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Up to what point is a deposit refundable?

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  • Up to what point is a deposit refundable?

    Hello MECF,

    I was working with a salesman at Criswell Corvette through email. I asked him up to what point a deposit was refundable and he said "it always is" I followed up with "up to vehicle delivery?" And he confirmed as much. This seems contradictory to the info I've read on here(that the deposit is "locked in" as soon as pricing comes out and you pick out your options) Sorry ahead of time if this question has already been asked.

  • #2
    Originally posted by bbarth26 View Post
    Hello MECF,

    I was working with a salesman at Criswell Corvette through email. I asked him up to what point a deposit was refundable and he said "it always is" I followed up with "up to vehicle delivery?" And he confirmed as much. This seems contradictory to the info I've read on here(that the deposit is "locked in" as soon as pricing comes out and you pick out your options) Sorry ahead of time if this question has already been asked.
    This is entirely up to the individual dealership. If you don't want to take delivery, you're not obligated to do so unless you signed a contract stating that you will take delivery or lose your deposit. Just another reason I choose to do business with Mike Furman at Criswell Chevrolet. He treats his customers right!

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    • #3
      A deposit policy is a dealer decided thing. He is just a business man that has a Chevrolet franchise. His policy is his policy, if I were the dealer owner, I would offer a full refund all the way til the car was on the ground because by the time this thing is actually showing up at dealers, all of the allocation will be spoken for. It's not like a new C8 is going to be distressed merchandise.

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      • #4
        Welcome bbarth26. Thanks for sharing what you learned. As per the above posts, every dealership is its own unique business.

        Deposits are refundable at many, but not at all — so everyone needs to be comfortable with the dealership they are working with and its specific policies. Also, some dealerships have deposit polices, but if they are in conflict with overriding state laws, one needs to know that too.
        Lifetime, annual contributors, and 20+ year members of NCM.

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        • #5
          Thanks for the help guys. Can anyone confirm whether Criswell's policy is refundable up to delivery? Thank you.

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          • #6
            Originally posted by bbarth26 View Post
            Thanks for the help guys. Can anyone confirm whether Criswell's policy is refundable up to delivery? Thank you.
            I would ask the dealership directly.

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            • #7
              Originally posted by bbarth26 View Post
              Hello MECF,

              I was working with a salesman at Criswell Corvette through email. I asked him up to what point a deposit was refundable and he said "it always is" I followed up with "up to vehicle delivery?" And he confirmed as much. This seems contradictory to the info I've read on here(that the deposit is "locked in" as soon as pricing comes out and you pick out your options) Sorry ahead of time if this question has already been asked.
              Criswell knows that if you don't buy the car, someone else will. Unless, that is, you're ordering an Orange convertible with the two-tone blue interior and red seat belts with yellow brake calipers.....

              If it was Mike Furman who told you the policy is "it always is," you can bank on it. If it was someone else, and you're worried, call Mike Furman at Criswell and ask.
              SunKissed, my 2015 2LT, 7MT, Black over Daytona Sunrise Orange Metallic, Stingray convertible (One of about 40)

              Purchased 5/2/2015,
              >33,000+ miles

              Proud member of the Old Dominion Corvette Club. Check us out http://www.olddominioncorvetteclub.org

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              • #8
                Originally posted by meyerweb View Post

                Criswell knows that if you don't buy the car, someone else will. Unless, that is, you're ordering an Orange convertible with the two-tone blue interior and red seat belts with yellow brake calipers.....

                If it was Mike Furman who told you the policy is "it always is," you can bank on it. If it was someone else, and you're worried, call Mike Furman at Criswell and ask.
                I spoke with Mike today, put down my $1,000 and was told its fully refundable. Not worried about it at all.

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                • #9
                  Corvettes Glow, great first post, showing one smart move on your part. Mike’s word is his bond; what he says you can always 100% count on.

                  Welcome to the forum!
                  Lifetime, annual contributors, and 20+ year members of NCM.

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                  • #10
                    For another reference my dealer also said that the deposit was refundable all the way up to delivery and they would only require the 5% down payment if you ordered something crazy.

                    I have heard some people are signing contracts for 15% down that is non refundable after pricing comes out. That is just crazy in my opinion.

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                    • #11
                      I just came back from my dealer after securing my ordering position. He said that I will have 7 days after the final pricing is released to execute my order or get my deposit back. After that date (whatever it is and unless it falls on a Sunday), either way I will kiss my deposit goodbye. Now I get to count the days until pricing is released. I sure hope the few upgrades I want don't blow my C8 ownership dreams out of the water.

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                      • #12
                        Each dealer’s policies are different. Pricing will be released a week from tomorrow. A week after that, I believe is more than enough time for you, and me, and all to do the math.

                        We might have a very good “aid” to assist all of us in figure it all out.
                        Lifetime, annual contributors, and 20+ year members of NCM.

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                        • #13
                          Originally posted by John View Post
                          A week after that, I believe is more than enough time for you, and me, and all to do the math.
                          It's not the math that's hard, it's how to justify to ourselves that we really really need that carbon fiber trim package or fancier wheels. That can take a while.

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                          • #14
                            Good point, and why most dealerships do not put their customers in a time crunch.

                            And to help you out Klinn, we had a secret forum poll that just ended, and 94.33% said “Klinn needs everything he wants.”
                            Lifetime, annual contributors, and 20+ year members of NCM.

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                            • #15
                              Well, that's certainly an encouraging result for the poll. I like it!


                              (my dealer likes it even more)

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