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  • Two Deposits/ Two Dealers

    I have two deposits down on a C8 from two different dealers in the East Coast. I understand the deposit becomes non-refundable when I submit my order with full specs and GM finds an allocation slot for that dealer and accepts my order.

    At that point can I say Go or No Go?

    If true, can I simply wait until the first dealer comes forward with the allocation that matches my order, accept that order and cancel my other deposit?

    If both dealers notify me of allocation acceptance at the same time, then I have a choice between dealers, correct?

  • #2
    Yes. Yes. Yes.

    Comment


    • #3
      Yupp seems that way. I have 2 deposits down but one is non refundable 72 hours from pricing (or so he said). I'm simply going to cancel that one on the 15th and stick to the other one where it is refundable til the day I order.

      Comment


      • #4
        My order is in to my trusted dealer w/no deposit

        Comment


        • #5
          Whether and when a deposit is refundable is totally up to the dealer, and the state laws where the dealer operates. Every dealer is an independent business over which GM has little, if any, control, and can set its own policies. Criswell, for example, has said deposits are refundable even after the car is built.

          So don't base any decisions on what you read on the internet or "heard" from someone, somewhere. Get the dealer's policy in writing.
          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

          Comment


          • #6
            Article from The Car Expert
            We get a lot of questions on our forum and in the comments sections of our articles from car buyers who have given a car dealer a deposit for a car and now – for whatever reason – want it back.

            Quite often, buyers will be told that a deposit is refundable if they change their mind, only to subsequently change their minds and be told they can’t have their deposit back after all.

            Usually, there is no legal right for you to change your mind after buying a car from a dealer. There are no grounds to terminate the contract on medical grounds, compassionate grounds, loss of job or anything else. Once you hand over your cash, it’s gone.

            Trying to get your deposit back again involves negotiating the agreement of the dealer to refund your money, and is usually entirely up to them to decide to do so or not.

            It should be noted that there are legal arguments about how much deposit a dealer is entitled to keep based on their reasonable costs and losses of income from a cancelled order. However, if it gets to the point where you are taking the dealer to court to argue about getting some or all of your deposit back, you are probably spending much more than whatever the deposit was anyway.

            So what are the rules regarding deposits and when should you be able to have your deposit refunded? When is a deposit not really a deposit?



            The first problem is the word itself. Many people think of a deposit as a refundable bond or temporary holding payment, but in car sales that isn’t generally true. When you give a car dealer a deposit, it is considered an upfront or initial payment on a car. As a rule, it is not refundable unless specific circumstances apply.

            When buying a car from a dealership, the dealer will want two things: a signed contract and/or a deposit. Having both is better, but one or the other will do if necessary to consider a car sold. If you sign an order form or give a car dealer a deposit on a vehicle, you are buying that car. The deposit is a form of security to hold the car until you are ready to pay the rest of the money and collect the vehicle. If you change your mind, you lose the deposit. Simple enough in most cases.

            This is entirely fair enough. Car dealers exist to sell cars. If you walk in and say “I want to buy this car right here”, but you are not prepared to sign an order form and are not prepared to put down a deposit, then you’re not serious about buying the car.

            A dealer is not going to hold that car for you without some kind of guarantee that you are actually going to come back with the rest of the money. A signed order is nice, but if you try to back out of it then there’s not a lot they can do unless they want to take you to court. So they take a deposit – the amount may vary, but it has to be significant enough that you won’t simply vanish if you change your mind. You will want that money back and they will be able to either fight you for it or use it as an opportunity to keep you from cancelling your order.

            Taking a deposit is also a tactical ploy from the salesperson. Once you have pulled out your wallet, you are making a psychological commitment to buying that car and you are less likely to change your mind or keep looking around for a better deal. 1">But the salesman told me that my deposit was refundable!


            If a dealer tells you that a deposit is fully refundable if you change your mind, do not believe them unless they are prepared to put that in writing. This means getting them to email you to spell out the conditions for refunding your deposit, and/or noting on your receipt (always get a receipt) to say that the money paid is refundable if you choose not to continue with the purchase.

            Most dealers will not be prepared to put the above in writing. Why not? Because deposits are not usually refundable unless it is the dealer who is cancelling the order.

            Always remember that a verbal promise from a car dealer is worth nothing. If someone promises you something, get it in writing in an official document (email is fine, as it will show sender, email address and date) or else the promise does not really exist. It’s Rule Eight of our Ten Golden Rules.So when is a deposit refundable?


            Generally, there is no cooling-off period when you buy a car from a dealership. If you visit the dealer and buy a car that you have seen at the dealership, even if the actual sale takes place off-premises, then you have bought that car and there is no legal basis to cancel your order and get your deposit back.

            However, if the entirety of the sale takes place off-premises (so you are buying a car without ever visiting the dealership), then you have 14 days to change your mind – even after paying for the car and taking delivery. In this case, you are entitled to a full refund of any monies paid (some conditions do apply, though).

            If the dealer cancels the order for whatever reason, such as the car no longer being available (it happens a lot, particularly in large multi-site operations), then you are entitled to your money back.

            If the contract is voided for any reason, such as the factory not being able to supply the vehicle (production may have ended or halted, or the specification may have changed), then you are entitled to have your deposit back and are not obliged to take another vehicle.

            If your finance application is declined, most dealers will refund your deposit without question. Technically, they could hold you to the contract and oblige you to find funding elsewhere, but in reality this doesn’t normally happen and you can get your money back. Never give a car dealer money unless you are 100% comfortable with buying the car


            This is one of The Car Expert’s Ten Golden Rules of buying a car. Only hand over your cash or credit card once you are completely comfortable with buying that exact car for that exact amount of money (whether cash or finance).

            If you’re still hoping to get a better deal, or you’re not sure about your job circumstances, or you’re not fully convinced about the colour, or you haven’t discussed it with your significant other or your accountant, or any other reason at all, then don’t put a deposit down on the car. It is always much more hassle to get your money back again than it is to not spend it in the first place.
            This article was originally published in August 2016. Last updated August 2019.






            For the best independent and impartial car finance advice on the internet, always check with The Car Expert:



            Stuart is the Editorial Director of our suite of sites: The Car Expert, The Van Expert and The Truck Expert. Originally from Australia, Stuart has had a passion for cars and the automotive industry for over thirty years. He spent a decade in automotive retail, and now works tirelessly to help car buyers by providing independent and impartial advice.
            Last edited by Frenzy36; 08-11-2019, 10:01 PM.
            Rocket City Florida

            Comment


            • #7
              Here is something that was sent to me, but that I have not yet personally verified. But might be of worth to those considering buy from Mike Davenport of Bachman Chevrolet.

              “A YouTuber from California posted a video after ordering her C8 from Mike Davenport. She shows her "Preliminary Order" followed by the:
              "Sold Order Confirmation" that states,

              "Due to the fact that this vehicle is being built to my own
              specifications, using a dealership allocation, and is not intended for
              dealer inventory, the $_____ (deposit) become A NON-REFUNDABLE partial
              payment now that the car has gone to "preliminary" status with General
              Motors.

              The customer has to sign it and have a witness sign it.”
              Last edited by John; 08-12-2019, 07:57 PM. Reason: typo fix.
              Lifetime, annual contributors, and 20+ year members of NCM.

              Comment


              • #8
                Originally posted by John View Post
                Here is something that was sent to me, but that I have not yet personally verified. But might be of worth to those considering buy from Mike Davenport of Bachman Chevrolet.

                “A YouTuber from California posted a video after ordering her C8 from Mike Davenport. She shows her "Preliminary Order" followed by the:
                "Sold Order Confirmation" that states,

                "Due to the fact that this vehicle is being built to my own
                specifications, using a dealership allocation, and is not intended for
                dealer inventory, the $_____ (deposit) become A NON-REFUNDABLE partial
                payment now that the car has gone to "preliminary" status with General
                Motors.

                The customer has to sign it and have a witness sign it.”
                Wow! So even before pricing is announced, or before you even know if your order will be placed this year, you have to sign a document agreeing that your deposit is non-refundable? I'm glad that I do business with Mike Furman at Criswell Chevrolet, where deposits are always refundable.

                Comment


                • #9
                  Mike is a good guy. His reputation counts more than any single sale.his goal is to deliver excellece.

                  i have confidence in the saleman or I don't do business with him.

                  Simple as that.

                  crisswell is 4 hours away if not more.. ill either fly down or rent a car...

                  i have a buddy who lives in Dc. His moms up here and if I can make it work...maybe Ill catch a ride down with him one sunday and just stay in a hotel for a Monday pickup...

                  jard to say which as I dont even have a clue what month the car will be made available.

                  march to may? Sounds about right...if it goes to july or august? Well so be it...

                  if I get a call for march Ill be a little happier but if not...ill find the silver lining to the situation.

                  Thats my take away for my 60 years on this earth..work hard and always try to find the silver lining.
                  Last edited by JB; 08-13-2019, 11:07 PM.
                  Torch Red exterior/ black interior z51 FE4 1LT VK3 GKZ HTA

                  Comment


                  • #10
                    Originally posted by Frenzy36 View Post
                    Article from The Car Expert
                    We get a lot of questions on our forum and in the comments sections of our articles from car buyers who have given a car dealer a deposit for a car and now – for whatever reason – want it back.

                    Quite often, buyers will be told that a deposit is refundable if they change their mind, only to subsequently change their minds and be told they can’t have their deposit back after all.

                    Usually, there is no legal right for you to change your mind after buying a car from a dealer. There are no grounds to terminate the contract on medical grounds, compassionate grounds, loss of job or anything else. Once you hand over your cash, it’s gone.

                    Trying to get your deposit back again involves negotiating the agreement of the dealer to refund your money, and is usually entirely up to them to decide to do so or not.

                    It should be noted that there are legal arguments about how much deposit a dealer is entitled to keep based on their reasonable costs and losses of income from a cancelled order. However, if it gets to the point where you are taking the dealer to court to argue about getting some or all of your deposit back, you are probably spending much more than whatever the deposit was anyway.

                    So what are the rules regarding deposits and when should you be able to have your deposit refunded? When is a deposit not really a deposit?



                    The first problem is the word itself. Many people think of a deposit as a refundable bond or temporary holding payment, but in car sales that isn’t generally true. When you give a car dealer a deposit, it is considered an upfront or initial payment on a car. As a rule, it is not refundable unless specific circumstances apply.

                    When buying a car from a dealership, the dealer will want two things: a signed contract and/or a deposit. Having both is better, but one or the other will do if necessary to consider a car sold. If you sign an order form or give a car dealer a deposit on a vehicle, you are buying that car. The deposit is a form of security to hold the car until you are ready to pay the rest of the money and collect the vehicle. If you change your mind, you lose the deposit. Simple enough in most cases.

                    This is entirely fair enough. Car dealers exist to sell cars. If you walk in and say “I want to buy this car right here”, but you are not prepared to sign an order form and are not prepared to put down a deposit, then you’re not serious about buying the car.

                    A dealer is not going to hold that car for you without some kind of guarantee that you are actually going to come back with the rest of the money. A signed order is nice, but if you try to back out of it then there’s not a lot they can do unless they want to take you to court. So they take a deposit – the amount may vary, but it has to be significant enough that you won’t simply vanish if you change your mind. You will want that money back and they will be able to either fight you for it or use it as an opportunity to keep you from cancelling your order.

                    Taking a deposit is also a tactical ploy from the salesperson. Once you have pulled out your wallet, you are making a psychological commitment to buying that car and you are less likely to change your mind or keep looking around for a better deal. 1">But the salesman told me that my deposit was refundable!


                    If a dealer tells you that a deposit is fully refundable if you change your mind, do not believe them unless they are prepared to put that in writing. This means getting them to email you to spell out the conditions for refunding your deposit, and/or noting on your receipt (always get a receipt) to say that the money paid is refundable if you choose not to continue with the purchase.

                    Most dealers will not be prepared to put the above in writing. Why not? Because deposits are not usually refundable unless it is the dealer who is cancelling the order.

                    Always remember that a verbal promise from a car dealer is worth nothing. If someone promises you something, get it in writing in an official document (email is fine, as it will show sender, email address and date) or else the promise does not really exist. It’s Rule Eight of our Ten Golden Rules.So when is a deposit refundable?


                    Generally, there is no cooling-off period when you buy a car from a dealership. If you visit the dealer and buy a car that you have seen at the dealership, even if the actual sale takes place off-premises, then you have bought that car and there is no legal basis to cancel your order and get your deposit back.

                    However, if the entirety of the sale takes place off-premises (so you are buying a car without ever visiting the dealership), then you have 14 days to change your mind – even after paying for the car and taking delivery. In this case, you are entitled to a full refund of any monies paid (some conditions do apply, though).

                    If the dealer cancels the order for whatever reason, such as the car no longer being available (it happens a lot, particularly in large multi-site operations), then you are entitled to your money back.

                    If the contract is voided for any reason, such as the factory not being able to supply the vehicle (production may have ended or halted, or the specification may have changed), then you are entitled to have your deposit back and are not obliged to take another vehicle.

                    If your finance application is declined, most dealers will refund your deposit without question. Technically, they could hold you to the contract and oblige you to find funding elsewhere, but in reality this doesn’t normally happen and you can get your money back. Never give a car dealer money unless you are 100% comfortable with buying the car


                    This is one of The Car Expert’s Ten Golden Rules of buying a car. Only hand over your cash or credit card once you are completely comfortable with buying that exact car for that exact amount of money (whether cash or finance).

                    If you’re still hoping to get a better deal, or you’re not sure about your job circumstances, or you’re not fully convinced about the colour, or you haven’t discussed it with your significant other or your accountant, or any other reason at all, then don’t put a deposit down on the car. It is always much more hassle to get your money back again than it is to not spend it in the first place.
                    This article was originally published in August 2016. Last updated August 2019.






                    For the best independent and impartial car finance advice on the internet, always check with The Car Expert:



                    Stuart is the Editorial Director of our suite of sites: The Car Expert, The Van Expert and The Truck Expert. Originally from Australia, Stuart has had a passion for cars and the automotive industry for over thirty years. He spent a decade in automotive retail, and now works tirelessly to help car buyers by providing independent and impartial advice.
                    Excellent Advise! Thank you

                    Comment

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