Deposit amount

[wooderson]

I’m dealing with 3 dealerships right now. One wants $500 deposit one wants $1000 and the last wants $5000 when I place my order.

$5000 seems out of line. I guess it doesn’t matter as I have no plans of backing out. Anyone else pay that high of deposit?

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[Thunder Cloud]

I’m dealing with 3 dealerships right now. One wants $500 deposit one wants $1000 and the last wants $5000 when I place my order.

$5000 seems out of line. I guess it doesn’t matter as I have no plans of backing out. Anyone else pay that high of deposit?

I ordered mine last week with $100 deposit....

 

[Gatorized]

Guess it depends on how good a deal you are getting. If it’s a good deal I don’t mind the big deposit. Not so good I’m less inclined to tie up my money. Either way it all comes out of your down payment in the end.

 

[busstees]

Mine was $2000. I think it depends on the packages you order too and whether or not a dealer thinks they can sell it easily if you back out.

 

[Harold0819]

I ordered mine and all they wanted was a $500.00 deposit. I guess it is up to the dealership.

 

[Buck1ze]

Ordered mine with no deposit. Think it has to do with your credit rating.

 

[smlobx]

Ordered mine with no deposit. Think it has to do with your credit rating.

not really it depends on the dealership.
Tri City required a $500 non refundable deposit and I have excellent credit. I would not pay $5000 on principal.

 

[Harold0819]

Agreed, my wife and I are in the same position. Tier 1 as my sales consultant put it. I don't think credit has anything to do with it.

 

[wooderson]

Yeah not credit related non of these dealers have ran my credit. I’m just over 800 FICO so shouldn’t be be an issue.

 

[wannajeep]

I’m dealing with 3 dealerships right now. One wants $500 deposit one wants $1000 and the last wants $5000 when I place my order.

$5000 seems out of line. I guess it doesn’t matter as I have no plans of backing out. Anyone else pay that high of deposit?

As long as you're not planning to back out, overall price paid is way more important than deposit amount (assuming you have the cash for the deposit).

And, if you're financing, a higher deposit will mean you're financing less money which works in your favor.

$5K is ridiculously high and greedy in my opinion. But again, if you're financing, and if you have the cash, that's $5K less that you'll be paying interest on, so no brainer, go for it. $1K seems reasonable (that's what I did for the incoming JT). In the past I've also done one deal with no deposit, just a handshake. I'm thinking if you tell dealer you'll put $500 down on a special order, they wouldn't refuse.

Biggest money makers for dealerships, I'm guessing, are hourly service rates and vehicle financing. $$$$$$

 

[busstees]

It has 0 to do with credit. My credit wasn't even checked for my order.

 

[ShadowsPapa]

$100. Which was ok as in the end I was close to backing out and going elsewhere but got them to actually come down a tad. Wouldn't have hurt to have lost the 100. They didn't even cash the check, they just held it.

 

[3-pedal-Rub]

500. No credit check or anything.

 

[ShadowsPapa]

right - no credit check, no asking any questions about bank, jobs, etc.

 

[3-pedal-Rub]

right - no credit check, no asking any questions about bank, jobs, etc.

Let me clarify for you. I filled out a credit app to be held on file until financing would be involved (Keys in hand)

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