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Is it ok to put deposit down for a new car?

S

squarecut1

Platinum Member
Looking for a 2016 Accord. The two dealers I contacted don't have it in the color I want. Both want a deposit (around 4k) to bring it from somewhere and hold it.

They say it is refundable and that there is no obligation to buy. Has anybody have experience of this? Are there any specific things I need to do in this case?
 
$4K sound a little high for a deposit. The highest deposit I've ever places was $1K, and that was on a Cadillac CTS-V. Think of it this way. What if they transport the car and then there is something that you don't like about it. Do you really want to lose $4K? Call them back and tell them that you'll put a $1K deposit but not a $4K and see what they say.
 
I would NEVER do this. If you decide to do it, make sure you have a contract signed by you and the dealer stating that you will get 100% refund if for any reason you decide to pull out of the deal.
 
Yep way to many stories of dealers wanting a deposit, messing something up(like not being able to get the car you want), and then saying the deposit is only refundable toward another car at their dealer.
 
$4k is WAY high. Hell, I ordered a GMC and the dealer didn't ask for any deposit. He said if I don't buy it they could easily sell it to the next guy.
 
It's an Accord. Unless you want him to order it in neon pink, he's not taking any risk in ordering it for you.
I might put $100 down just to facilitate a deal, a small token to let him know I'm actually in the market and not just ordering cars to get my rocks off.
 
Exactly. It's a Honda, not an exotic that's in limited supply and high demand.

Just go on cars.com or something, find the one you want and buy it from the dealer that has it on the lot. Much simpler.
 
Yup, I am not going to put 4K down as a deposit, as you guys said it is too high. Maybe a much smaller deposit, with a signed contract.

First off, I will stick to no deposit, and see what they say. Really a coffee color Accord should not be that hard to sell for them.
 
Acquiring a Honda from another dealer is more difficult that you think. However, $4k does seem excessive. Aside from that though, unless you sign something that clearly states the deposit is non-refundable the dealership cannot legally hold your deposit if you don't follow through on the transaction. Period. A dealer might resist and a shady one might tell you it is non-refundable but they are wrong. Just look them dead in the face and tell them you know that they cannot legally refuse to refund your deposit and unless they want the State DMV, AG and your attorney to hear about it you had better see a check in about 15 minutes.
 
They probably have to do a dealer trade and they want to make sure you buy it and it doesn't end up sitting on the lot.
If it's the car you want, what's the problem? Unless you weren't planning on putting 4k down.
 
smitbret said:
Acquiring a Honda from another dealer is more difficult that you think. However, $4k does seem excessive. Aside from that though, unless you sign something that clearly states the deposit is non-refundable the dealership cannot legally hold your deposit if you don't follow through on the transaction. Period. A dealer might resist and a shady one might tell you it is non-refundable but they are wrong. Just look them dead in the face and tell them you know that they cannot legally refuse to refund your deposit and unless they want the State DMV, AG and your attorney to hear about it you had better see a check in about 15 minutes.
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I had one try to keep a deposit ($1000) on an dealer stock vehicle that was on the way after they lied about the order status. It was to arrive in 3 weeks. In a month they couldn't produce a VIN even, so I went elsewhere when I found one available. All it took was a "I don't care if you consider the car sold, we discussed that the deposit was refundable, and you've misrepresented the status of the order. You can refund me, or I can dispute the charge with my CC company and go further from there if I need to." I got a call back within 15 minutes saying they were refunding me.

If you do put a deposit down on a vehicle, always use a CC for it. Amex if possible. Unless you're actually ordering a special, odd build, or it is some high demand car, why would you need a deposit anyway? I have done deposits, but they are on higher end vehicles built per my options or other hard to find vehicles (as the issue I had above). Even then, I have never placed more than a $1000 deposit.
 
I ordered a Lariat F-150 and changed my mind a week later. I called the dealer and said that, they refunded my 1k deposit with no hassles.
 
one would think they could easily build you anything on a high volume car like an accord. its not some ferrari or something
 
I special ordered a Ford Fusion 2013 when the Ti versions were hard to come by. They wanted $100 down payment and it was Ford requirement. That was on a special order in which there could have been configurations that would make it harder to sell (mine with 17"'s which everyone had 18"s, no moonroof, no nav, but absolutely everything else). Taking a car off another lot usually means market dictated options, which means they should easily be able to sell it.

This place is basically trying to make sure you have a down payment available at time of purchase. Search around and find the dealer where it is at and deal with them.
 
If they're worried they won't be able to sell an Accord they should close up and change careers.
 
$4000 deposit is just plain ridiculous. No way I would pay that much deposit for any car. That is alot of cash tied up for nothing.

This would probably never happen. But WHAT IF the dealer were to go out of business before the car is delivered? If the order is cancelled would you get your deposit back from the Manufacturer? Something to think about. Be vigilant. Its your cash.
 
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