a current Jaguar owner). Then it isn't doing anybody any good.
Bill
subvented rates...it does NOT apply to ALL VWs sold/leased
as I believe your post implied...*Special Rates* can come from
any lender...
Re your 2002s--where does that leave you on your 1.5s? How do you convince someone to take the one with the old warranty?
Why didn't VW just decide to do the new warranty on all cars sold from the date of the announcement? Weren't they kind of screwing the dealers with this decision while there are still 1.5s sitting on lots?
How about leasing me a 2002, since apparently the Florida dealers aren't expecting theirs for months and months;-)
As far as the price you were quoted for the warranty--I'm discovering that all dealers charge different amounts for the warranties. Mine quoted me $650 to extend it. That's not really a wash to me. And labor and parts are so expensive, that one repair out of warranty could cost quite a bit.
Jason
Also, my girlfriend has excellent credit, but very little income (graduate school). Would there be an advantage to co-signing on a loan? Is it even possible to do so as we are not married yet?
For instance, right now VW has 5.9% 60-month financing. Is it possible I could get this rate? Or that my girlfriend could alone, or with me as co-signer?
We're looking into buying a 2001.5 Passat Wagon (as base a model as I can find). Just curious what my best strategy should be. Thanks!--x
and *C* is 8.90%...In order to determine which you be, you
need to find the one you wnat to take home and make your
deal, and the Dealership will send it off to Volkswagen Credit
for approval at one level or the other...
The one piece of advise that I can give would be not to finance your girlfriends car. If she is that great, then marry her and then buy a car together. Otherwise, even with the best of intentions, you are setting yourself up for disapointment. Can you imagine if you marry someone else and the two of you don't qualify for the house that you want because you are still extended on the last girlfriends car loan? Yikes!
I think I'm going to purchase a 2001.5 GLS V6--the thought being that I should get a better deal on this model than a 2002. Using the price difference, I'd like to extend the b-to-b warranty an additional 2 years (up to the soon-to-be standard 4 year length). I figure this gets me 10 years of powertrain coverage, 4 years b-to-b, and 2 years free service for approximately the price of the 2002 (sadly, no in dash CD).
My questions: 1) Does this sound sound? 2) Approx. how much should an aftermarket warranty on a new Passat run? 3) Does Masterguard have a phone number, when I've looked the program up on the web I have found no pricing information.
Thanks in advance for any help!
Mike
Jason