The 5% deposit...
Thread Starter
Burning Brakes
Joined: Aug 2019
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From: Philadelphia Suburbs
The 5% deposit...
I am curious about the method of making the deposit once it is required. I am not talking about the initial deposit to hold a place in line. This is the one where you tell the dealer your build. Which of these is being accepted?
- Personal Check mailed/dropped off?
- Electronic transfer from bank?
- Credit Card?
- Cashier's Check mailed/dropped off?
Thread Starter
Burning Brakes
Joined: Aug 2019
Posts: 1,227
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From: Philadelphia Suburbs
Le Mans Master
Joined: Jan 2017
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From: New England
Most dealers I have ever worked with will cap the credit card amount you can put down on a car (usually around $1-2K or so) because they have to pay fees. My guess is either you will need to do a wire transfer or hand them a certified check. I paid cash for my last couple cars with a certified check.
Last edited by thill444; Sep 27, 2019 at 01:40 PM.
Drifting
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I am curious about the method of making the deposit once it is required. I am not talking about the initial deposit to hold a place in line. This is the one where you tell the dealer your build. Which of these is being accepted?
- Personal Check mailed/dropped off?
- Electronic transfer from bank?
- Credit Card?
- Cashier's Check mailed/dropped off?
Thread Starter
Burning Brakes
Joined: Aug 2019
Posts: 1,227
Likes: 862
From: Philadelphia Suburbs
I am using Mike Furman! I am talking about once your number comes up and you need to COMMIT (WEEKS/MONTHS AFTER the initial hold-your-place-in-line deposit), don't you have to put around 5% down, and spec out the car? That is not the case?
Pro
Joined: Jul 2019
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I know these people putting down non refundable deposits are risking a lot.
5% of $85k is only $4250
But I guess if people really want their C8....they can do what they want to do.
Team Owner
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From: Big Bend Country, TX
St. Jude Donor '06-'07-'08-'09-'10-'11-'12-'13-'14-'15- '16-'17-‘18-‘19-'20-'21
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No. Never have had to do that with Mike. Rest assured that if in the end, you were not to take the car, he would sell it in a NY minute.
Last edited by MikeyTX; Sep 27, 2019 at 02:01 PM.
Melting Slicks
Joined: Feb 2013
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From: Central Gulf Coast Florida
I never give an additional deposit when GM accepts my order. I have a $500 wait list deposit which is refundable until GM accepts my order. Your dealer is the one asking for this. So, it is up to you. Pay the extra deposit or move on to a dealer that does not require the second deposit.
Thread Starter
Burning Brakes
Joined: Aug 2019
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From: Philadelphia Suburbs
Thank you for the clarification Mikey and others. Incidentally, I am surprised Mike Furman still have allocations left. I put my deposit down 15 days ago and thought I was at the very bottom of the list!
Pro
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Mine was initially $500 deposit, then 5% of the MSRP for down payment. I think ALL the cars will have the 5% down to launch the build of the car. If you order some odd combination they can still sell the car on the lot (probably with a markup). It deters people from canceling or even changing orders. Makes sense and goes to the overall cost of the car. I'm planning to put between 35% and 50% down anyway so it's not a huge deal. Wondering now what rate GM financing will be in the spring too.
Moderator
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Mine was initially $500 deposit, then 5% of the MSRP for down payment. I think ALL the cars will have the 5% down to launch the build of the car. If you order some odd combination they can still sell the car on the lot (probably with a markup). It deters people from canceling or even changing orders. Makes sense and goes to the overall cost of the car. I'm planning to put between 35% and 50% down anyway so it's not a huge deal. Wondering now what rate GM financing will be in the spring too.
Drifting
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Mine was initially $500 deposit, then 5% of the MSRP for down payment. I think ALL the cars will have the 5% down to launch the build of the car. If you order some odd combination they can still sell the car on the lot (probably with a markup). It deters people from canceling or even changing orders. Makes sense and goes to the overall cost of the car. I'm planning to put between 35% and 50% down anyway so it's not a huge deal. Wondering now what rate GM financing will be in the spring too.
Melting Slicks
Joined: Feb 2013
Posts: 2,489
Likes: 579
From: Central Gulf Coast Florida
Mine was initially $500 deposit, then 5% of the MSRP for down payment. I think ALL the cars will have the 5% down to launch the build of the car. If you order some odd combination they can still sell the car on the lot (probably with a markup). It deters people from canceling or even changing orders. Makes sense and goes to the overall cost of the car. I'm planning to put between 35% and 50% down anyway so it's not a huge deal. Wondering now what rate GM financing will be in the spring too.