Questions on how to buy from a dealer on consignment | FerrariChat
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Questions on how to buy from a dealer on consignment

Discussion in '360/430' started by up4speed, May 30, 2012.

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  1. up4speed

    up4speed F1 Rookie
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    Feb 16, 2012
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    Chris
    #1 up4speed, May 30, 2012
    Last edited: May 30, 2012
    I am going to Florida on Friday, to look at a car at a dealer (I already put a refundable deposit on it). They have it on consignment from the owner. We agreed upon a price, assuming that the car was 100% perfect (the salesman agreed that between the dealer and the seller, they would make the car 100% perfect for me). I never bought a car on consignment before, so I have a few questions about the process.
    I have to assume that if the car passes the certification inspection, and I approve of the vehicle, I should be ready to purchase on the spot. I guess that means I need a check in my pocket, if everything is to my satisfaction.
    If I like the way the car looks and drives, when do I actually fork over the money? I'm guessing after I say I want it, it should be certified and healthy, then I can give the money. Correct? (no money until certified 100% perfect)
    According to the agreement I made over the phone with the salesperson, included in the price is shipping to my house, vehicle certification, as well as, a belt service, and a full fluid service on all fluids. This service obviously will take more than the one afternoon that I am in Florida, so I have to decide if I want it, then fly home the next day. One of my concerns are that I won't be around for the work that we agreed upon, therefore they are getting paid for the car before the agreed upon work is completed. Am I correct to say that the process goes as follows:

    - Phisically inspect and drive the car
    - Tell them to go forward with the inspection if the car passes my initial approval
    - After it passes inspection, tell salesman that I am buying the car
    - Make sure I have him put on the purchase order that all the above mentioned services will be performed prior to delivering the car to me, and all receipts for the service will be left with the vehicle
    - Give the dealer my bank check
    - Fly home, and anxiously wait for car. Hope it arrives in the condition that it left!

    Is my guess on how this procedure works accurate?

    Do I take home everything (all paperwork, key, key fobs, receipts, title etc.) except for 1 key and 1 fob?

    As you can see, I never bought a consignment car, so there are a lot of guesses and assumptions.

    Did I forget anything?

    Thanks,
    Chris
     
  2. Jason Crandall

    Jason Crandall F1 Veteran

    Mar 25, 2004
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    #2 Jason Crandall, May 30, 2012
    Consignment has nothing to do with anything. You're buying a car from a car dealer. That's it. Forget it's been consigned to the dealer.

    Other than that, you've got it. If the deal is done,, pay for the car, go home and wait. If you've paid for the car, you can take home all the accessories if you like. Just make sure it's not something they need for the service. Personally, I'd probably leave everything with the car just in case.
     
  3. MVDESQ

    MVDESQ Formula 3

    Nov 25, 2010
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    Greenwich, CT
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    Matthew & Kristen V.
    #3 MVDESQ, May 30, 2012
    This wouldn't happen to be Ferrari pb? Red 360? That car is immaculate
     
  4. rocketman

    rocketman Formula 3

    Oct 1, 2009
    1,487
    NY & Miami
    #4 rocketman, May 30, 2012
    Buying a consigned car is the same as buying any other car from a dealer. No difference in what you need to do.

    I would take home all the "loose items" as they often "get lost" when the car is trucked to you. You could also have the dealer itemize all the items that you are being given and sign that they were in the car when the car left the dealership and check it out as soon as the car arrives.

    Good luck.
     
  5. JaguarDriver

    JaguarDriver Karting
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    Sep 27, 2011
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    Dick Maury
    #5 JaguarDriver, May 30, 2012
    I bought my 360 from Ferrari of Palm Beach last year. Turns out it was on Consignment. Could not tell the difference on the showroom floor. The paperwork was the same. This simply means that the dealer does not pay the owner for the car until it sells. If it does not sell, they give it back to the owner. This is why they have not already serviced the car. FPB had a full service worked into the price. I sent a deposit, they did the service, I flew down from Atlanta, test drove and looked the car over, filled out the paperwork and drove it home (600 miles). I had not seen the car before I flew down but the salesman (Bud) said it was real nice and the pictures backed it up. No surprises, everything as represented and car has been great. After you pay for the car, any loose items such as manuals, extra keys and the like are yours to do with as you wish. Best luck on your purchase.
     
  6. Afonsolaw

    Afonsolaw Formula 3

    Sep 11, 2011
    1,908
    New jersey
    #6 Afonsolaw, May 30, 2012
    As everyone else is saying Consignment makes no difference you are buying from a dealer thats it!!! However I just recently purchased a car out of state... and the dealer I dealt with preferred a wire transfer instead of a certified check... it was either a wire transfer or he would mail me the title once the check cleared and I wasn't leaving without that title... I would take everything with me make sure you get what you paid for and I also took lots of picture of the car before it left the dealership and right as it was being loaded on the truck... I have dealt with other dealerships and I wanted to see the car being loaded on the truck you never know if the dealer needs parts off your car for another car they have. Make sure the company that is transporting is insured and make sure you have the vehicle insured before it leaves the lot just in case. When it arives inspect the car and drive and enjoy :)
     
  7. up4speed

    up4speed F1 Rookie
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    #7 up4speed, May 30, 2012
    Thanks guys,
    The reason I though consignment is different is because they don't want to touch the car until I tell them I want it. I can't do that until I see it! Then I won't have enough time to stay down in Florida for all the work that has to be completed. I guess there is going to be a lot of trust. Then it has to unfortunately get loaded onto the truck after I leave :(
    Hopefully it all goes well.
     
  8. ttdang123

    ttdang123 Formula Junior

    Nov 28, 2009
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    Tung
    #8 ttdang123, May 30, 2012
    I bought my 360 from outside of my state. Before flying down, I found a good and recommended (by the Fchat folks) local indy to perform the PPI for me. Depending on the PPI result and a few detail pics then - I fly out to inspect and close the rest of the deal.
     
  9. SrfCity

    SrfCity F1 World Champ

    Nov 1, 2003
    10,142
    Orange County, CA
    #9 SrfCity, May 30, 2012
    I'd want to see a copy of the front and back of the title to make sure they have it in hand?(claim you've read about a lot of horror stories of dealers selling a car on consignment without actually having the owner's title in hand) See that all the books, records, car covers etc. are included. Have the guy send a pic of it all to you including the title. The PPI inspection can be used to negotiate if they find something. Good luck.
     
  10. futureferraribuyer

    futureferraribuyer Formula Junior

    Jun 23, 2010
    296
    #10 futureferraribuyer, May 30, 2012
    Bought my car from Ferrari of Silicon Valley. Flew up and inspected and drove the car and asked them to replace clear bra which I would not have done if I had not seen the car in person. I paided by personal check since it was going to take a week to arrange for transportation. Car delivered looking exactly as I remembered it +new clear bra. I was kind of nervous about shipping damage and such but felt o.k. about it as the dealer had a ton of positive remarks on FChat and the salesman Jason seemed like a straight forward honest person. Perhaps search for your dealer here to make sure no negative remarks?

    Ferrari dealers in California do not allow indepent PPI out of the dealership so PPI was not possible. However I felt a little better about it as the car had gone through full CPO inspection. I would only do full inspection as the abbreviated inspection is a visual check list (one dealer actually discouraged it as a waste of money which I agree with).
     
  11. Afonsolaw

    Afonsolaw Formula 3

    Sep 11, 2011
    1,908
    New jersey
    #11 Afonsolaw, May 30, 2012
    I also got a PPI done on the purchase of my 430 and my car only had 2100 miles on it. And Steve at European Auto in Chicago told me I will do it if you want but I think its a waste of money... that made me feel good that he was not really interested in the money he did a compression test and a leak down test along with a full inspection of the vehicle photographed all the gauges as they tested the vehicle it made me feel good and secure about my expensive toy!!! lol BTW make sure the flashlight is there!!! lol
     
  12. paulie_b

    paulie_b F1 Veteran
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    Jan 13, 2003
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    Paul Bianco
    #12 paulie_b, May 30, 2012
    is it this one? if so, yes, it is immaculate.
     
  13. up4speed

    up4speed F1 Rookie
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    #13 up4speed, May 30, 2012
    Yes, that's the car. Immaculate is what I'm looking for! The salesman keeps saying "don't worry, you will not be disapointed". I believe him, but I'm so anal, that I have to see it to believe it. MVDESQ said the same thing after seeing it, and told me about it. That definitely puts me more at ease. I saw the car advertised, but because it was a lot of money, I didn't even bother going forward with it until I got the comfirmation that it was perfect. The price is higher than the others, but our agreed upon price is not too bad, considering it will be fully serviced (all belts and fluids) and shipped to my house. My only concern is going to to be the possibility of leaks because of the super low mileage on it. It's a fine balance of getting a car that's been through the wringer, and possibly ready for a major cost repair; or a car that is a virgin, but may have a few issues here or there to get it sorted out. I'm so anal about the finish, I want the car to look new, so I decided to go for the latter. I will be driving it. It won't be a garage queen, but it will only come out on nice days, and it will not be parked in high risk lots either. I'm starting to get anxious! I'l know by Friday evening!
     

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