Questions about non-refundable deposits
#1
Race Director
Thread Starter
Questions about non-refundable deposits
My local dealer said he will honor supplier pricing. Before he orders he wants a $2500 non-refundable deposit. Now I have been reading up on this 'tactic' and think I am more confused now than when I started. I assumed non-refundable (N-R for short) was exactly what it says, which I don't like simply because I've read horror stories here on the forum of how some dealers change the pricing at the last minute. So with that in mind I am thinking no way. However, I also read that N-R only pertains to if I back out of the sale (change my mind, lack of financing, etc.), but if the dealer changes anything that I can get the money back. So if I get a contract (purchase order?) with our agreed pricing up front with the N-R deposit on it am I covered? I understand that this is probably getting into legal aspects but..... WWCFD?
#2
Melting Slicks
If you are doing a museum or courtesy delivery you can understand a dealer wanting "commitment". My dealer got a 10% deposit and no refund after 3000 level of production is reached. I had no problem with this......I wanted the car.
#3
My local dealer said he will honor supplier pricing. Before he orders he wants a $2500 non-refundable deposit. Now I have been reading up on this 'tactic' and think I am more confused now than when I started. I assumed non-refundable (N-R for short) was exactly what it says, which I don't like simply because I've read horror stories here on the forum of how some dealers change the pricing at the last minute. So with that in mind I am thinking no way. However, I also read that N-R only pertains to if I back out of the sale (change my mind, lack of financing, etc.), but if the dealer changes anything that I can get the money back. So if I get a contract (purchase order?) with our agreed pricing up front with the N-R deposit on it am I covered? I understand that this is probably getting into legal aspects but..... WWCFD?
I ordered from Les Stanford because they offer supplier pricing and no dealer in Florida would, especially on a Z51. The deposit was $1000 and FULLY refundable, even after the car was produced.
David
#4
Team Owner
Member Since: Jun 2005
Location: Northern, VA
Posts: 46,106
Received 2,481 Likes
on
1,944 Posts
St. Jude Donor '15
"In honor of jpee"
Since the majority, if not the vast majority of dealers don't have a non-refundable deposit policy, this description you are giving means something else to me. My opinion is this dealer doesn't know, or doesn't have a good allocation, doesn't understand the constraints, etc. and wants YOUR money in the event they mess up for weeks or months and YOU decide to walk away. They then get to keep your deposit.
I'd say most vendor dealers on CF do not require a non-refundable deposit because they know they can sell the car if you walk away from the deal. They also know how to get the car, and tell you in advance what is going to happen re a bona fide timeline until delivery.
It has very little to do with where you get it delivered---to your dealer, another dealer or the Museum delivery program.
I'd say while you might like to stay and buy local, this is not a good deal for you unless you want to get a lawyer on your side and at your expense. Even then, your local dealer may not budge. Choose another dealer would be my suggestion.
I'd say most vendor dealers on CF do not require a non-refundable deposit because they know they can sell the car if you walk away from the deal. They also know how to get the car, and tell you in advance what is going to happen re a bona fide timeline until delivery.
It has very little to do with where you get it delivered---to your dealer, another dealer or the Museum delivery program.
I'd say while you might like to stay and buy local, this is not a good deal for you unless you want to get a lawyer on your side and at your expense. Even then, your local dealer may not budge. Choose another dealer would be my suggestion.
#5
Race Director
Thread Starter
I appreciate the input so far and the PMs!
#6
tail_lights, just save yourself the stress of losing your deposit and order from the forum vendors (Les Stanford if you want supplier pricing across the board, Criswell and Kerbeck for some discount under MSRP).
I've had nothing but a smooth experience with Dennis Tap @ Les Stanford and my car is getting courtesy delivered to sunny WA ;-)
I've had nothing but a smooth experience with Dennis Tap @ Les Stanford and my car is getting courtesy delivered to sunny WA ;-)
#7
Platinum Supporting Dealership
tail_lights, just save yourself the stress of losing your deposit and order from the forum vendors (Les Stanford if you want supplier pricing across the board, Criswell and Kerbeck for some discount under MSRP).
I've had nothing but a smooth experience with Dennis Tap @ Les Stanford and my car is getting courtesy delivered to sunny WA ;-)
I've had nothing but a smooth experience with Dennis Tap @ Les Stanford and my car is getting courtesy delivered to sunny WA ;-)
Also, we do take a non-refundable deposit but with a drop off date for the order. If you order a Stingray (no Z06) this week, our order says that the deposit is non-refundable provided we have the car ready for you to pick up by 12/31/14. If not, then it's your choice if you want to wait it out or get your money back, but that hasn't happened in years.
Dave
__________________
Dave Salvatore
General Sales Manager
Ciocca Corvette - Atlantic City, NJ
America's Corvette Dealership
email - dsalvatore@cioccadealerships.com
Showroom - 609-344-2100. Ext 1022
Text - 856-535-0407
Follow Ciocca Corvette on Instagram!
Dave Salvatore
General Sales Manager
Ciocca Corvette - Atlantic City, NJ
America's Corvette Dealership
email - dsalvatore@cioccadealerships.com
Showroom - 609-344-2100. Ext 1022
Text - 856-535-0407
Follow Ciocca Corvette on Instagram!
#8
Race Director
Member Since: Aug 1999
Location: Bluffton SC via Canton Oh
Posts: 11,355
Received 1,984 Likes
on
1,143 Posts
Gee my dealer deals and never requested a deposit. Said he trusted me and asked I do the same with him. Worked out well.
#9
Race Director
Thread Starter
We also take a Supplier Pricing across the board.
Also, we do take a non-refundable deposit but with a drop off date for the order. If you order a Stingray (no Z06) this week, our order says that the deposit is non-refundable provided we have the car ready for you to pick up by 12/31/14. If not, then it's your choice if you want to wait it out or get your money back, but that hasn't happened in years.
Dave
Also, we do take a non-refundable deposit but with a drop off date for the order. If you order a Stingray (no Z06) this week, our order says that the deposit is non-refundable provided we have the car ready for you to pick up by 12/31/14. If not, then it's your choice if you want to wait it out or get your money back, but that hasn't happened in years.
Dave
#10
Safety Car
My dealer wanted a deposit, but until it goes to 3300, "Scheduled for production," it is refundable. After that, it's not if I back out, as they don't want a stock Z06 in the configuration I ordered.
#11
Racer
Call Dennis at Les Stanford
Call Dennis at Les Stanford, fully refundable $1000 deposit, plenty of allocation. There is no reason to put up with the treatment you are getting from your current dealer.
#12
Burning Brakes
I added language that stated the deposit was refundable if the dealer failed to perform as agreed, and the dealer signed off on it. I got the impression they wanted to make sure I didn't try to back out, rather than planning shenanigans at delivery. We'll see...
#13
Administrator
Member Since: Mar 2001
Location: In a parallel universe. Currently own 2014 Stingray Coupe.
Posts: 343,014
Received 19,305 Likes
on
13,977 Posts
C7 of the Year - Modified Finalist 2021
MO Events Coordinator
St. Jude Co-Organizer
St. Jude Donor '03-'04-'05-'06-'07-'08-'09-'10-'11-'12-'13-'14-'15-'16-'17-'18-'19-
'20-'21-'22-'23-'24
NCM Sinkhole Donor
CI 5, 8 & 11 Veteran
#14
Platinum Supporting Dealership
We also take a Supplier Pricing across the board.
Also, we do take a non-refundable deposit but with a drop off date for the order. If you order a Stingray (no Z06) this week, our order says that the deposit is non-refundable provided we have the car ready for you to pick up by 12/31/14. If not, then it's your choice if you want to wait it out or get your money back, but that hasn't happened in years.
Dave
Also, we do take a non-refundable deposit but with a drop off date for the order. If you order a Stingray (no Z06) this week, our order says that the deposit is non-refundable provided we have the car ready for you to pick up by 12/31/14. If not, then it's your choice if you want to wait it out or get your money back, but that hasn't happened in years.
Dave
Dave
#16
Safety Car
I didn't give my dealer a dime, when I brought up supplier pricing later on he accepted it.
I guess it all depends on who you deal with and the trust level of the dealer.
I guess it all depends on who you deal with and the trust level of the dealer.