Rebates, Incentives, APRs - Questions & Comments

CarMan@Edmunds · July 2005

You're very welcome cosanostra.

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yangnon · July 2005

Hi, Car_Man. I am currently considering buying a Honda Civic VP sedan at the end of this month. I checked out Honda's webpage, and found there is currently a nation-wide clearance on this model. But I don't know how much below the invoice I could get this car. Can you please provide some information about the Honda incentives on this VP model (or civic) recently, such as dealer cash, low APR and so on?

BTW, is the low APR incentive still available in Honda? What kind of condtions shall I meet to qualify such low APR? Does my credit score play a role?

Thanks!

red2003xlt · July 2005

Hello all,

I need to replace my wifes Ford Focus. (We're at the break even.)We've narrowed it down to either a new Focus or Chevy Cobalt.

After re financing the house, we ran our credit reports and got our FICO scores.

Mine is 632 and hers is 591. Not any bad items just maxed out cards. Note: since the refinancing I'm paying double or triple the minimum amount comfortablely.

Does anybody know the qualifying FICO scores for Ford and GMAC? We're interested in the GMAC SmartBuy.

Thank ya'll

ro22tol · July 2005

Any rumors about what rebates or incentives will be for GM after August 1?

I know that the employee price promation will be gone, but hopefully they will still offer some good rebates on the remaining 05's. I found that the deals were actually better before the employee pricing went into affect. Just find a dealer that sells below invoice and subtract the rebates, then you have a better deal than the employee pricing thing that the dealers were locked into.

My Chevrolet dealer still has 3 models that I am interested in, but I may wait until Monday. Good gamble, or not??

CarMan@Edmunds · July 2005

Hi yangnon. Honda did away with its special financing program for the 2005 Civic for July, but it does have dealer cash on this car. Specifically, Honda is providing $400 on 2005 Civic sedan and $500 on 2005 Civic coupe models this month. For feedback on how much you should pay for the Civic that you are interested in, you may want to stop by the following discussion: "Honda Civic: Prices Paid & Buying Experience".

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CarMan@Edmunds · July 2005

That is a very good question, ro22tol. As you probably have already heard, rumor has it that General Motors will not continue its Employee Purchase program for the month of August because it has already sold a ton of its leftover 2005 models. I have not heard any rumblings about what its replacement program for 2005 models will be like yet though.

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boats · July 2005

I'm curious if anyone has heard any rumors of rebates on the RAV4 in California in August. Other areas of the country have had $500/750 rebates, but not us!

I could sure use the help!

thanks

texan4 · August 2005

Help-

I want to buy a 2005 Highlander, with 3rd row seat, 4 cl.

Are there any incentives? I assumed that August would be the best time to buy.

I live in Houston Texas. I want to trade in an 01 Jetta.

toyotaken · August 2005

We won't know what the incentives are for August until tomorrow morning (Aug 2nd) Toyota doesn't release them until then and they don't even hint at what they're going to do beforehand.

Ken

texan4 · August 2005

Thanks Ken,

I'll check back tomorrow, if you don't mind posting the incentives/rebates for the 2005 Toyota Highlander, 4 cylinder, w/ 3rd row seat.

Jeff

toyotaken · August 2005

I'll be happy to, but they will be the incentives for the NY region. I'll try to find out what they are in Cowboyland as well for you.

cashopper · August 2005

hi car man, i'm in the market for a toyota sienna or honda odyssey sometime in the next month or so (aug/sept), and would like to know what rebates or incentives are being offered for northern california (or nearby) shoppers. many thanks!

wnichols · August 2005

I'm looking to buy a Mercury Grand Marquis and have already put a deposit on one. But I won't have the money ready to purchase it before Aug. 2 or later.

Any idea if they will continue the program into August? If not, it looks like the price is just invoice minus rebates. I don't think my dealer will hold to our deal w/trade since I was not able to take delivery before closing time Aug. 1. :confuse:

CarMan@Edmunds · August 2005

Hello boats. I have not heard exactly what Toyota's incentives will be like for the RAV4 in California in August yet. However, I should be able to find out what they are like in the next day or two. Please feel free to check back with me then and I will be happy to let you know what I have been able to find out. When you post your reminder, make sure to let me know if you are in Toyota's San Francisco or Los Angeles region.

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CarMan@Edmunds · August 2005

Hello texan4. I have not heard exactly Toyota's new August incentives will be like for the Highlander in your area yet. However, I should be able to find out what they are like in the next day or two. Please feel free to check back with me then and I will be happy to let you know what I have been able to find out. Talk to you soon.

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CarMan@Edmunds · August 2005

Greetings cashopper. Honda is not currently providing any sort of incentives on the 2005 Honda Odyssey and it is not scheduled to introduce any during the month of August. Having said this, it is possible that Honda will eventually introduce some sort of support on the '05 Odyssey to help dealers unload their leftover models to make room for the '06's. It is difficult to say for sure whether this will happen though. Honda has not given any sort of indication that it will.

As far as the Toyota Sienna goes, I have not heard what Toyota's new August incentives will be like for the Sienna in your area yet. However, I should be able to find out what they are like in the next day or two. Please feel free to check back with me then and I will be happy to let you know what I have been able to find out.

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CarMan@Edmunds · August 2005

Hi wnichols. Ford is not scheduled to officially introduce its August incentives until some time this morning. However, late yesterday rumor had it that it was going to continue its Family Pricing promotion for the month of August. Continuing the program makes sense. Not only would it help Ford to clear out many of its remaining 2005 models, there still seems to be quite a few out there, but it would give it a huge advantage over General Motors for the month because GM has elected not to continue its employee pricing program. Please feel free to check back with me in a day or two and I would be more than happy to tell you exactly what the incentives are like on the car that you are interested in.

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rlimbach · August 2005

Car Man
Any word on chrysler extending the employee price for August. Any word also on incentives, went on dodge website this morning and I seen they dropped cash incentive to 1500. It was 2000 for the month of july. thanks

nortsr1 · August 2005

I read ( at another website)...(I believe it was the Detroit Free Press)... today, that GM will be going back to and announce incentives for August sometime today. I checked GM site and nothing as of this A:M. If you hear or see anything, will you please post as to where the incentives will available?

nortsr1 · August 2005

Just read at another site quoting Bloombergs that GM has sent memos today to all dealers that the Emplyee pricing will be extended until Sept. 5th due to Ford and Chrtysler continuing their plans.

mertsin · August 2005

Anyone have the correct rebate, finance rate, or other incentives such as extended warrantys to be made available after August 1, 2005. Contemplated purchase is a 2006 Chevrolet Impala SS.

weez126 · August 2005

Does anyone know what the incentives for the corolla will be for Maryland? Also do you know the college rebate for maryland for toyota?
Thanks

halfy1 · August 2005

Hi Carman - I do not see any incentives to buy a new ES 330 for cash, but since it is near the end of the 2005 MY, I have to assume I could negotiate a good price. Any sense for how much above or below invoice I should go? I checked the "prices paid/experiences" forum but not much help there.

Thanks a lot.

dardson1 · August 2005

According the GM BuyPower site incentives have been extended through Sept 5 on 2005 models. The most interesting news on their opening page is the announcement that MSRP will be reduced and content will be raised on 2006 models. Hard to tell by the tiny amount of information posted exactly what it means.
For the last 10+ years, I've thought GM (+ Ford and Chrysler) inflated the price of their vehicles so they could offer big discounts and rebates. It sounds pointless until you realize the practice inflates what a bank will loan on a vehicle. Those big MSRP numbers that result in higher loan values have enabled people who have no cash or equity in their trade, to buy a car at close enough to loan value to add the rebate as the down payment and buy with no money out of pocket. The practice has also made residuals values for GM compared to Toyota/Honda look bad. It will be interesting to see how it works, assuming GM actually moves their MSRP's closer to real buy numbers.

CarMan@Edmunds · August 2005

Yes, rlimbach, DaimlerChrysler did indeed extend its employee purchase program for the month of August. Unfortunately, as you noticed up on the Dodge web site the customer cash incentive on this model dropped from $2,000 in July to $1,500 in August.

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CarMan@Edmunds · August 2005

The news that you heard is correct. Despite stating that it was going to end its Employee Pricing for Everyone program, General Motors announced yesterday that it was going to extend it on 2005 models through September 6th. Its consumer cash and special financing programs on most models were extended, but there were a few changes. If you let me know what cars or trucks you are considering, I will be more than happy to try to give you an idea of what their current programs are like.

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CarMan@Edmunds · August 2005

Hello mertsin. In August, General Motors is providing 1.9% financing for up to 3 years, 2.9% for 4 years, and 3.9% for 5 years or $1,000 customer cash on the 2005 Chevrolet Impala.

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CarMan@Edmunds · August 2005

Hi weez126. Toyota was scheduled to introduce its new incentives yesterday. I have not seen its new program for your area yet, but for some reason it was not providing any sort of special financing rates or customer cash in its Central Atlantic region last month. Hopefully that has changed for the month of August. Please feel free to check back with me in a day or so and I will be happy to fill you in on what I have been able to find out about the new Toyota program in your area.

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CarMan@Edmunds · August 2005

You're right halfy1. While Lexus is providing special financing and lease rates on the 2005 ES 330, it currently is not providing any sort of cash incentives on it. I am not all that familiar with what the market is like for this car in your area right now. I normally steer consumers who are looking for pricing feedback towards the Prices Paid discussions, but it appears as though you have already been there and have not found much info. Since we are late in the model year you should be able to get a much better deal on an '05 ES 330 right now than you were several months ago. I highly doubt that you will be able to get this car for less than or even at dealer invoice. Try aiming for $500 or so over invoice and see what happens. If there is a decent level of competition for your business in your area you may be able to make this happen. Again though, I am not all that familiar with how much others are paying for this car right now.

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rkramb · August 2005

Does anyone know if there is any predictability to when Honda offers special financing rates for the CR-V? I remember back in March they were offering 2.9% for all their vehicles, but I haven't seen anything else since then. I talked to a salesperson last week who said their best rate now is 4.99% for well qualified buyers and 5.49% for the "college grad program" (which I would probably use since I just graduated in May). I would like to be able to get one by October, but I could wait if I know they will have specials toward the end of the year.

mertsin · August 2005

car man , thanks for reply to #3211, however my original question refers to 2006 incentives. I have ordered a 2006 Impala SS about 3+ weeks ago. What can you tell me about rebates , interest rates or other incentives on 2006?

fredvh · August 2005

Are they making 2006s yet?

charlotte7 · August 2005

Car_Man, I'm interested in your general opinion of the whole employee pricing craze that GM, Ford, and Chrysler are engaging in. Is this really a great deal for the consumer or is it (as I have heard suggested by several posters in various Prices Paid forums here on Edmunds) really not any better, and in some cases actually worse, than the deals you could get by aggressive, educated haggling before this incentive?

mertsin · August 2005

Production of 2006 Impala, started June l7, 2005 in Oshawa, Canada

racingjay · August 2005

Car_Man,

Planning on purchasing a new 05 Grand Cherokee Laredo 4x2 at the end of the month. I know Chrysler has extended Employee Pricing, and if offering $2,000 rebates on this model. I also am eligible for the Everyday Heroes Rebate and College Grad Rebate. The dealer has mentioned that these are not available with employee pricing? Is this actually the case?

fredvh · August 2005

Thanks for the info. If that date is correct, then we should be seeing them on the dealer lots. It usually takes about a month for them to show up after production begins. By the way, where did you find that info?

halfy1 · August 2005

Thanks Carman - appreciate it. I will try for a bit over invoice as you suggest.

CarMan@Edmunds · August 2005

Hi rkramb. Honda never offers any sort of incentives on the CR-V. The only time that it runs some sort of promotion on it is when it does a brand-wide special financing offer like it occasionally does for holiday weekends. It is possible that it would offer such a promotion for the Labor Day weekend, but there certainly is no guarantee that this will be the case.

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CarMan@Edmunds · August 2005

You're welcome, mertsin. Those actually were the incentives for the 2006 model. I am just so used to typing 2005 at this point in the year that I slipped. Sorry for the confusion.

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CarMan@Edmunds · August 2005

Hi charlotte7. How good a deal the employee pricing offers that General Motors, Ford, and DaimlerChrysler are running right now really depends upon what model you are interested in getting. On most vehicles, the employee pricing, even when combined with the new lower core incentives, is a very good deal and probably makes vehicles less expensive to purchase than they were in the recent past. On a few models though, the incentives that were being offered by these manufacturers were probably better before the program started. A few vehicles that overall deals seem to be worse on now than they were before these programs started include the Dodge Caravan / Chrysler Town & Country, Ford Explorer, and Ford Expedition to name a few. You are right that the consumers who benefit the most from these programs are the ones who normally would not have shopped around or done much research. I tell you though that these programs are definitely working. July 2005 was the best month in history for auto sales. Even the Asian manufacturers have benefited from the overall excitement that these programs have generated.

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CarMan@Edmunds · August 2005

Hi racingjay. I am not 100% positive but I suspect that that the programs that you mentioned, Every Day Heroes and college grad, are not compatible with DaimlerChrysler's employee pricing offer. You can always call another dealer or two just to make certain.

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CarMan@Edmunds · August 2005

You're welcome halfy1. Good luck and let us know how things turn out.

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rkramb · August 2005

Thanks for the info Car_man. I won't be holding my breath for anything special from Honda.

lex_kolt · August 2005

According to the Edmunds incentives page you have more rebates on 2006 then on 2005 models on Volvos?

dnkg · August 2005

I am interested in a 2005 Toyota Sequoia 4x2 SR5 in the Phoenix, AZ market. Yesterday I went to Toyotas website and base MSRP was listed at $32,570. There was also a $1,000 rebate good through 9/06/05. Today, the rebate has been removed for my region and the base MSRP is up $250, to $32,820. You are reporting $32,570 and no incentives. Dealer sites say there is a rebate or 3.9% financing. Can you check this for me and let me know whats right?
Thanks
DNK

weez126 · August 2005

Hi can anyone tell me what the toyota college rebate in Maryland is in august. Also does anyone know if their is any rebates on corrollas?
Thanks

doohickie · August 2005

The automakers have become dependent on incentives, just like a junky is dependent on drugs. I haven't bought just yet, but I've been looking at economy hatchbacks. The Suzukis, Hyundais, Kias, Fords, etc., have varying MSRPs, but when you look at the rebates, incentives and employee pricing, the cars all price out to within a few hundred dollars of each other.

Every program ends the first weekend of the month. And every month, a new one is rolled out. No automaker can quit, cold turkey. In the past several months, only Hyundai has decreased their incentive (from $1500 to $1250 on the Elantra; hardly getting off the rebate drug). GM has announced an end to employee pricing, but when the date comes and goes, how much do you want to bet there will be some other promotion that replaces it and results in similar savings?

There are a few exceptions; some automakers are not addicted. But they have priced their MSRPs at points the markets will bear, more or less. So the Mazda3 is a little more expensive than most of the hatchbacks I've driven, but a test drive reveals why: although no bigger than the competition, the power and ride are clearly much better than the others. The Scion has products that aren't really as good as their competition in many respects, but they price just a little below the others' MSRPs and hold the line, leveraging fuel economy and Toyota's reputation for reliability.

Some day in the future, there may be a reckoning of prices, but right now, no one takes American or Korean automaker MSRPs seriously; we all know there will be either a formal incentive or informal room for dickering around. Euro and Japanese makers tend to price more accurately, but vary slightly from maker to maker based on reputation and price point.

So what's the point? The point is this: When the dealer says an incentive is ending at the the end of the month, DO NOT believe them. It will be replaced by something else. The dealers and automakers are hooked on special deals like a junkie on crack. They can't give them up. Don't ever feel forced to buy a car because an incentive might end. It won't. The only exception is calender year-end. If that car is on the lot on Jan. 1, they have to pay inventory tax on it. So there is big incentive for deep discounts at year-end. Other than that, if there is a good deal to be had today, it will be there next week. Don't let 'em push you around.

cosanostra · August 2005

Car_man -

Back again. This time I was wondering if you knew of any incentives on the new Audi A3. Its a toss up between this and the Volvo V50. :confuse:

Thanks.

-cosanostra

CarMan@Edmunds · August 2005

You're welcome, rkramb.

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CarMan@Edmunds · August 2005

Hi lex_kolt. I am not personally involved in the updating of the incentives page here at Edmunds.com. I just looked at it and see what you are talking about though. As one would suspect, I can assure you that Volvo does indeed have higher dealer cash incentives on its 2005 models than on its 2006 models. If you let me know which models you are interested in, I would be more than happy to give you an idea of what their current incentives are like.

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Rebates, Incentives, APRs - Questions & Comments

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