Dodge Dart Registry: A New Way to Buy a Car Via 'Sponsors'

Dodge Dart Registry: A New Way to Buy a Car Via 'Sponsors'Dodge refers to it as a new way to buy a car, a registry where a college graduate or anyone can have friends, family and social network connections “sponsor” — as in contributing cash — different parts or components of a new car, up to $30,000.
It’s a new twist on a wedding or baby shower registry. When a predetermined goal and timetable is reached, the recipient can put the cash toward the car and buy it.
“I’m placing faith in the fact that I’ve gained many good friends and have a close family and a loving girlfriend who would kick me in the pants if I didn’t try this..” states Michael on his registry details page. He had raised $160 toward a Dodge Dart as of Friday evening. His goal is $25,000.
Most recent parts funded for Michael: tinted halogen projector headlamps; floor console with sliding armrest; and all-speed traction control.
The 2013 Dodge Dart’s MSRP starts at about $16,000.
“The goal is for your Dodge Dart to get fully funded by your network and get you on the road in your new vehicle,” Dodge writes on its website,
Dodge has launched this strategy in partnership with RocketHub, a crowd-funding platform which handles the Dart registry site.
But there are fees involved, whether or not the recipient reaches his or her goal – a 5 percent commission fee plus a 4 percent payment-processing fee. That’s $90 for every $1,000 raised. At $10,000, that’s a hefty $900.
These fees go to RocketHub to cover the costs of running the site. These fees will be applied upon withdrawing the funds from your account.
Recipients can take the cash outright without buying the car, but that would seem counterproductive considering the fees and the intent of the contributors.
“While the money can be used for anything, the people who helped you fund the vehicle you promoted would be disappointed to not see you driving a shiny new Dodge Dart on the road,” Dodge said.

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