OK,

i thought this would be good information for new buyers so let's have it.

How much did you put down as a deposit when buying the TSX? Dealers have these "non-refundable" deposits that IMO are trying to scam you into committing to them financially, so they can toss you around in the meantime (not all dealers of course!).

So anyways, my original stealership, said i could put down any amount, so we put down $250 check and required that they write "refundable" on our quote. They did it no problem.

They also cashed the check immediately, and then tossed us around for 4 weeks.

My second dealership, which i ended up purchasing at, wanted a $500 deposit. We were buying a RBP but at that point, were interested in them finding a RBP/ebony, since that's what we wanted. They had a RBP/parchment on the lot.

So we didn't want to put a deposit down on the car if we decided on the EBony, because we'd have to wait for a Swap, and would have no idea when we'd get the car. If we decided Parchment, we didn't mind.

So the salesman saw our aprehension and said, "ok, i'll make it refundable, just in case you have an issue with the swap"

we decided on the parchment anyways, but basically i'm saying:

I don't think anyone should put down a deposit more than $100-$250, and always ask for them to make it refundable!

Any thoughts.

 

The first dealership I went to wanted any $250 and I told the guy I'd give him $100. He made it clear that this was a "right to first choice" deposit. It could be refunded at any time and did not imply a price had been agreed upon.

The second dealership I went to wanted to make a deal with me the second I explained my situation. They said that there was no minimum for a deposit, but I gave them $500. I did this after all negotiating was done, the price was agreed upon, written up and signed. That $500 was $500 towards the purchase price of the car. I never asked if it was refundable because if there'd have been an issue with the car once I saw it there's no doubt in my mind they would've found some way to fix the situation.

Bottom line is give them as little as possible, and make sure your NEEDS are in writing. If you don't want their name on the back of the car or a hole in the bumper you tell them beforehand, just like any caveats you may have concerning your deposit. Still, buyer beware.

 

I put down $1000...

 

i didnt put anything down...they just called me when they got the car in.

 

Most dealerships will need a deposit to get a vehicle (dealer trade), because they have to pay someone to go get it. They will be reluctant to send someone to get the car if their is no money up front because they are actually buying the vehicle (or trading for it) from the other dealership, and they don't need to take another vehicle into inventory if the person is not a buyer. Your deposit signifies your sincerity and that you are committed to giving them your business. If they are going to refund your deposit after the deal is finalized, it shouldn't be a problem anyways.

Deposits can be used as money down as well. If your credit is strong enough (over 740, I think), then you don't have to put any down, as the lenders don't view you as a risk. Otherwise, you'll need some money down.

Your dealership will have a minimum deposit in a situation where they have to go get the vehicle. All you have to do is ask what it is. Ours is $300...

...but you're not looking for a Ford are you?

Diggs

EDIT: See? Virus is probably "bullets" credit-wise.

 

The Glendale Acura requires a $1500 deposit, and it's fully refundable

 

$100

 

$50 deposit. Check wasnt even cashed. Signed a form that basically said no matter what happens, I get the check back. Didnt know why I needed the deposit at that point, but I didnt argue...

 

Zero - Zip - The null Set. 100% finance at 3.43% and a more than fair price to boot. At that rate it was like free money.

My advice is to line up your financing options in advance of going to the dealership. When there find out who they're using and if the "sell their paper, ect." after you sign on the line. Happy hunting!

 

^^^I think some of you are confusing a deposit with putting money down on a car. In my case, it was just to get first dibs on the first CG 6MT they could get their hands on. It had nothing to do with financing...

 

wow....3.43%?! that's amazing. i was happy with 5%

but 3.43 is free money. my ING account earns 4%!

 

Can someone translate that for me? I've no idea what's going on in that sentence(s).


edit: too much frontwise from heavy beets?

 

$1,000 for mine. They had to order it and I'm still waiting

 

$1,000 down toward a special order. It's three months out and I already have a signed price sheet.

 

yes.....i did not mean "down payment"

i meant deposit....the right to reserve the car. most places require a deposit to reserve the car.

i don't think anybody should EVER put more than $500. why would more be required?

I can understand the deposit being non-refundable for a car that is on the lot.

But when they have to order a car and can't get a date, or look into a swap and can't give me definitive answers, i just don't think my deposit should be non-refundable.

I understand the point of the deposit, but the dealer then has you locked in financially. Now, say they order your car, and say it "should" be in in 1-2 months.

it's almost february.

say 2 months rolls around, and no car.....then 3, then 4, then 5....

at this point, i'd be considering waiting for the 2007!

but that's just me.

i was happy with my deposit situation.....i'm just trying to get this info out there for new buyers!

 

is yours refundable?

this is exactly what i'm talking about. they have $1,000 of your money, which is a pretty significant amount IMO. the dealer has to do something for you when they already have that much of your cash.

 

i put $500 down as my deposit after the price was negotiated for the car, and that $500 was also to be used towards the final price. i gave the salesman my credit card but it was actually never charged. when i got to the dealership to pick up my car, he said they didn't charge my card but asked for a deposit so i'd get dibs on the car.

 

What the dealer is doing for him is ordering the exact car he wants. If after, say 3 months there is still no car, what is he going to do, get the $1000 back and order from another dealer and wait 3 more months? Putting down a good chunk of money can be used as an incentive for the dealer to get your car as fast as he can. If he doesn't, he gets a black mark for future referrals. I'm assuming that a price has already been settled on, and that it is really a down payment. Of course, a deposit should only apply if the car has been built and it's relatively nearby. Then, $100 is reasonable.

 

$500, non-refundable unless the car isn't delivered by March 1 or there are defects with the ordered car. I put the money down in December and the dealer hasn't cashed the check. I only put the money down after the price was negotiated and I have a signed sales sheet with all the information.

 

$1000 refundable; ended up going towards taxes, tags and registration when i signed my contract for financing

 

Dealership said $500, but charged $1000 to my credit card. Fully refundable deposit, but just in case they tried anything, I could dispute the charge with my credit card company.

 

If the vehicle is in stock and you are not taking delivery right away (or you did it by phone, or you are having dealer installed options put on, etc.) your deposit stakes your claim on it. This means they have to pull the car off the lot and tag it sold, so noone else can come in and buy it.

The monetary amount doesn't mean much, as someone who is going to give a $1000 deposit cannot buy a car that someone already put a $500 deposit on. It is first come first serve.

Most instances where someone puts a really substantial deposit down, they are going to use it as their down payment anyways.

I may have added to the confusion there with deposit vs. down payment...but most times they are one and the same. Sorry if I confused anyone.

Bottom line: Don't be offended when and if your dealership asks for a deposit. It is standard operating procedure, and is re-assurance (to them) that you want to do business, and are ready. Without money there is no deal.

If you have the credit though...like I mentioned above, or you have a strong relationship with your dealership (have bought many cars, and get all your servicing there), you probably won't need one.

Diggs

 

I did the exact same thing. Credit card payments are much easier to dispute and get back. I would recommend using a credit card for any deposit.

 

I actually disagree.

If the dealers could provide me with the build date and give me updates as to where it is frequently, then ok.

i understand he's ordering something, but what if another dealer gets it in? i should be able to get my $1,000 back, and take it to him. so it should be refundable. that's all i'm saying. if it's non refundable, the guy can jerk you around, sell it to someone who is paying more, and make you wait longer, since you're already $1,000 deep into it with him, he's got you. what are you gonna do? walk away?

 

$1000 credit card deposit. Seems steep in hindsight, but they assured me it was refundable for any reason at any time.

 

i'm just saying, my experiences with the acura dealerships in november/december is that they really had no idea what was coming in (or they lied to me).

so if i want a car, and they can't give me proof that they have it ordered (VIN #, build date, ship date, etc etc), then what good is my deposit? I have a deposit on nothing until they can give me solid information. On top of that, it's usually non-refundable.

I just want this information out to people:

Ask for it in writing that the deposit be refundable. And Question any dealer that "requires" an amount....such as $500, or $1,000 and it not be refundable. I'm just skeptical of these things, so i'm probably overly cautious. But a $250 refundable deposit is all i'm willing to give for something that doesn't have concrete information. If dealer can give proof that the car is on it's way, and give me a date within a 2 week window, i'll put down any amount he wants, with the condition that if it falls outside of that window, i get it back.

I understand the purpose of the deposit, but i'm more skeptical of dealers then i am of the consumers.

 

... or alternatively, make sure to pay with a credit card.

Visa would have given me back that $1000 in a hot second if I told them the dealership was yanking me around after asking for a deposit.

Just practice CYA. (Cover Your Ass!)

 

not if the dealership sends visa a document that says "deposit is non-refundable"

which most of the dealers i went to used.

 

That would be a good practice to have them acknowledge in writing that the deposit is refundable. I don't think they would be able to keep your deposit if you never take delivery on a given vehicle though.

When they place factory orders, the plants are sporadic with giving the dealership information on when and what is being built. I often get aggravated myself, when I can't get information on my customers' factory orders, and our cars aren't being built in Japan.

Your deposit should be itemized someplace on your contract, so it will be specific to that deal and that car. The dealership won't keep your money and not plan on delivering...that would be bad business.

Diggs

BTW...the dealership practices CYA as well...on the contracts there should be a spot where the customer initials a dealer's right to arbitration in case something goes wrong.

 

The thing is though it usually says it's non refundable unless the DEALER backs out of the deal.

so if you back out for any reason as the customer, you lose the deposit, unless terms of the agreement were changed (which is considered the dealer backing out of the deal).

i can copy the exact language i'm talking about if i still have the P.O, but i don't know if i do.

 

I was told it was. It is a significant amount of cash, but I think they want to see you're serious when they have to order something in. Both Acura dealers here in SLC wanted 1k down to order in a car.

 

Our contracts say the same thing...all deposits are non-refundable. That is why you should get them to initial it in writing. I have done it before for customers, however, it is usually not an issue because once that contract is signed by both parties it is legally binding. We have always delivered.

It sounds like the deposit is only an issue with factory ordering, and I can understand why. We run into the same issue with the 2006 Mustang GTs. It is prevalent for those cars to take up to 4 months for delivery because of the amount of orders on them, and it looks like the TSX is no different (in popularity). I asked one of my co-workers to run a regional auction comparison between the TSX and the TL and the TSX is still insanely strong WHOLESALE wise (the TL is as well). That means you all have a very popular vehicle, and that means a lot of people are ordering them as well.

You just have to be patient. I really want a TSX and all the research I have done on this forum indicates I will have to order a 6MT.

As an example: I had some peeps that factory ordered an Explorer from me December 16th, and they just got it 3 days ago. Most people will buy that type of vehicle out of stock, because there are so many, and due to this...their order was placed and built quickly. There aren't too many peeps special ordering Focuses either.

The TSX is a hot car...and the wait reflects this. If your dealerships are promising it by a certain date and making your deposit refundable if that deadline is not met, you can take assurance in the fact that they made that promise to you. They wouldn't say it unless they were reasonably sure it would be there by then. They don't want to lose your business, and they aren't going to keep your money without fulfilling their end of the deal. They wouldn't be in business for very long if they did.

Now I have to decide what color I want.

Diggs

 

Sorry for the back to back posts but I forgot another aspect.

A dealer doesn't want to lose your business, but if the car is as hot as it seems...they will get your factory order in after you back out of the deal and sell it soon after anyways. We had a couple peeps try that with the Mustang GT and the owner wasn't worried, because the car wouldn't sit long on the lot.

Diggs

 

I put $2000 down when I bought the car. I went through Costco.com and then went to the Acura dealership, ordered the car, and then paid them the $2000 and financed the rest.

 

jeez. you'd think with such high demand on the mustang they'd try pushing them out quicker.

will anyone ever fix the problems at the american companies so they can be successful again? i think it's a damn shame they're on the decline the way they are right now.

happy to see that ford isn't going to produce the excursion anymore. stupid waste of space and gas.

 

I put down $150

 

My dealer didn't ask for a deposit, so I didn't offer. I had to wait about three weeks for the dealer to acquire the car through a swap. It seemed too easy and I kept waiting for something to fall through but everything worked out fine.

 

absolutely nothing, no trade-in, cash, etc...

paid $32,400, includes extended warranty, nav, 17" high performance rims, and a couple other things.

Why?: job pays for the car (700+/month)...

 

$0.

They ordered the car which I hope to take delivery of in 3 weeks.

 

I threw down $500, but it's fully refundable for a special order